UK: Ann Gloag, one of Scotland’s richest women, is one of the investors converting an Edinburgh office building in to a Mode aparthotel, operated by BridgeStreet.
Gloag’s company Gloag Investments – through subsidiary Gloag Serviced Apartments, has teamed up with Valad Europe, part of the Cromwell Property Group, to purchase the vacant Kintore House for £6.3 million. The partners will spend a further £6 million to convert the property in to an 82-unit Mode aparthotel, which will open in spring 2018.
Gloag, the co-founder of the Stagecoach travel group, said: “We are delighted to be bringing BridgeStreet to the capital in what will be their first bespoke building in Scotland. We are also looking forward to playing our part in helping to refurbish Kintore House and regenerate what until now has been a relatively unloved corner on one of the New Town’s finest streets.”
The office has been vacant for more than seven years. Refurbishment works will begin in March after a planning application was submitted in November.
Simon Marriott, head of investments and UK real estate at Valad Europe, said: “As part of its global roll-out of the Mode brand, Bridgestreet is identifying quality buildings in key gateway cities to convert them into stylish apartment style accommodation.”
www.bridgestreet.com</p
