Developers offered ‘rare opportunity’ to purchase listed Edinburgh building

DEVELOPERS are being offered the chance to purchase a listed Georgian building in the heart of Edinburgh’s New Town for conversion into a luxury hotel.

Real estate advisor CBRE is marketing 10 Picardy Place for sale, subject to planning permission, to transform it into a 51-bedroom apartment hotel.

Formerly a Hertz car rental office, the plans for the hotel include en-suite rooms, ranging in size from 19 to 26 sqm, a courtyard area, and reception.

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.”

Dougray added that a decision on planning permission will be made by Edinburgh City Council before summer.