Deramore embarked in 2009 on the redevelopment of three grade B listed buildings on Edinburgh’s Princes Street, the prime retail pitch in the City. The building’s unique City Centre location is also a UNESCO’s World Heritage site with unparalleled views over the historic Edinburgh Castle. Amalgamating three small retail units to provide one large rare 30,000 sq ft retail outlet and deliver a store for the fashion retailer New Look over the basement, ground and 1st floors.
Deramore sought a tenant for the upper floors and therefore marketed the further five floors of the building, which comprised some 40,000 sq ft of accommodation, and secured a strong long term investment of a turnkey 97 bed hotel let to Premier Inn, part of The Whitbread Group.
Deramore took on the Planning, letting and construction risk in this scheme and delivered a building of exceptionally high-quality overlooking Edinburgh Castle during 2009-2012, which was a very difficult economic period.
The twin 20 year unbroken leases to New Look and Premier Inn created a cast iron secure long term investment which was forward sold before completion to Lasalle Investment Management in 2012.