Exciting retail opportunities in heart of Edinburgh's Old Town come to market
31 January 2012
Property consultant Ryden has been appointed to market over 12,000 sq ft of retail/leisure space at Jansons Property’s mixed-use SoCo project in the heart of Edinburgh’s OldTown.
The multimillion pound development, which was granted planning permission in 2009, is situated on the historic SouthBridge/ Cowgate site that was previously home to a variety of retail outlets, offices, venues and bars, including the Gilded Balloon, before the area was devastated by fire in 2002. The new scheme, known as SoCo, will be anchored by a 259-bed Ibis hotel and 4,708 sq ft Sainsbury’s Local on SouthBridge. Plans are also in place for the reinstatement of nightclub/venue La Belle Angele, as well as external public realm space linking Cowgate toSouthBridge and Chambers Street, and commercial and retail/leisure space.
The accommodation currently on offer through letting agent Ryden includes a 1,935 sq ft ground floor retail unit on SouthBridge with return frontage, dual access and external space to the rear. The property will sit adjacent to the Sainsbury Local and below the hotel. Three further units, situated below the convenience store and hotel, are available on the south side of the Cowgate and are visible from the Royal Mile. The premises comprise retail and leisure accommodation arranged over ground and mezzanine levels with double height frontage. Units 1 and 2 provide 4,904 sq ft of space and unit 3 provides 5,462 sq ft. All four units have planning consent for Class 1, 2 and 3 purposes and will be ready for occupation in December 2013.
Will Biggart at Ryden said: “This is an exciting instruction and we look forward to securing a good mix of occupiers for such an important development in the heart of Edinburgh’s OldTown. The site was once such a vibrant area and Jansons Property’s plans will ensure its status is fully restored.”
“Ibis anchoring the development along with Sainsbury’s reinforces the quality of the development. Despite only commencing marketing recently, we have already received enquiries from various occupiers for the balance of space and come December 2013, the development will have risen from the ashes of the devastating fire of 2002.”
“Jansons is pleased to be involved in such a key development in theOldTown which will go on to reinvigorate the area. Enquiries have ranged from local to national occupiers in the retail and leisure sectors. We have also had interest from the arts sector, as the area benefits greatly from the Festival. This also ensures occupiers have two peak trading spikes - in August and December.”
