New tenants for Princes St | Muir back in profit
Two retailers have taken up units on the corner of Princes Street and Hanover Street in Edinburgh in a further sign of the shopping thoroughfare’s renewal.
New leases have been agreed with Laser Clinics and the casual dining operator Island Poke, both new to the city, while Office Shoes has extended its lease by a further five years.
Stuart Moncur, head of national retail at letting agent Savills, said: “We have seen significant progress on the corner of Princes Street and Hanover Street in recent months, with a number of new occupiers choosing the popular thoroughfare as their new home.
“It is testament to the block’s fantastic location that it is both retaining existing retailers.”
Muir in profit
Property developer and construction group Muir has returned to profit in its 50th year of trading.
The family-owned firm booked a £2.2 million pre-tax profit in the 12 months to January, compared with a £4.3 million loss in its previous financial year.
Revenue rose by 5% to £89.3 million as Muir benefited from more contract wins at its timber systems and construction arms.
However, turnover at its homes division fell 28% to £25.1 million as private housing sales declined from 145 to 98.