UK: Osborne House, which has planning consent to become an aparthotel, has been brought to market by Christie & Co and Ryden.
The property, which is located five minutes from Haymarket Station in Edinburgh, has planning consent for conversion into a 157-room aparthotel. Christie & Co representatives described that the detailed consent for the project involved “the repurposing of the existing, on-site offices, together with sensitive areas of new-build structure”.
An agent for the property said: “the intention will be to work with potential end user operators and investors to deliver a turnkey solution on either a lease or alternatively, heritable (Scottish legal equivalent of English freehold) terms The total scheme will deliver a gross internal floor area of 6,028 square metres (64,885 square feet), whilst a potential second phase may be available in due course which could enhance the level of accommodation.”
Christie & Co and Ryden will work on behalf of S Harrison Developments, which has developed properties in Edinburgh in the past, for the sale of Osborne House.
Managing director of S Harrison Developments, Ann Scott, said: “Having delivered the sensitive conversion of Buchan House on St Andrew Square for Malmaison’s boutique hotel brand as well as bringing forward a number of successful student accommodation schemes in the city, Edinburgh is a city we are very pleased to be working in again. We always approach the development process from a collaborative perspective and aim to deliver schemes of exceptional quality for both owners and operators.”
Developers predict a strong growth in demand for aparthotels, like Osborne House, in the UK.
Jon Patrick, head of leisure and development at Christie & Co, said: “Edinburgh hospitality development opportunities are relatively few and far between and having a property with the benefit of an existing planning consent is therefore a bonus. Over the last few years, we have witnessed an increase in the number of both domestic and international aparthotel and serviced apartment brands targeting expansion in the UK. This particular segment of the hospitality sector has fared well during the pandemic, and we envisage strong demand from extended stay operators as well as a wide variety of select service brands.”
