Video: I don't know how long the Egyptian Halls can last says co-owner

Covered in a shroud that hints at its former glory, the 142-year-old Grade A listed building, which has stood empty for 30 years, is propped up and on its last legs.

Its owners were dealt another blow this month with the refusal of a £5m lottery bid they had hoped could kick start a long-overdue renovation for the Union Street giant designed by Alexander 'Greek' Thomson.

They warn time is running out for the three-storey site, which was granted permission for a 114 bedroom hotel in 2012.

The entrance, at 92 Union Street, is unremarkable and gives no hint of any of the faded - and failing - grandeur inside.

As co-owner Derek Souter lifts up the grill and opens the door, a dimly lit staircase is visible behind. The electricity has long since been switched off and the only light is a shaft from the open door.

"We've met with so many people from Glasgow City Council over the years in discussions about this," the Dundee-based businessman says.

"At last count it was 64."

Up the dim flight of stairs, with torch beams providing the only light, we step into a former Chinese restaurant on the first floor. The room still bears traces of its oriental heritage, with patches of red flocked wallpaper and mirrored columns.

Piles of masonry and stones are dotted around the dark room but the structure itself remains fairly solid.

"The hoarding that we put up in 2006 has helped dry the building out," Mr Souter, of Union Street Properties, explains.

"The rear wall needs replacing, and the roof, but it's dry."

Scaffolding goes through the front of the building, with poles and joists running halfway in in places.

Mr Souter, together with investors Kelvin Kerr and his brother Duncan Souter, bought the first two shop units in 1998 and others in 1990 and 2005. Half of the top floors followed in 2005 and the others three years later.

For a series of reasons, including funding failures, a 'flawed' compulsory purchase order, and the recession, the project has not progressed.

The owners want the city council to help them find some of the £20m needed to transform the building into "one of the best looking hotels in the UK."

Investors for the hotel have already been lined up but repairs to the building need to be partly paid for by those in the ground floor units, Mr Souter says, complicating the situation.

His long-term plan is to turn the ground floor units into bars and restaurants, re-instating some of the hidden Thomson columns and ceilings which are covered by suspended ceilings at the moment.

"You've got a treasure trove of Thomson architecture there," he says, pointing across all the shop ceilings, obscured from the ground by the suspended ones.

"The bars and restaurants would look incredible."

He also envisages knocking down the NCP car park at the back of the halls, creating a thoroughfare from Central Station.

"Union Street has had nothing done to it for years," he adds.

"People need to look at the long term plan and not be short sighted about what happens in a year."

Up the stairs again and we're on the second floor, home to a former tax training office. Signs are still clear on the walls, indicating former classrooms, reception and a tutors room.

The second floor is much lighter and sunlight streams through, highlighting the peeling paint, timber frames which have rotted away in places, and further piles of masonry on the floor.

Mr Souter says water has penetrated narrow columns higher up, causing intricate stone carvings on top to collapse. They lie in a heap in a corner on the second floor, together with bags containing masonry that has fallen down.

He says the hoarding has saved the public from potentially serious accidents, with eight lumps tumbling down in the past year.

"It's impossible to say how long the building could last," he says.

"We have asked for a meeting with the council to discuss how we move forward. We need to deal with the long term prospects for Union Street and Egyptian Halls and marry them together. The historical legacy needs to be addressed

"You could have one of the best looking hotels in the UK if it was refurbished."

It's been a long time since the Halls last saw any signs of life and Mr Souter is realistic - but optimistic - it could again.

"It needs to move forward - whether it's demolition or refurbishment," he says.

"If you put 17 years of your life into preserving something, you don't want that to fail. We love the building.

"I have a saying NGI NGU - never give in, never give up."

The city council said they had been involved with discussions about the future of the halls for a number of years and would be available for further discussions in the future.

He said: "We are very aware of both the architectural importance of this Grade A-listed building and its potential, and of the various proposals to bring the Egyptian Halls back to life over the years.

"Hopefully a solution will be found at some point to fully redevelop the Egyptian Halls."