A prime Edinburgh address is being converted into luxury apartments after the building was sold for £3.1 million.
The listed Georgian terrace at 40-42 Melville Street was formerly a commercial property but is being marketed as 11 homes. Dragon Developments Edinburgh Limited, led by Barry Scott, is the new owner of the development.
The £3.1 million is the highest value property transaction to be completed by Watermans Legal and comes during a year described by the firm as the busiest ever for its commercial property operation.
Several of the units in the new development, which is close to the west end of Princes Street and the offices of many of Edinburgh’s legal, financial and other professional firms, have already been sold by estate agent Rettie.
Watermans Legal solicitor Shawn Wood, who concluded the purchase, said: “Watermans Legal have been pleased to act in this significant transaction which is both a milestone for the firm and represents an exciting investment in high-quality residential space in the heart of Edinburgh.
“This deal highlights the strength and resilience of investor interest in Edinburgh’s commercial and residential property market. The market is buoyant, despite Brexit and other external factors.”
