Luxury London operator buys Edinburgh serviced apartments
Updated: Jul 24, 2018
By Victoria Masterson
10:19, 20 JUL 2018
Scottish Business Insider magazine www.insider.co.uk
A block of 20 serviced apartments in Edinburgh city centre has been sold in an off-market deal to a London-based luxury operator with serviced apartments in locations including Mayfair and Kensington.
Mansley Group has acquired the Fountain Court Apartments site on Thistle Street for an undisclosed sum. The address is part of an area known as Edinburgh's 'golden rectangle' - the city's historic commercial area, bounded by Charlotte Square, St Andrew Square, Princes Street and Queen Street.
Property agency Galbraith acted for Mansley, which has serviced apartments in Mayfair, Kensington, Cheltenham, Edinburgh and Inverness.READ MORE
“We acquired two serviced apartment assets in Scotland during 2015, in Inverness and in Edinburgh’s Old Town," explained Mansley Group commercial director Colin Stone. "This is our third acquisition, we have been looking for the right opportunity for some time and this fits the bill in terms of location, quality and character of property."
Mansley's existing properties include The Knight Residence by Mansley, on Lauriston Street in Edinburgh, a development of one, two and three bedroom five star serviced apartments.
The company's Highland Apartments overlooking the River Ness in Inverness is a development of 19 luxury one and two-bed apartments.
Kerr Young of the hotel & hospitality group at property consultancy JLL acted for the seller. He said: "The serviced apartment sector is an ever establishing asset class with both customers and investors and Edinburgh continues to prove a popular target location for both."
Under the brand Serviced Apartments Worldwide, based in Singapore, Mansley Group also acts as an aggregator to the wholesale travel industry, using technology to deliver up-to-date pricing and availability for more than 500 serviced apartment blocks worldwide with particular emphasis on Europe, Asia and the USA.
Will Sandwell of Galbraith said: “This acquisition is a good example of the diverse off market deals we are involved with, our client reach throughout the UK and our expertise across a variety of commercial property sectors. We are delighted the client has been able to secure this prime asset for their operational business”.