Waverley shop plan is a step in the right direction

A MULTI-millionaire diamond merchant is turning his attention to the Capital's historic Waverley Steps after snapping up three empty shopping units.

Edinburgh-born Max Masood, 29, runs his own Belgium-based diamond business and owns Paper Rack newsagents.

The retail units, situated below the Balmoral Hotel, have lain empty for a number of years and were previously occupied by lastminute.com, Bites & Slices pizzeria and an internet cafe called Bite.

Mr Masood will open his fourth Paper Rack newsagents, including a bureau de change, in the units just a few days after the start of the Festival.

Mr Masood is leasing them from The Balmoral Hotel and said he would give the shop a "modern and contemporary" look.

He said: "I noticed there were units with shutters on them on Waverley Steps but they never had signage for letting, and I thought they were used for storage for The Balmoral. I picked up the phone and tried my luck, spoke to the right people at The Balmoral."

He added: "Paper Rack will sell everything from greetings cards and Scottish gifts, to Edinburgh rock and chilled drinks. I want to cater for the public as much as I possibly can because I have got a lot of space to play with."

Mr Masood, who currently lives in Ratho and also has a home in Antwerp, Belgium, will be looking to recruit around six people to work at the new shop, taking the total number of Edinburgh Paper Rack employees to just over 30.

The store will be open seven days a week from around 6.30am to 11pm most nights, with shoppers still able to exchange currency at the bureau de change up until closing time.

Mr Masood, who obtained the lease on Thursday, hopes to open the shop on August 10.

"I'm bringing over some contractors from Europe to give me a helping hand. We need this done quick style," he said.

The addition of Paper Rack will add to the 130 million four-year revamp of Waverley station, which got under way last year.

Mr Masood said: "I think the revamp of Waverley station is a good thing, but my only concern is that the steps are going to be closed at some point in the future for some levels of work and it is going to be hard work to get the customers back in."

There are already Paper Rack stores on George IV Bridge, Cockburn Street and Liberton Brae.

Mr Masood said: "I'm looking forward to it opening. It's great to be back in town."