UK: Real estate adviser CBRE is marketing 10 Picardy Place for sale, which subject to planning permission could be converted into a luxury hotel.
Formerly a Hertz car rental office, the site forms part of a row of terraced properties extending along Picardy Place, adjoining Union Street (East), Forth Street (North), Broughton Street (West).
According to the design summary submitted by Hackland+Dore Architects, plans will “minimise disruption to all aspects of the existing building to not only preserve as much as possible, but also to keep it a viable economic venture”.
“The reinstatement of the former lightwell, garden wall and ironmongery will reinforce the building line. Stepped entrance from Picardy Place, in keeping with context of number 14, leads directly into the existing core with a visual link to the proposed internal courtyard beyond.”
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,” he added.
A decision on planning permission will be made by Edinburgh City Council before summer.
Source: boutiquehotelnews.com