A former Victorian school building off Edinburgh’s Royal Mile that is set to house a boutique hotel has been placed on the market for £8 million.
The redevelopment in the heart of the capital’s New Waverley regeneration project will feature 21 apart-hotel style bedrooms as well as commercial units which span two floors, and could play host to a bar, restaurant and outdoor terrace area.
Property consultancy Knight Frank is marketing the building – dubbed The Canongate – on behalf of developer Edinburgh Castle Limited for offers in excess of £8m.
Following a full renovation and fit-out led by contractor Redpath, the development has been redesigned to “celebrate” the building’s original features, including the school house facade and double-height atrium.
The property is expected to be complete and ready to hand over to a new owner in June.
Jim Cummings, director at Edinburgh Castle, said: “Final renovation work at the schoolhouse site should coincide with completion of the office development phase at New Waverley.
“We’ve seen an increase in footfall as the regeneration takes shape, and with the new government office bringing 2,900 civil service jobs to the area, we can expect this to continue.
“The area is fast becoming an established district in the capital, creating an exciting community for visitors as well as those who live and work in Edinburgh’s historic city centre.”
Neil Scott, partner at Knight Frank Edinburgh, added: “New Waverley has provided a significant boost to the city centre in Edinburgh – it has revitalised a once largely empty part of the city.
“The Canongate is an attractive opportunity for a hotel operator or investor to be part of what is fast-becoming one of the most successful regeneration schemes in the city, and even perhaps Scotland.”
Source: The Scotsman