A property developer with significant investments in Edinburgh made a record pre-tax profit of £12.4 million last year.
York-based S Harrison is converting the Grade A listed Buchan House in St Andrew Square into a 72-bedroom Malmaison hotel with Chez Mal Bar and Brasserie in a project due to complete in November.
The company has submitted planning applications for two student accommodation schemes on Gorgie Road next to the Water of Leith, and on the corner of Westfield Road and Westfield Avenue, close to Murrayfield Stadium. S Harrison acquired both sites last year.
It is also looking into a 0.6 hectare site on Ocean Drive in Leith, and the transformation of a 1970s office building in the West Coates area, into a new hotel development.
The gross development value of the five current schemes would be about £150 million and the company is exploring more opportunities across the central belt.
In the year to 31 December 2018, S Harrison delivered profits before tax of £12.4 million, more than double the previous year, on a turnover of £47.07 million , ending the year with net assets worth £55.9 million.
The Edinburgh developments for part of Harrison's plan to focus on the "most vibrant" markets.
Chairman Martyn Harrison said : “2019 and beyond will see us retain our focus on identifying off-market opportunities. Our independence, cash reserves and sound financial standing allow us to move quickly and decisively, often bringing to fruition schemes where others have seen no potential, or where others have tried and stalled.
“With that flexibility, and the breadth of our market experience developed over 66 years, we focus on markets that are most vibrant.
"We apply our stringent cost-control disciplines and our realistic expectations to ensure that we bring forward and develop schemes which are deliverable and profitable for all involved. It is that combination, I believe, of financial stringency, market understanding and development insight that makes us so attractive as a partner to the blue-chip companies with whom increasingly we work.”
