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Rare investment opportunity for 34 flats from four townhouses

Developers are being offered a unique opportunity to purchase four historic Georgian townhouses in the heart of Edinburgh’s West End, with detailed residential planning consent for 34 apartments.

The properties at Atholl Crescent, in the New Town Conservation area, are being marketed by CBRE.

Formerly Brodies LLP’s head offices, the interconnected townhouses were designed by noted architect Thomas Bonnar and date back to 1825. Included in the sale are an adjoining mews property and 27 car parking spaces.

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Located a short walk from Haymarket Station, the traditional sandstone townhouses feature pitched and slated roofs and accommodation over basement, ground and three upper floors. They include many original features including decorative plasterwork, original staircases, marble fireplaces and iron trellis balconies.

Planning consent has been given for 23 flats in the townhouses and 11 within a mews building. The apartments will comprise of a mix of one, two, three and four bedroom apartments and a studio apartment.  The rear apartments will benefit from private garden space.

 

The buildings could alternatively be converted into a hotel subject to planning consent, with speculative plans having been drawn up for a 113-bed hotel. Other uses could include a private members’ club, a luxury care home or an aparthotel.

Andrew Shiells, senior director of CBRE, acting for the private owners, says: “It is highly unusual to have four interconnected traditional townhouses on the market in such an incredible location in the heart of Edinburgh. There’s a great opportunity for a developer to return the buildings to their former glory and restore them to their original residential use.

“Atholl Crescent is one of Edinburgh’s grandest crescents and one of the most coveted addresses in the Capital. There are so many exciting things happening in this part of the city with a huge development underway at nearby Haymarket where new offices, hotels, bars and restaurants are being built. It’s also just a short stroll to the Johnnie Walker Experience and all the shopping and leisure attractions of Princes and George Street.

“The Edinburgh hotel market is thriving and has shown strong increases in room rates over the last two years. The city is now an all year round destination and this site is ideally located to capture both business and leisure trade perfectly.”

Atholl Crescent is located close to the local transport system with tram and bus stops situated directly opposite the property . Haymarket Interchange is an eight-minute walk and Edinburgh Waverley a 20-minute walk from the property.

The area is well served with shops, bars and restaurants in nearby Queensferry Street, William Street and Stafford Street. The Exchange Business District is a five-minute walk away with a range of amenities on offer including the Edinburgh International Conference Centre (EICC), Odeon Cinema and Pure Gym.  

For more information on this opportunity contact CBRE’s Andrew Shiells, Andrew.Shiells@cbre.com.

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