Yorkshire developer makes first Scottish acquisition
PROPERTY and development company S Harrison Developments has bought its first site in Scotland as it continues its expansion programme.
The acquisition of a 0.5acre site on Leith Walk in Edinburgh’s New Town follows the announcement of impressive results for 2013 with the York-based company recording almost a decade of net asset growth, a doubling of profits on the previous year and shareholder funds of £26.19m, of which £14.9m was held in cash to fund new acquisitions.
The currently derelict site at 34b-40 Haddington Place was formerly part of Edinburgh’s original Botanic Gardens and until recently housed the Botanic Cottage which is due to be reconstructed during the next twelve months at the Scottish capital’s Royal Botanic Gardens. S Harrison said it is also expecting to announce further acquisitions in both Leeds and York shortly.
S Harrison said it is exploring with the planning authorities the scope to build high quality student accommodation on the Haddington Place site, to meet the city’s student housing need, along with retail space on the ground floor. The planning committee had previously endorsed plans to create a 205 bed hotel.
S Harrison Developments director, David Clancy, who has led the Haddington Place acquisition team, said: “Yorkshire remains our heartland, and we are expecting to announce shortly further acquisitions in both Leeds and York as we continue to look for more development opportunities. But having seen success in locations like Lichfield, Workington and Newcastle, we are also keen to extend our geographical reach when good opportunities arise.”
Clancy said he expects Haddington Place will be the first of many investments in Scotland. “Edinburgh is such a vibrant and exciting city and we’ve been impressed by the quality of the professionals with whom we have worked to conclude the purchase,” he said.
The firm has appointed East Kilbride-based architects ICA to develop design proposals for the scheme.
