UK: Scottish developer Chris Stewart Group is set to bring its Lateral City brand to major markets across the UK.
The company currently has two serviced apartment developments in
Edinburgh, Merchiston Residence and the five-star Old Town Chambers, which is being officially
launched this week.
Julie Grieve, chief executive of Old Town Chambers, said: "We are targeting locations both in Scotland and south of the Border. Aberdeen, Glasgow, Manchester and London are obviously of interest. We are in negotiations on several buildings and some will come about sooner than others. From an operational perspective it makes sense to expand first in Scotland before we go down south."
"Because the business is owned by a property developer, we can look at buildings from a change-of-use perspective, or where they perhaps need some pretty big alterations done. The product wouldn't always be five star but instead tailored to the local market. It is crucial to make sure that the development matches the surroundings," she added.
Old Town Chambers forms part of a £46 million redevelopment of three medieval closes off the Edinburgh's Royal Mile, and consist of 37 apartments. "We expect to get high-end leisure visitors but are also building up the corporate market. If someone is away for more than one night then an apartment can be more fun than a hotel room," said Grieve.