Safestay buys former hostel in Edinburgh for £4.3m

Wednesday, October 18, 2023

Safestay (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, is pleased to announce that it has agreed to acquire a property of condominium value in downtown Edinburgh that

was previously used as a hostel for £4.3 million in cash.

These three first floors (each with their own balcony), spread over six floors and boasting a total of 30.000 m ², are used previously for accommodation, while the top three floors are rented to tenants until 2038,

enabling £133.000 in rent each year to be achieved.

Safestay said its cash contribution for the Cowgate property would be covered by available cash.

When finished, the Hostel will provide 225 beds in a number of room combinations, which typically range from 2 to 8 beds, some of which may have their own bathroom.