New hotel development in Edinburgh’s Old Town

New hotel development in Edinburgh’s Old Town

A new hotel development in Edinburgh’s Old Town has been placed on the market with an £8m price tag.

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The Canongate will sit in a redeveloped Grade C-listed Victorian schoolhouse, comprising 21 apart-hotel style bedrooms as well as commercial units that could be used for bars, restaurants or outdoor terrace areas.

The hotel will form part of the New Waverley development project, which will include new leisure and retail spaces as well as 148 residential apartments across a 7.5 acre space.

Knight Frank is marketing the building on behalf of developer Edinburgh Castle for offers in excess of £8m. The developer has predicted that operating rooms revenue will be £1.4m a year, representing a potential yield of 12.2% after operation costs.

Canongate atrium

Jim Cummings, director of Edinburgh Castle said: “Final renovation work at the schoolhouse site should coincide with completion of the office development phase at New Waverley. We’ve seen an increase in footfall as the regeneration takes shape, and with the new government office bringing 2,900 civil service jobs to the area, we can expect this to continue. The area is fast becoming an established district in the capital, creating an exciting community for visitors as well as those who live and work in Edinburgh’s historic city centre.”

Neil Scott, partner of Knight Frank Edinburgh, added: “New Waverley has provided a significant boost to the city centre in Edinburgh – it has revitalised a once largely empty part of the city. The Canongate is an attractive opportunity for a hotel operator or investor to be part of what is fast-becoming one of the most successful regeneration schemes in the city, and even perhaps Scotland.”

The hotel is expected to be completed for hand over in June 2019.

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