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Jones Lang LaSalle instructed to market unique development site
Jones Lang LaSalle has been instructed by the Joint Administrators to Station Properties to market a unique development site / property in Market Street / Cockburn Street in Edinburgh, adjacent to Waverley Station.
Alan Creevy, who is handling the sale along with Jason Hogg of Jones Lang LaSalle, commented, "This really is a world class site in terms of location across from Princes Street Gardens and virtually adjacent to Waverley Station with 16 million passenger movements per annum. Within 10 minute walk are St Giles Cathedral, Scottish Parliament, Court of Session, High Court and Sheriff Court, the National Gallery and other galleries, Princes Street and Edinburgh Castle, Scotland’s busiest tourist attraction."
The opportunity, which extends to around 120,000 sq.ft. over 7 buildings, was the former Edinburgh District Council offices and have been lying vacant for some time whilst the developer obtained planning consent for various mixed use schemes. Planning consent was obtained but the developer was placed into Administration in May 2010. There is now a real opportunity for an experienced developer to acquire the buildings, which are being sold as a single entity, creating schemes such as a 179 bed limited service hotel, restaurant, public house, retail, residential, hostel or student accommodation.
The site has planning consent for a mixed use scheme along with listed building consent and the planning department has been very sympathetic to commercial proposals, giving real scope for a highly profitable development.
The site has now been placed on the open market at an asking price of offers over £7.5 million.
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