Artisan Agree Major Hotel Deal With Whitbread For New Waverley

Artisan Agrees Major Hotel Deal to Drive Transformation of Edinburgh’s Historic Old Town Site

Artisan Real Estate Investors, the international development consortium behind the transformation of Edinburgh’s former Caltongate area, has agreed a major hotel deal with Whitbread PLC.

Artisan has submitted detailed plans for much of the commercial and leisure provision for the proposed £150 million development, which seamlessly links the capital’s New Street/East Market Street area and Waverley Station with the historic Royal Mile.

A deal has now been agreed to bring two Whitbread hotels to the five-acre site. This includes a 127-room Premier Inn and a 130-room Hub by Premier Inn, Whitbread’s innovative new ‘compact’ hotel format which will be the first of its kind outside of London.

Both hotels will sit next to each other with frontages on to East Market Street and Cranston Street. They are set to form an integral part of the overall development which includes a pedestrian-friendly urban centre mixing open public spaces with independent retailers, restaurants, and leisure offerings – as well as new homes and offices.

 Welcoming the deal, Lukas Nakos, Artisan’s managing director said: “There has been huge interest in the site from hotel operators around the world, and I am pleased that an operator of Whitbread’s stature and pedigree has chosen to significantly invest in the city.

“High quality hotel provision will be the cornerstone of our development, and it’s great to see how innovative leisure concepts such as the Hub will add vibrancy, excitement and colour to our plans. We will be placing strong emphasis on the quality of design and materials to ensure both hotels reflect their historic Royal Mile setting – as well as ensuring that the wider area benefits from the increased visitor spend.”

Centred around a new £6.5 million civic square, Artisan’s new development will create around 16,500 sq metres of high quality Grade A office space and 28 new retail businesses, as well as the hotel and leisure space. There are also plans for a new community facility, together with 145 residential units and 40 affordable homes.

Latest research shows that the completed development will generate an approximate annual turnover for the area of £84 million, contributing some £43 million of Gross Value Added (GVA) to the local economy each year.*

John Bates, Whitbread Hotels and Restaurants’ Head of Acquisitions for UK & Ireland added: “This is another outstanding deal for Premier Inn. It gives us more than 257 new bedrooms in central Edinburgh and also our first new Hub by Premier Inn outside London.

“We are now set to have two great Premier Inn products side-by-side in a superb new development in the heart of the Old Town – and close to Waverley Station. It is more exciting growth for us in Scotland and another big result for our customers.”

Following the submission of detailed planning application by Artisan to the City of Edinburgh Council in August 2013, it is anticipated that, following a January 2014 committee hearing, work on the development could start as soon as mid-2014.

Colliers International acted on behalf of Artisan Real Estate Investors for the hotel deal.

Artisan Agrees Major Hotel Deal With Aparthotels Adagio

Artisan Agrees Major Hotel Deal to Drive Transformation of Edinburgh’s Historic Old Town Site

Artisan Real Estate Investors, the international development consortium behind the transformation of Edinburgh’s former Caltongate area, has agreed a major hotel deal with global operator Aparthotels Adagio.

Following planning approval for much of the commercial and leisure provision in January 2014, Artisan are now moving forward with the development of the £150 million site which will seamlessly link the capital’s New Street/East Market Street area and Waverley Station with the historic Royal Mile.

The new hotel deal will bring a 146-apartment Adagio Aparthotel to the seven-acre site, with frontages onto both the Royal Mile and the Canongate.

The design of the four-storey building will reflect its unique setting, being constructed behind an existing façade facing onto the Royal Mile and linking to the Canongate and a new public square using a newly created pedestrian walkway inspired by the Old Town’s historic “Wynds”.

The Aparthotel will form an integral part of the new £6.5 million civic square which forms the heart of the development – with ground level linkages to cafés, restaurants and shops.

Adagio’s innovative Aparthotel concept has been successfully rolled-out across Europe and is now being applied to some of the UK’s premier city-centre destinations. It is aimed primarily at long-stay visitors and provides hotel services, including fully-furnished studios and one / two-bedroom apartments, complete with kitchens and bathrooms, to provide high quality self-catering accommodation.

The Adagio deal follows another hotel agreement with Whitbread announced in December 2013 for a 127-room Premier Inn and a 130-room Hub by Premier Inn, Whitbread’s innovative new ‘compact’ hotel format which will be the first of its kind outside of London.

Welcoming the Adagio deal, Lukas Nakos, Artisan’s managing director said: “There has been huge interest in the site from hotel operators around the world, and I am pleased that an operator of Adagio’s stature and pedigree has chosen to invest in the city.

“High quality hotel provision will be the cornerstone of our development, and it’s great to see how innovative leisure concepts will add vibrancy, excitement and colour to our plans. We will be placing strong emphasis on the quality of design and materials to ensure the hotels reflect their historic Royal Mile setting – as well as ensuring that the wider area benefits from the increased visitor spend.”

Centred around a new £6.5 million civic square, Artisan’s new development will create around 16,500 sq metres of high quality Grade A office space and 28 new retail businesses, as well as the hotel and leisure space. There are also plans for a new community facility, together with 145 residential units and 40 affordable homes.

