Property hits the market with planning consent for 180-key apart-hotel and restaurant, with potential for office or residential development
Erskine House – located on Queen Street in Edinburgh’s New Town – has hit the market today with property advisors DougraySmith handling the sale.
The significant 117,000 sq.ft property has planning consent for a 180-key apart-hotel and restaurant with the potential for office, residential or hotel development.
The rarely available freehold vacant possession offers a significant development opportunity in an established business and tourism district of the city, with the area already boasting significant investment including new developments on George Street and Charlotte Square.
Invest Edinburgh recently reported that Scotland’s Capital is the UK’s favourite domestic holiday alternative to London, welcoming around 4 million visitors per year. With around £1.32 billion being injected into the local economy as a result of tourism in Edinburgh the development of Erskine House has great potential to add to this growing market.
Additionally, Edinburgh’s demand for office stock has peaked with Erskine House offering the potential to meet the growing demand from occupiers. Known as an established office building, Erskine House was previously occupied by multinational professional services network PWC.
Chris Dougray, director at DougraySmith, believes Erskine House will attract global interest.
He said: “This is a significant development opportunity in what is the most vibrant part of our capital city. With hotel occupancy rate in excess of 86.3% and a well-documented lack of quality office space, this is a prime development opportunity for developers in Scotland and around the world.”