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Resident Hotels | Robb Residential | Greendykes homes

Loan deal: Resident Hotels will occupy a former tax office

Boutique hotel brand, Resident Hotels, has secured a £22 million loan with NatWest to enable it to proceed with the development of its first Edinburgh location. 

Owner Mactaggart Family & Partners (MF&P) announced last year that it would be converting the former tax offices at Meldrum House on Drumsheugh Gardens, into a 166 bedroom hotel.

The £50 million venue will take the group’s portfolio to six including four in London and one in Liverpool.  

Renovation works are underway with an anticipated opening date of Q1 2024. 

The team is exploring the re-use of glass recycled from the original building, whilst already preserving other materials from the existing structure to recycle and repurpose in future schemes.

Robb Residential joins The Beacon line-up

The Beacon: new tenant

Robb Residential is taking 1,554 sq ft at The Beacon in St Vincent Street, Glasgow, on a 10-year lease.

It will join a tenant line up that includes QBE Insurance, Marks & Clerk and FRP Advisory.

Colin McGhee, director in the office leasing team at Savills in Glasgow, said: “The letting takes the building to nearly 90% let since refurbishment completed last year.

Robb Residential was advised by Avison Young.

Greendykes funding

The latest phase of Edinburgh Council’s regeneration of Greendykes is set to move ahead after £620,000 was allocated to remove contamination and improve ground conditions.

Regeneration firm Urban Union has been appointed to deliver 130 homes via the Edinburgh Home Demonstrator Programme – an innovative business model for delivering affordable homes based around greater use of offsite construction.

Planning permission in principle has already been granted as part of an existing masterplan and the first properties are due to be delivered from early-2024 to mid-2025.

Maven sells Bishopbriggs unit

Maven Capital Partners has sold 111 Westerhill Road, Bishopbriggs, near Glasgow to a joint venture administered by M7, the specialist in Pan-European Real Estate, for £4.7 million, generating a 2.54x return for investors.

The 112,000 sq ft industrial unit is situated on Westerhill Business Park, providing a large warehouse / manufacturing area as well as ancillary office space, and car parking for 168 vehicles. 

Ryden advised Maven and Burns Property Consultancy acted for M7.

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