Hotel Development Opportunity For Sale

Business description

Edinburgh City Centre Hotel Development Opportunity Planning for deluxe 34 bedroom boutique hotel in characterful city centre listed building. In historic central Edinburgh. Close to Royal Mile and Edinburgh Castle. India Buildings – once the City of Edinburgh’s Registry Office and venue for many weddings, as well as council office accommodation - is a fine example (Listed Building Category A) of historic, multi storey, architecture in the heart of Edinburgh’s Old Town. A “stones throw” from the Royal Mile and Edinburgh Castle, the property is located at the “top” of Victoria Street, which links the thriving Grassmarket with Edinburgh’s George IV Bridge. A location that has significant presence, prowess and prominence – in a district that is already benefitting from extensive property and leisure development. Detailed Planning Consent has been granted for change of use to create a quality boutique hotel over the properties 6 different floor levels, with 34 bedrooms, including suites, and a spacious bar and restaurant facility at the main entrance level. Edinburgh itself requires little introduction. A perennially popular destination for visitors from all over the world who come to enjoy the diverse range of attractions that this capital city has to offer. For such visitors –whether leisure or business – the location of the India Buildings, when converted to hotel use, is ideal with all of the City’s main attractions, as well as the shopping, commercial, financial, administrative and government centres all within easy walking distance of the property. The sellers, having obtained the change of use Planning Consent are now offering the property for sale, freehold.

THE PROPERTY
The imposing building with its Scottish baronial features has an attractive and pleasing façade. Internally the property has many interesting original features all of which adds considerable character to the property, including the central circular stairwell with hallway at first floor level, “lit” by a roof cupola. When developed for hotel use the accommodation that will be provided, as per the Planning Consent, is as follows.

PUBLIC AREAS
From Victoria Street the main door leads into the ground floor area where there would be the spacious bar and restaurant facility and incorporating the hotel’s reception.

LETTING BEDROOMS
The bedrooms will be located over 5 levels of the property, all accessed by lift, providing a total of 34 letting bedrooms –18 double/twin and 14 suites/family. All of the bedrooms will have en suite facilities with 29 having shower rooms and 5 with bath and shower.

SERVICE AREAS
Good sized commercial kitchen along with storage areas would be situated at basement level.

FLOOR AREAS
The gross internal floor area of each level is as follows: Basement: 285 sq m, Ground Floor: 322 sq m, Mezzanine Level: 300 sq m, First Floor: 598 sq m, Second Floor: 583 sqm, Third Floor 416 sq m, TOTAL 2,504 sq m. In addition to this there are 2 rooms located in the tower which are not suitable for any commercial use. The individual bedrooms range in netinternal area size (including the bathrooms)from appx 19 sq metres to 66 square metres.

LICENCE
A provisional Premises Licence has been granted.

TRADE
Projections prepared by the sellers suggest that by Year 3, a turnover of close to £3million may be achievable, subject to feasability verification.P

PRICE
Offers invited for the (freehold) heritable property.

OFFERS
All offers should be submitted to Colliers Robert Barry with whom purchasers should register interest if they wish to be informed of closing dates.

PHOTOS
The internal photos shown are artist impressions of what could be achieved.

FINANCE
Colliers Robert Barry is able to assist prospective purchasers by introducing sources of finance if required. Whilst we do not charge the buyer for this service, we may receive an introductory commission from the lender or broker involved.

TO VIEW
All appointments to view MUST be made through the vendors' agents who are acting with sole selling rights.