Edinburgh new town development goes on the market

10 Picardy Place in Edinburgh

DEVELOPERS are being offered a rare opportunity to purchase a listed Georgian building in the heart of Edinburgh’s exclusive New Town for conversion into a luxury hotel.

Global real estate advisor CBRE is marketing 10 Picardy Place for sale, subject to planning permission, to transform it into a 51-bedroom apartment hotel. 

Formerly a Hertz car rental office,  the plans for the new hotel include en-suite rooms, ranging in size from 19 to 26 sq m, a courtyard area and reception. 

Ideally situated for visitors to the Capital, Picardy Place is less than a five-minute walk from Princes Street, George Street and Queen Street and has views of Calton Hill. It is also conveniently located a five-minute walk from Edinburgh Waverley train station and it has a tram stop right outside, which allows travel to Edinburgh Airport and Newhaven. 

Chris Dougray, Executive Director at CBRE, said: “This is a rare chance to secure a consented freehold site in one of the best locations in Edinburgh, one of Europe’s most sought after tourist destinations. It’s the perfect place to stay for those going on shopping or theatre breaks, close to the restaurants and bars of Broughton Street, Edinburgh Playhouse Theatre and the St James Quarter.

“It’s a fantastic opportunity for a hotelier or hotel group to transform an empty building dating back to the 1800s into a beautiful hotel and revive the historic Georgian frontage, which would not only add to the visual appeal of the area, but also create new jobs and attract tourists. 

“Edinburgh is one of the UK’s strongest performing hotel markets, attracting 1.8 million overnight stays in 2022, with strong growth in the average daily rate (ADR) achieved in the last 24 months. Now is a great time to invest in a new hotel in the city as there are very few development sites of this quality remaining.”

Dougray added that a decision on planning permission will be made by Edinburgh City Council before summer.

For more information on this opportunity, contact Chris Dougray chris.dougray@cbre.com or Caroline Crichton Caroline.crichton@cbre.com of CBRE. 

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