Princes Street shop storerooms to be converted into flats

Published on Tuesday 24 August 2010 17:05

They will be among the most sought-after flats in Edinburgh, if you're willing to pay for the view.

Developers have been granted planning permission to convert three upper-storey store rooms on Princes Street into six luxury flats, offering majestic views of Edinburgh Castle and Princes Street Gardens below.

Property experts expect the flats - to be created on the narrow upper floors above Bookworld - could fetch up to 300,000.

However, the flats are set to be extremely compact, with a combined lounge and kitchen with little room for more than a sofa, television and dining table, plus a master bedroom with en-suite bathroom and a small box room.

In addition, the lack of parking has led planners to demand a 7000 contribution from the developer to the City Car Club, in exchange for a year's free membership for residents.

The flats are being developed by Charlotte Square-based real estate investment firm City & Wharf.

Director Angus Forsyth said: "Given the location and the views, we have designed these flats to appeal to the luxury end of the market.

"I would think they would appeal to professionals given the proximity to the central business district, so they would be ideal for people working locally.

"The flats are not huge. They're probably about average size for a two-bedroom property in the city centre. There is a master bedroom and a second smaller room which could be used as a bedroom or study.

"We currently have no idea how much to market these flats for. Once the development is a little more advanced we'll get the professionals in to put a price tag on them."

There are very few residential properties on Princes Street. The last property to go up for sale, a three-bedroom penthouse overlooking The Mound, was sold for 380,000 earlier this year.

Sales negotiator Debra Lennie said: "That was a particularly nice flat with a balcony and we had a lot of interest from abroad for that one.

"We had enquiries from all over Europe and America from people who were thinking about moving here. I think people living in Edinburgh are slightly put off by living in the city centre, and the difficulties it can bring in relation to parking and noise, but Edinburgh is no different from some of the other great European cities such as Paris where city living is cherished."

Another property was sold through Leslie Deans & Co in 2007 for a similar price. Mr Deans said he would expect the new flats to go for slightly less.

He said: "I wouldn't expect the flats at the back, overlooking Rose Street, to go for much more than 200,000 but at the front you're paying for the view, and what a magnificent view you will get.

"I would expect that view to add another 50,000 on to the price, and if the flats are finished to an extremely high standard they could even fetch 300,000."

Conservation group The Cockburn Association has welcomed the plans, saying that the flats would add "round-the-clock vitality to the area".

However, potential buyers may have to wait a while before getting their foot in the door. Mr Forsyth said that City & Wharf would wait until market conditions improved before acting on the planning permission, which is valid for three years.