Achi news desk-
Chris Dougray, executive director at CBRE, said a decision on planning permission will be made by Edinburgh City Council before the summer.
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He said: “This is a rare opportunity to secure a freehold site with permission in one of the best locations in Edinburgh, one of Europe’s most popular tourist destinations. It is the perfect place to stay for those going on a shopping or theater holiday, close to the restaurants and bars of Broughton Street, the Edinburgh Playhouse theater and the St James Quarter.”
Mr Dougray added: “It’s a great opportunity for a hotelier or hotel group to transform a vacant building dating back to the 1800s into a beautiful hotel and revitalize the historic Georgian frontage, which would not only add visual appeal 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 average daily rate growth achieved over the past 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 left.”
The plans for the proposed new hotel include ensuite rooms ranging in size from 19 to 26 square metres, a courtyard and a reception area.
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CBRE noted that Picardy Place is less than five minutes’ walk from Princes Street, George Street and Queen Street, and has views of Calton Hill.
The property adviser added: “It’s also conveniently located five minutes’ walk from Edinburgh Waverley train station and has a tram stop outside, allowing travel to Edinburgh Airport and Newhaven.”
