A “rare” opportunity to purchase a listed Georgian building in the heart of Edinburgh’s New Town for conversion into a luxury hotel is being offered to developers.
Global real estate adviser CBRE is marketing 10 Picardy Place, formerly a Hertz car rental office, for sale, subject to planning permission to transform it into a 51-bedroom apartment hotel.
Chris Dougray, executive director at CBRE, declared that a decision on planning permission will be made by The City of Edinburgh Council before summer.
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He 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.”
Mr Dougray added: “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.
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“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 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.”
The plans for the proposed new hotel include ensuite rooms ranging in size from 19 to 26 square metres, a courtyard area and reception.
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CBRE noted Picardy Place is less than a five-minute walk from Princes Street, George Street and Queen Street, and has views of Calton Hill.
The real estate adviser added: “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.”
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