North Bridge Lofts expands in £1.2m deal
Boutique serviced apartments operator North Bridge Lofts has expanded in the heart of Edinburgh’s Old Town after securing a £1.2 million finance package from Bank of Scotland.
The completion of three new short-stay residences, within the buildings that once housed The Scotsman, has finalised the second phase of the company’s development, which now has 13 apartments that have been valued at more than £3m.
North Bridge Lofts owner Daniel Multon said: “Since opening our first phase of ten contemporary apartments we have achieved a 90 per cent occupancy rate with guests from both tourism and business. Our three latest apartments are quite different, remaining true to their Victorian architecture.”
Plans are now being drawn up for a third phase of the scheme.
Bank of Scotland’s national property head for small firms, Nigel Walker, said: “This is a truly remarkable property.”