The project, with an estimated end-value in excess of £9m, involves the conversion of two large ‘B Listed’ buildings and the development of five new units on Kinnear Road, once the boarding houses of Edinburgh Academy School.
The conversion is set to provide three striking apartments and two luxury villas, ranging in size from a generous 1,400 sq. ft. to an impressive 5,000 sq. ft. that will substantially enhance the developer’s portfolio in the east.
The five exclusive new build properties will provide apartments, duplex and triplex units and have been designed to complement the original three-storey, asymmetrical ‘Arts and Craft’ style buildings built in 1899.
Queensberry brings together one of the country’s most established land and property experts and one of Scotland’s leading privately owned house builders with the shared aim of creating contemporary collections of inimitable new homes.
Nick Waugh, director of Buccleuch Property, commented: “The development is situated in what we believe is arguably one of the best locations in the north of the city. Alongside our partners at Cruden it is our intention to deliver a mix of stylish, new and refurbished luxury apartments and townhouses that will be extremely desirable and become ‘must have’ properties for homeowners or investors.”
Steve Simpson, managing director at Cruden said: “This latest development is in line with Queensberry’s strategy to create legacy sites within the Capital. Our aim is to retain the architectural heritage of this impressive site, while at the same time delivering highly desirable residential dwellings.
“While demand in the Capital for quality properties remains strong, it’s particularly so within Inverleith – last year alone the area witnessed an annual increase of 29%* in property transactions.
Given that Inverleith is regarded by estate agents as a best-in-class location – due to its proximity to several excellent schools, Edinburgh’s commercial centre and the lifestyle appeal of the area – prices for these premium properties are expected to be in the region of £630,000 to £1.75m.
Demolition work on some of the existing buildings will commence in October, with the first phase of construction scheduled for early spring 2014 and the first completions anticipated in the autumn of that year.
For further information on the development, please contact selling agent Savills on 0131 247 3700.
* Figure provided by Savills Real Estate UK