Dougray Smith is delighted to announce that Interserve Developments Ltd have concluded a missive to acquire the existing office premises at 24-28 Torphichen Street in Edinburgh. A major hotel deal has also been agreed with Whitbread PLC for a new Premier Inn hotel in this West End of Edinburgh location.
Welcoming the announcement, Interserve executive director Dougie Sutherland said: “This is another fantastic development scheme in Edinburgh and sits comfortably with the Haymarket site that we are already developing. The scheme also reflects the successful partnership that we have built with Premier Inn and we are now developing two sites in Edinburgh and one in Newcastle for them. Interserve is now one of Premier Inn’s largest UK partners.”
Interserve has completed the purchase of the site and submitted a detailed planning application. As a result, work is anticipated to start on site by early summer 2015. Interserve has secured a full, forward-funding deal from Aberdeen Asset Management to purchase and fund the development on a turnkey basis for Premier Inn. DougraySmith advised on site acquisition, letting and funding.