Tue, 27 Mar 2012 | COMMERCIAL PROPERTY
A retail and hotel complex on Edinburgh's Princes Street has sold for a healthy £34 million to German institutional clients of La Salle Investment Management.
Deramore Property Group sold the property, which has been adapted to house a New Look shop and a Premier Inn hotel. The store began trading in February, while the hotel opened its doors earlier this month.
Prior to the sale the 30,000 sq foot store had been pre-let on a 20 year lease, while the 97-bed hotel had signed a similar agreement. Such long leases were described as something that is “increasingly rare in the current economic climate” by the developers.
Darren Lonergan, director of Deramore, told the Belfast Telegraph: “Princes Street is a UN designated world heritage site and new developments are both extremely rare and highly complex to procure.
“We are delighted to have developed a new and efficient building which fully matches the requirement of modern occupiers.”
He added that the development managed to retain the listed building and recycled much of the original stonework within its adaptation.
Development projects in such iconic locations are rare but in addition to this hotel and retail space, Edinburgh is seeing a number of changes in historic areas due to the construction of a new tram service around the centre of the city.
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