Latest research shows that the completed development will generate an approximate annual turnover for the area of £84 million, contributing some £43 million of Gross Value Added (GVA) to the local economy each year.*

 Commenting on the opening in Edinburgh, Vangelis Porikis, Aparthotels Adagio Director, Central & Northern Europe, said: “The Aparthotel Adagio offers an innovative solution for urban tourism and one we are particularly excited to launch in Edinburgh, a fantastic city of history, culture, business and thriving tourism.

“We are working hard with Artisan to ensure our new Aparthotel will be immersed in the history and culture of the city and gives our guests a base from which to enjoy this fantastic city and surrounding area.”

Artisan received detailed planning permission for the development in January 2014 and work on the development could start as soon as mid-2014.

Colliers International acted on behalf of Artisan Real Estate Investors for the hotel deal.

Welcome to New Waverley,Transformation Of Edinburghs Old Town

 Artisan Unveils Vision for Transformation of Edinburgh’s Old Town

  • New Waverley to become capital’s brand new urban district
  • £6.5 million public square at its heart
  • 3 brand new hotels delivering 400 bedrooms
  • 177,000 sq ft of cutting-edge Grade A office space
  • 28 new retail and leisure opportunities plus 148 apartments and townhouses

Artisan Real Estate Investors has today (21 May 2014) unveiled an exciting new vision to drive forward the transformation of the former Caltongate area at the heart of Edinburgh’s historic Old Town.

The £150 million development is set to create a brand new city centre district for Edinburgh called New Waverley – a name reflecting both the area’s rich cultural heritage and its proximity to the Waverley Valley and the capital’s main railway station.

Work on the five-acre site is expected to start within the next three months, seamlessly linking the capital’s New Street/East Market Street area and Waverley Station with the Royal Mile. The area is to be transformed into a vibrant pedestrian-friendly urban centre mixing open public spaces with retailers, restaurants, hotels and leisure offerings, as well as new homes and offices. The first phase of activity, delivering hotels and a new £6.5 million public square, is expected to be complete by 2016.

Artisan also revealed details of a major new hotel deal which is set to breathe new life back into the Old Town. Global operator Adagio is to bring a 146-suite Adagio Aparthotel to the heart of New Waverley, with frontages onto the Royal Mile and the new public square.

The Adagio deal follows another two hotel agreements with Whitbread, announced late last year, for a 127-room Premier Inn and a 130-room Hub by Premier Inn, Whitbread’s innovative new ‘compact’ hotel format which will be the first of its kind outside of London.

Welcoming today’s announcement, Lukas Nakos, Artisan’s Managing Director said: “New Waverley marks the next exciting chapter in the evolution of Edinburgh’s Old Town. Artisan is now delivering international capital investment of £150 million, coupled with the vision and commitment needed to complete one of the most challenging development projects anywhere in the UK.

“We are well aware of the complexities that surround development in such a sensitive area, which is why we spent almost two years on a comprehensive consultation process bringing together more than 200 local people, businesses, civic partners and heritage bodies.

“Following extensive community feedback, our plans for New Waverley now reflect a marked change in direction from previous planning consents, both in terms of improved development quality and in preserving the heritage of such a unique area.

“A closer understanding of our plans shows that the massing and overall height of the revised designs has been significantly reduced. New Waverley will provide more open public spaces, with the larger commercial buildings being broken up into more intimate, individual units, improving the overall look and feel of the area and its connectivity with the rest of the city.

“We now have the opportunity to create, in the very heart of Edinburgh, one of Europe’s most exciting and vibrant mixed-use communities which will set an international benchmark for sensitive and innovative development.”

Centred around a new £6.5 million civic square, New Waverley will create around 177,000 sq. ft. of high quality Grade A office space, together with provision for 400 hotel bedrooms and 28 new retail businesses, using smaller commercial properties at street level. There are also plans for a new community facility, together with 148 residential units and 40 affordable homes.

New Waverley’s design will retain many facets of the area’s unique Old Town setting to preserve the historic character of the development – including the retention of the Canongate Venture building and the façade of the Old Sailor’s Ark. The Market Street arches are set to be opened up as small, individual ‘artisan’ units and historic views of Calton Hill from the Royal Mile will be preserved.

In all, there will be space for some 1,750 new jobs, with 720 jobs being created as part of the construction phase of the development. Latest research shows that the completed development will generate an approximate annual turnover for the area of £84 million, contributing some £43 million of Gross Value Added (GVA) to the local economy each year.

Adagio’s Aparthotel will form an integral part of New Waverley’s civic square with ground level linkages to cafés, restaurants and shops. The design of the four-storey building reflects its unique setting, being constructed behind an existing façade facing onto the Royal Mile and linking to Canongate and the public square using a newly created pedestrian walkway, inspired by the Old Town’s historic ‘Wynds’.

Welcoming the Adagio deal, Lukas Nakos added: “There has been huge interest in the site from hotel operators around the world, and I am pleased that an operator of Adagio’s stature and pedigree has chosen to invest in the city.

“High quality hotel provision will be one of the cornerstones of our development and innovative leisure concepts such as the Adagio Aparthotel will add vibrancy, excitement and colour to our plans. We will be placing strong emphasis on the quality of design and materials to ensure the hotels reflect their historic Royal Mile setting – as well as ensuring that the wider area benefits from the increased visitor spend.”