UK: A collection of seven serviced apartments in the centre of the Old Town in Edinburgh have been brought to market by Knight Frank for £2.1 million.
The property, which is set for renovation and due for completion in 2024, will feature six studio apartments and one two-bedroom unit.
Blagden Property submitted plans earlier this year to transform the building located at 12 George IV Bridge into serviced apartments, which previously operated as a language school.
In a statement, Knight Frank said: “The apartments are all self catering, benefiting from large Victorian windows and excellent light as well as views over George IV Bridge to the front and Edinburgh Castle and the Grassmarket to the rear.
“These properties have been created to provide compact, contemporary and individual spaces in a wonderfully located position in the heart of Edinburgh’s Old Town, providing a sought-after property asset for now and into the future. Forecasted operating incomes, costs and yields produced by Destiny Scotland available upon request.
“The trading landscape across Scotland’s hotel market has been robust, with strong growth recorded, consistently outperforming the regional UK hotel market. Between 2015 and 2022 RevPAR performance across all Scotland hotels recorded compound annual growth of 4.4 per cent per annum, compared to the regional UK average of 3.1 per cent. With central Edinburgh hotels showing 31 per cent YTD RevPAR growth versus 2019, this provides evidence that demand for Edinburgh’s quality hotel supply is extremely robust.”
Further details about the collection can be found here.
