Beaufort Completes Two Scottish Development Deals
Beaufort is delighted to announce the successful completion of two development transactions in Scotland; a mezzanine and equity investment into a residential development in Edinburgh, and an equity investment for a hotel and apart-hotel development in Glasgow. The total value of these investments is in excess of £6.5m.
The developer of both sites, Artisan Real Estate Investors, is a multiple award-winning developer, whose £200m regeneration of New Waverley in Edinburgh has won several prestigious accolades, including honours at the 2017 Scottish Property awards and 2017 RICS awards.
The Edinburgh project involves the demolition of a former retail site, and the construction of four new buildings, containing 180 residential units, centred around a landscaped courtyard.
The development occupies a prime site next to the Water of Leith, moments from Edinburgh’s Royal Botanic Garden, and close to the amenities of Stockbridge and Bonnington. 45 of the units are designated as affordable and are in the process of being pre-sold to a leading Scottish housing association.
In Glasgow, Artisan has acquired two adjacent vacant buildings, Custom House and Spectrum House, and will shortly be submitting plans to transform the buildings into a 350-room hotel and 150-room apart-hotel.
The properties sit on the bank of the river Clyde, within a stone’s throw of the world-class shopping of Buchanan Street, the Glasgow Subway, and the city’s main train station. The developments will deliver much-needed rooms and conference space to the growing Glasgow hotel market, and continue the impressive regeneration of this part of the city.
Joe Flaherty of Beaufort Capital said, “we are very pleased to announce the completion of both deals. Artisan is a top-quality developer, and we were exceptionally impressed with the team, and what they have achieved at the first phase of New Waverley.
“We have every confidence in their ability to deliver the same excellent results in Edinburgh and Glasgow. This is an important first step in what we hope will be a long and fruitful partnership between our two organisations.”
Jaco Jansen, CEO of Artisan, commented, “We are delighted to have teamed up with Beaufort to deliver these two key projects. The relationship between the executive teams of the two businesses goes back many years and we take great comfort in the knowledge that access to the hands-on experience and value-add focused skills that Beaufort provide throughout the development process extends far beyond that of a pure funding arrangement.
“During the course of 2017 we have expanded our footprint in both Edinburgh and Glasgow. We firmly believe that both sites occupy exceptional locations within these dynamic cities which, when combined with the quality of our project teams, will enable us to deliver high class developments that meet the strategic requirements of all stakeholders.”
