October 4, 2016
IME markets magnificent Jericho House
Edinburgh’s fastest growing independent commercial property agency, IME Property, has been appointed to market the ground and basement of Jericho House - a category 'B' listed building in the city's Old Town.
Occupying a prime position on the corner of Lothian Street and Bristo Square the historic Jericho House, a category ‘B’ listed building, will be recognisable to many.
The whole property spans some 14,500 sq ft with part of the ground floor and the entire basement area comprising approximately 6,500 sq ft. Long leasehold interests are being invited for the premises which would suit a variety of uses, including a potential restaurant.
The building itself has a colourful past. Dating back to 1834 it was originally St Patrick’s Roman Catholic Chapel and was re-built in 1937 with the upper floors converted into a hostel for vulnerable adults in 1988 by the Jericho Benedictine Society. The hostel only closed last October but the upper floors of the building are set to be retained in that use by the new owner.
IME Property managing director, Iain Mercer, believes interest in Edinburgh’s ‘heritage’ sectors is at an all time high following the recent BBC2 documentary exploring the history of the New Town: “While most people know it’s a UNESCO World Heritage site, many would be unaware as to how and why the building of the New Town came about in the 1760s.
“Jericho House sits on the fringe of the Old Town which due to its unprecedented growth triggered the New Town's development. With its rich history and prime location Jericho House is already attracting widespread attention."
And while there has been a lot of post-Brexit chat about the impact of the EU Referendum vote on the commercial property sector, Mercer points to what he believes is a ‘buoyant local market’.
IME has recently been instrumental in re-locating the well-known advertising and design business, The Covey Agency, from Meadowbank Avenue in Edinburgh to new premises in Portobello.
“I’ve worked with Vic Covey a number of times over the years and he approached me about finding the Agency a new HQ.
“They’re now at The Stables on Baileyfield Road and have agreed a 5-year lease on a property which is the perfect fit for Vic and his team of creatives!”
IME has also concluded a 5-year lease on behalf of a landlord at 28 William Street, while The Bike Smith has taken a 10-year lease at 412 Morningside Road.
“There was a lot of nervous chatter in the sector in the wake of the Brexit vote back in June, but so far we haven’t witnessed a negative impact – if anything we are enjoying a buoyant local market,” concluded Mr Mercer.