European Development Company (EDC) (Hotels) plans to turn an Edinburgh city centre office scheme into a hotel.
EDC has acquired the 42,000 sq ft (3,902 sq m) Mulberry House scheme at Picardy Place for an undisclosed sum – believed to be around £5m from an undisclosed vendor.
The Aberdeen-based developer will transform the 1970s-built building, which has a listed facade, into a three- to four-star hotel.
EDC’s Ivor Finnie confirmed that the company had been looking for redevelopment opportunities in Edinburgh for some time.
Charles Guest, the partner in charge of agency at Ryden, which advised EDC, said: “The ability of a hotel operator to pay office value for hotel use demonstrated the slight downturn in the office market.”
Roxburgh & Company advised the vendor.
References: EGi News 13/03/03
