Glencairn Properties turnover reaches £10m after transforming derelict Edinburgh buildings
Edinburgh developer Glencairn Properties is set to double its profit in the next three years despite the ongoing social and economic challenges posed by COVID-19.
Since March 2020, Glencairn Properties has had three planning permissions approved and are awaiting the application results for one more.
With a £10 million turnover last year, the firm is on the cusp of exponential growth, with projects in the pipeline for Ashley Place and Salamander Street, 65 and 110 units apiece.
This growth will increase Glencairn’s employment power by 50%, creating new job opportunities in the sector.
The announcement follows the ongoing transformation of 200 Great Junction Street. The development of the former State Cinema in Leith into 37 stylish, design-led apartments which celebrate original art deco details with a minimal modern edge.
The grade B, listed building has been on the risk register for over 12 years and has been left derelict and rotting from the inside for the majority.
Daryl Teague, managing director of Glencairn Properties, said: “I’d say 95% of developers wouldn’t take on a site like this.
“However, looking for unique, interesting sites that can be reborn and appreciated in a new light means success for Glencairn doesn’t ride solely on the bottom line. An upcoming development on Montrose Terrace is a prime example, seeing an old, disused petrol station reimagined into slick spaces for living.”
Mr Teague added: “I live and work in Edinburgh. In 50 years I want to drive past the buildings we’ve developed and be proud, so cutting corners to better the profit margin isn’t an option.”