A Canadian company has stepped in to develop the £300 million Caltongate scheme and provide a boost to the market in Scotland’s capital city.
Prism Developments is discussing taking it over from Deloitte, the Administrator, and the Bank of Scotland. The site is located in the Old Town and was the subject of a mixed use scheme by Mountgrange.
The plan was for offices of 17,187 sq.metres (185,000 sq.ft.), 200 flats and a Sofitel Hotel which encountered considerable local opposition. Prism is not the first developer interested in the scheme because Deloitte has talked to a number of companies including Allied London and British Land.
One major scheme which is going ahead in the Old Town is the £45 million development on the Royal Mile of a hotel and mixed use project in the Castlehill area by the Chris Stewart Group.The hotel will be operated by Motel One which has 32 hotels in Germany and one in Austria and will be housed in the former buildings of Edinburgh City Council Development Department on Market Street.
In addition there will be residential space including self catering apartments, six offices totalling 5,574 sq.metres (60,000 sq.ft.) and two restaurants. The site stretches from Market Street towards Advocates Close and will take three years to complete. Chris Stewart said: “Although this site was challenging for us due to its sensitive nature and historic context, we were sure it could provide Motel One with everything they were looking for. I hope that Market Street is the first of many projects which we do with Motel One.”
As far as the office market is concerned, the first quarter saw a fall from the level of September- December 2010. Even so, it was a healthy 13,935 sq.metres
(150,000 sq.ft.) in 39 deals.
No comments:
Post a Comment