Hotel Development Opportunity – Hayweight House
Graham + Sibbald are pleased to present for sale Hayweight House, a prime city centre hotel development opportunity in Edinburgh, Scotland.
Development Opportunity
- A prime city centre building within the vibrant Old Town area of Edinburgh’s city centre.
- Primed for redevelopment with the potential to extend the existing building footprint.
- A change of use from office to hotel was granted on 22nd July 2021 reference 21/03128/FUL.
- Moving forward, any development proposals will be subject to the necessary statutory consents. For more enquiries, please contact the City of Edinburgh Council Planning Department.
Description
Hayweight House is arranged over ground and six upper floors and is currently used as an office. The wider site extends to 0.16 acres (0.07 hectares). Originally developed in the 1990s, Hayweight House currently offers open plan office accommodation extending to 20,368 sq ft on floorplates averaging 3,600 sq ft. The floorplates are generally open plan in nature with a specification that includes DDA access, main core with secondary fire escape, raised access floor, suspended ceiling, flat roof with rear under croft access to six car parking spaces.
Edinburgh Hotel Market
- Edinburgh is a strategic hub for leisure and commercial activity, and the leading UK hotel market after London. Edinburgh’s hotel sector is supported by its cultural heritage and events calendar – providing year-round demand and a balanced mix of business and leisure travellers.
- Edinburgh hotel demand peaks during the summer months as tourism increases and specifically during the month of August, throughout the Edinburgh Festival period, when 3 million global visitors are attracted for the duration of the month. Plus there are other festivals throughout the year and other attractions, drawing visitors to the city, and of course the many historic landmarks.
- Edinburgh generated a Revenue Per Available Room (RevPAR) of £98.56 in December 2022, which was 18% higher than the same date in 2019, the most recent non-covid affected calendar year.
Location
Edinburgh is the capital city of Scotland with a population of circa 550,000 and a catchment of 1,000,000. Growth projections estimate that Edinburgh will grow to 600,000 by 2025. The city is situated on the east coast of Scotland within the Central Belt some 50 miles east of Glasgow and 120 miles north of Newcastle.
Offers
Offers are invited for the heritable interest (Scottish equivalent of English Freehold) in the site. The property will be sold with the benefit of vacant possession. The client is not required to accept the highest or indeed any offer received.
