The Chris Stewart Group has secured £12.3m of funding from Barclays to fund a mixed-use development in Edinburgh.
Barclays will refinance the recently competed Old Town Chambers at Advocate’s Close, a serviced apartment complex just off the Royal Mile.
It will also finance a Scottish portfolio of restaurants and offices owned by the group.
Advocate’s Close, which includes what is said to be Edinburgh’s oldest townhouse, consists of 29 luxury serviced apartments with a further 22 due to be completed over the next year as well as restaurant space and office accommodation across a number of different buildings.
More than half the office space has been let and Italian restaurant chain Zizzi and Devil’s Advocate, in conjunction with bar Bon Vivant, are also operating out of the development.
The serviced apartments opened in July.
The deal was managed and funded out of Barclays Edinburgh Corporate Banking Office. Barclays Scotland managing director Ally Scott said: “We have an appetite for lending into the hospitality and leisure sector and focus on backing strong management teams.
“Chris Stewart Group has ambitions to further extend its reach in this space which Barclays is keen to support with additional financing going forward.”
Chief executive Chris Stewart added: “We are ambitious to take the company forward and have received strong support from Barclays. The development at Advocate’s Close has already made a very positive impact, attracting jobs, commerce and visitors to Edinburgh’s historic closes and we want the momentum to continue. Barclays brings a dynamic team and a fresh approach in what remains a tight funding market.”
jack.sidders@estatesgazette.com
