Former St Margaret’s School site in Craigmillar acquired
27 August 2009
Ryden, on behalf of a private investor, has purchased the former St Margaret’s School at Craigmillar Park in Edinburgh.
The site is to be redeveloped and let to Travelodge Hotels on a 35 year lease at a rental of £627,440 per annum.
The hotel will comprise 115 bedrooms and is due to open in early 2010.
Richard Porter, Partner at Ryden commented: “This is an excellent deal for our client who has secured a site with the benefit of anexisting planning consent and a pre-let in place to a major hotel operator. This opportunity presented itself due to difficulties in the funding market allowing our client to step in and take the development forward.”
