March 25 2014

Chris Stewart Group, developer behind the £46m regeneration of Advocate’s Close, has announced that investment firm Proprium has struck a deal to purchase an A-listed Georgian terrace at Baxter’s Place, Edinburgh.

The deal clears the way for work to begin on a 240-bed 3D Reid designed hotel for the site, which will include demolition of a 1970s extension to make way for a 60,000sq/ft new build extension.

Chris Stewart, founder and chief executive of CSG, said: “The partnership with Proprium is a major breakthrough for our company. We have operated mainly in Scotland to date, focusing on giving heritage buildings a viable and dynamic future. The investment from Proprium and the working partnership that it brings now means we have significant fire power to transact more effectively on larger scale projects and address a broader market." 

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