A major new hospitality brand Is entering Edinburgh after buying a building in the Old Town.

Whitebridge Ventures are bringing the Kabannas brand offering to Edinburgh after buying Hayweight House at 23 Lauriston Street in Edinburgh from charity SAMH (Scottish Action for Mental Health).

The sale was conducted by Graham + Sibbald.

The property agent said: “Hayweight House came to the market as a rare opportunity to purchase a prime city centre building within the vibrant Old Town area of Edinburgh. The building is prime for redevelopment with the potential to extend the existing building footprint, which made it suitable for a variety of uses.

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"The location, along with the opportunity for redevelopment, interested a range of buyers, with the open marketing producing a good level of competitive bidding to a closing date.”

Graham + Sibbald added: “The successful purchaser is Whitebridge Ventures, who are bringing the new Kabannas brand offering to Edinburgh. Kabannas currently has accommodation in London, Liverpool and Newcastle, making this purchase their first in Scotland. The brand offers affordable accommodation in the heart of the city centre, offering private rooms, family rooms and shared rooms of up to 14 people.”

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Peter Fleming, director at Graham + Sibbald, said: “It is great to see Hayweight House sold to Kabannas. Entering a new location and bringing something new to Edinburgh’s market, we look forward to seeing the redevelopment of the building into a hotel and wish them the best.”

Alistair Letham, a hotel and leisure consultant with Graham + Sibbald, said: “Edinburgh is a strategic hub for leisure and commercial activity, and the leading UK hotel market after London, making Hayweight House a clear opportunity to be redeveloped into a hotel.

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“Kabannas will be a wonderful new offering in Edinburgh where there is an ever-increasing demand, year-round, for good-quality, and stylish, affordable budget-style accommodation. Kabannas will add another string to the bow of what Edinburgh can offer.”