Prime site to be redeveloped
Derelict site near castle to be turned into centre for artisans
Rundown warehouses in King’s Stables Road below Castle Terrace will be turned into a hotel, flats, student accommodation built around an arts cafe and artisans’ workshops.
The site (pictured below in shadow of Argyle House) is prime real estate, skirting the castle and within walking distance of the Grassmarket and Princes Street.
It has been left vacant since being put on the market by the city council in 2009. The revival of the commercial property market has prompted renewed interest
The site will be developed by a joint venture between Peveril Securities – the development arm of the Bowmer and Kirkland Group – and Campus Development Management, which is buying the site in a deal due to be ratified by the council on 19 March.
The council hopes it will complement its wider aspirations for a new cultural quarter on the site of Argyle House and the linking of Castle Terrace with the Grassmarket and West Port.
King’s Stables Road has been identified by the council as one of 12 “priority” development sites seen as crucial to the capital’s economic future. There had been talk of building a business school on the site.
Peveril Securities is currently active in the capital, working with Standard Life on the development in St Andrew Square which is due to be completed in June next year.
The developer will consult with the community on proposals for King’s Stables Road, ensuring the local community are well aware of and can play a part in shaping the proposals.
Knight Frank has been acting as advisers on the purchase of the site.
Commenting on the proposals Ralph Jones, head of development at Peveril, said: “These exciting proposals will breathe life into a corner of the Grassmarket that has lain neglected for a number of years, providing a hotel, student accommodation, flats and facilities to accommodate and promote the arts.
“It will also provide a great link between the Grassmarket and Exchange business districts, bringing a vibrant mix of uses to the area and form part of the council’s aspirations for a new cultural quarter.
“We are highly sensitive to the fact that the site is within the UNESCO World Heritage site boundary and as we work our way through the planning process look forward to meeting with the local community, updating them on our proposals and listening to their feedback.”
Coun Frank Ross, Convener of the Economy Committee said: “This development forms part of the Edinburgh 12, key strategic sites across the city that the Council identified as crucial to delivering transformational change for Edinburgh’s economy and with the potential to deliver up to 20,000 jobs. This is great news for the city and testament to Edinburgh being such an attractive place for inward investment.”
Campus Development Management is a company specialising in purpose-built student accommodation. Recent developments include the landmark 492-bed Printworks scheme in Exeter in a JV with Yelverton Properties for Moorfield Group. Ongoing schemes are being delivered in Exeter and Sheffield.