Develop North PLC (Develop North), the investment fund managed by Newcastle-based Tier One Capital (Tier One), has provided £1.2 million in development funding to support the conversion of a Georgian townhouse in Edinburgh into a new, high-end hotel.
The investment fund, which is listed on the London Stock Exchange, provides flexible finance solutions to credible professionals and businesses across North of England and Scotland.
Since its inception in 2017, the London Stock Exchange-listed investment company has deployed more than £80.0 million in capital to support 39 projects, creating over 12,000 jobs and helping deliver a gross development value in excess of £275 million.
The latest project sees 3 John’s Place, a former early 19th-century property in Leith, transformed into a 16-bedroom boutique hotel operated by Archibald Hotel Collection Ltd, a growing family-run hospitality business with a portfolio that includes an existing hotel in Edinburgh and two in the North of England.
Caroline Claydon, Director at Archibald Hotel Collection, said: “We’re proud to be contributing to the continued regeneration of Leith with a contemporary hotel that respects the area’s heritage while introducing a modern, tech-enabled guest experience. The support from Develop North is enabling us to complete this project with confidence and flexibility, and we’re delighted to have welcomed our first guests.”
Brendan O’Grady, Fund Manager at Tier One, added: “We are committed to supporting professional businesses with ambitions to deliver high-quality, sustainable development projects, and this scheme in Edinburgh is a great example that benefits the local economy and enhances the visitor experience.
“Our investment reflects the strength of the Archibald Hotel Collection team and the potential of this location, and we look forward to seeing the hotel being enjoyed by its guest over the next eighteen months.”