HAYWEIGHT HOUSE, 23 LAURISTON STREET, EDINBURGH, EH3 9DQ
UK Property firm Graham + Sibbald, are delighted to announce they have now SOLD Hayweight House, 23 Lauriston Street, Edinburgh, EH3 9DQ.
Instructed by the charity SAMH (Scottish Action for Mental Health), Hayweight House came to the market as a rare opportunity to purchase a prime city centre building within the vibrant Old Town area of Edinburgh. A seven storey office, providing open plan accommodation extending to 24,412 sqft (GIA) the building is prime for redevelopment with the potential to extend the existing building footprint which made it suitable for a variety of uses. The location along with the opportunity for redevelopment interested a range of buyers, with the open marketing producing a strong level of competitive bidding at a closing date.
The successful purchaser, with RoundShield’s funding and support, will be developing the Kabannas brand in the property. The Kabannas platform is targeting €100m+ in acquisitions of micro accommodation assets across Europe. The Kabannas acquisition profile is very flexible and centred around repositioning hospitality or non-prime office properties with assets ranging from 2,000 to 10,000 Sq M, located in European gateway cities. Acquisitions are fully funded by Kannas and RoundShield. Additionally, Kabannas operates as purchaser, developer and operator, thereby providing further transaction certainty.
Peter Fleming, Director, Graham + Sibbald commented, “After a competitive bidding process, it is great to see Hayweight House sold to Kabannas. Entering a new location and bringing something different to Edinburgh’s market, the sale provides evidence that for the right opportunities there remains good developer and investor demand.”
Alistair Letham, Consultant in Hotel + Leisure with Graham + Sibbald added, “Edinburgh is a strategic hub for leisure and commercial activity, and the leading UK hotel market after London. Making Hayweight House a clear opportunity to be redeveloped into a hotel. Kabannas will be a wonderful new offering in Edinburgh where there is an ever-increasing demand, year round, for high quality, and stylish, ultra affordable accommodation for the 18-40 year olds guest market segment. Kabannas will add another “string to the bow” of what Edinburgh can offer.”
SAMH were advised on the transaction by Lindsays. Kabannas and RoundShield Partners LLP were advised on the transaction by Morton Fraser MacRoberts LLP, Bellwether Green and Baker & McKenzie LLP.
Graham + Sibbald has over 250 employees and 30 Partners working across its 21 UK offices in Scotland and England.
