Property consultancy JLL has launched to market a new mixed-use development opportunity in the heart of Edinburgh, with the potential to deliver high quality living in the New Town.
Centrum House benefits from a planning consent for the demolition of the existing office building and the construction of a new 58,000 sq ft mixed-use development made up of 49 apartments as well as ground floor commercial space.
The development sits right at the heart of Edinburgh’s New Town, a sought-after residential neighbourhood, with the area’s Georgian properties providing a range of apartments and townhouses popular with young professional as well as families.
Recognised as a UNESCO World Heritage Site, the area benefits from close proximity to a range of nearby amenities including independent cafes, bars, shops and galleries. Dundas Street also enjoys strong public transport links to the city centre and neighbouring suburbs, as well as tram and train connectivity.
Interested parties will also be offered the chance to purchase the vacant brownfield site to the rear of the development on Henderson Street, where a detailed planning application for nine complementary residential apartments is currently pending decision.
The launch follows the news that house prices in Edinburgh are forecasted to grow by 17% over the next five years. This is according to JLL’s recent ‘Big Six’ research, which tracks residential development activity, prices and rents across Glasgow, Edinburgh, Bristol, Birmingham, Manchester and Leeds.
Makela Milne, residential and development land director at JLL, says: “The Edinburgh residential market continues to be an attractive prospect for developers, and we are predicting strong levels of house price growth in the city over the next few years.
“With this in mind, Centrum House presents a great opportunity to acquire a site for high quality residential development in one of Edinburgh’s best neighbourhoods. The design provides ground floor commercial space, with well-designed apartments offering a range of secure car parking, private terraces and landscaped open space to the rear.’’
