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Archibald Marckay Group has acquired the Grade B-listed townhouse at 3 John’s Place in Leith, Scotland, for £975k with plans to turn the former offices into an aparthotel comprising 16 studio apartments.
The news comes as the Edinburgh-based property investment group has secured a £530k funding deal from Reward Finance Group to both acquire the building for hotel redevelopment and also complete the major refurbishment to turn it into a boutique hotel.
The group has also utilised the facility provided by the alternative finance lender to drive the growth of its hospitality division, purchase the four-storey townhouse at 3 John’s Place, and complete the transformation of its newly-opened city centre hotel, Eleven Stafford Street.
The 3 John’s Place scheme is the third acquired by Archibald Marckay Group.
Caroline Claydon, director of Archibald Marckay Group, said: “Developing properties in the hospitality sector is a big area of focus for us and so being able to purchase 3 John’s Place and complete the redevelopment of Eleven Stafford Street is a significant step forward towards achieving our ambitious growth plans.
“After finding it extremely difficult to access finance via several high street banks, we were relieved to speak with Brian and the team at Reward who worked with us closely to understand our business needs and provide a flexible working facility.”
Brian Machray, business development director for Reward Finance Group in Scotland, added: “We’ve played a key role in funding several major residential and commercial property purchases and development projects across Scotland, so funding this latest acquisition and refurbishment scheme by Archibald Marckay Group is the perfect fit for us as a lender.
“We’re finding many investors and SMEs in the commercial and residential property space are unfortunately being held back and struggling to complete purchases or build projects in the current economic climate because they can’t access finance through high street banks. We’re able to successfully fill this void and deliver agile funding solutions that are needed by so many property businesses to unlock growth opportunities.”
has acquired the Grade B-listed townhouse at 3 John’s Place in Leith, Scotland, for £975k with plans to turn the former offices into an aparthotel comprising 16 studio apartments.
The news comes as the Edinburgh-based property investment group has secured a £530k funding deal from Reward Finance Group to both acquire the building for hotel redevelopment and also complete the major refurbishment to turn it into a boutique hotel.
The group has also utilised the facility provided by the alternative finance lender to drive the growth of its hospitality division, purchase the four-storey townhouse at 3 John’s Place, and complete the transformation of its newly-opened city centre hotel, Eleven Stafford Street.
The 3 John’s Place scheme is the third acquired by Archibald Marckay Group.
Caroline Claydon, director of Archibald Marckay Group, said: “Developing properties in the hospitality sector is a big area of focus for us and so being able to purchase 3 John’s Place and complete the redevelopment of Eleven Stafford Street is a significant step forward towards achieving our ambitious growth plans.
“After finding it extremely difficult to access finance via several high street banks, we were relieved to speak with Brian and the team at Reward who worked with us closely to understand our business needs and provide a flexible working facility.”
Brian Machray, business development director for Reward Finance Group in Scotland, added: “We’ve played a key role in funding several major residential and commercial property purchases and development projects across Scotland, so funding this latest acquisition and refurbishment scheme by Archibald Marckay Group is the perfect fit for us as a lender.
“We’re finding many investors and SMEs in the commercial and residential property space are unfortunately being held back and struggling to complete purchases or build projects in the current economic climate because they can’t access finance through high street banks. We’re able to successfully fill this void and deliver agile funding solutions that are needed by so many property businesses to unlock growth opportunities.”
