Dynamic property development company, Stone Acre, has sealed deals for two prime property projects, which it has carefully revitalised – Blackfriars Lofts and Distillers House – in Scotland’s capital city.
Set in a former church dating back to 1871, Blackfriars Lofts offered an ideal opportunity for conversion into residential apartments. Located just off the Royal Mile, the B-listed property had bags of character and charm, which Stone Acre harnessed to create 10 innovative spaces for premium serviced accommodation, as well as a 1,000 sq ft restaurant shell on the ground floor, which is ready for operator fit out.
Working alongside Morgan McDonnell Architects and Pendant Interiors, the team created quirky apartments maximising the use of the floor to ceiling heights and featuring exposed original stonework and timber trusses, mixed with a refined industrial interior concept. The renovation took inspiration from the look and feel of New York loft living, successfully transforming the space into stylish, contemporary, yet practical accommodation.
The 7,500 square foot development has recently been sold to a Scottish-based serviced apartment operator and investor for a yield of circa 6%.
In the West End of the city, Stone Acre has also recently completed on another B-listed property, Distiller’s House – the former headquarters of The Distiller’s Company. The team saw the potential the building had to offer and transformed a tired serviced office space into 12 high-end serviced apartments over three floors totalling approximately 8,000 square foot.
Working closely with the same team of interior designers and architects, Stone Acre utilised the existing period features, including preserving the original cornicing, timber panelling and ornate fittings, whilst incorporating the latest in modern design.
Distillers House was sold to an investor in the Middle East, who entered the Scottish market for the first time through Knight Frank, to secure a 6% yield on the investment.
Stone Acre is a forward-thinking, dynamic property development company creating spaces that stand out from the crowd and achieve maximum impact in the market place.