Despite a challenging market, the Rettie Development & Investment team had a hugely successful year. Over the past 12 months, the team has been able to close a number of exciting deals. Included in this were four sales of historic significance within the Edinburgh market. As we start the year, we would like to shine a spotlight on and celebrate these four historic development sales. The redevelopment of these landmark buildings is sure to enhance and protect the rich historic built environment within Scotland’s capital city.
No’s 94 – 116 Cowgate
The Development & Investment team were appointed as the sole selling agents of this prominent B-listed sandstone 6 storey block, located within the heart of Edinburgh’s UNESCO World Heritage site and Edinburgh’s Old Town Conservation Area.
Acting on behalf of The Society of Solicitors in The Supreme Courts of Scotland, who will lease back a small portion of the building we were very pleased to have secured the sale to Safestay PLC at £4.3m. Safestay PLC will become only the second owner of this building which dates back 1895.
Safesatay PLC, intend to carry out a thorough refurbishment of the lower floors and trade that element as a Hostel. The upper floors are let to The Faculty of Advocates and The Society of Solicitors in The Supreme Courts of Scotland.
“The sale will allow the Society to focus on the next 200 years and to refurbish their accommodation. It was a pleasure to work on the sale of such an historic building. A challenging and rewarding sale.” Sandy Gilmour, Head of Development & Investment
The Claremont Hotel
The Development team acted as sole selling agents for this significant townhouse hotel located in the Edinburgh’s world-famous New Town. The building has been used as a hotel for the last 30+ years and this sale represented an opportunity for this Grade A listed building to be given a new lease of life, following the retirement of the owner.
The property was sold to S1 Developments for £1.35m in its current use class as a hotel and clean of planning. The developer has shared their exciting new vision for the building as well as submitting a planning application, and we very much hope that the Planning Authority share our enthusiasm for the re-development.
Redhall House
The development team acted as the selling agents for Redhall House, one of Edinburgh’s most significant historical homes. Situated on a 2.5acre site and originally built in 1758, Redhall House has seen several uses over its existence including a private residence, children’s school, and offices. The building had been vacant since the early 2000’s.
The property sold for £1.5m to a local developer with detailed planning permission for conversion into apartments with 2 new build house plots in the grounds. We are excited to see this historic landmark restored to its former glory.
"The sale of this prominent and historical building ensures that not only will the building be preserved, but developed and utilised for generations to come. We are following its progress closely and are excited to see it brought forward to completion” Callum Beattie, Senior Associate Development & Investment
42 Heriot Row
Set on the corner of Heriot Row and India Street in the heart of Edinburgh’s New Town, the conversion of this beautiful building represented an incredibly rare and exciting opportunity.
The property had been used as an office building for the past 40 years and was sold jointly by our Development and Edinburgh Residential sales team as a development opportunity for conversion back to residential.
The category ‘A’ listed townhouse boasts a wealth of period features such as working shutters, fireplaces and decorative cornicing. Once finished, the residential development is sure to be one of the most desirable prime residences in the New Town.
We are delighted to have sold the building to a local developer. Our New Homes and Sales teams will be selling the properties during 2024.
“We are delighted to work with Rettie on selling 42 Heriot Row, which has been an important place for Scottish Women's Institutes' members for so many decades. The team have excelled in all areas and made our transition into a new future for our organisation as smooth as possible, providing many viewings and a great deal of interest from the start” Diane Cooper, CEO of Scottish Women’s Institutes
The success of these historic deals is a testament to the team’s expertise and hard work. If you are looking for agency or consultancy services, please do not hesitate to contact the Rettie Development and Investment team.