Interserve and Tiger Developments are selling The Haymarket Edinburgh, the joint venture’s long-awaited £200m mixed-use development project.
JLL and Dougray Smith have been instructed to market the opportunity, which is the largest regeneration project to become available in Edinburgh for more than a decade.
The three-acre site has planning permission for three office blocks comprising 370,000 sq ft, 50,000 sq ft of retail and leisure space, a 190-bedroom hotel and a 170-bed apart-hotel.
The extensive groundworks programme was completed in 2016 and a planning application is to be lodged with City of Edinburgh Council this week.
This is a refinement of what has been proposed to date, with minor amendments to the consented application that was approved in spring 2017. Once granted, it will give the green light to a development that will transform the West of Edinburgh and provide “prime A” office accommodation for up to 3,500 staff.
With grade-A office space at a premium in the capital, the gateway site is widely considered to be the best office development site outside London.
The site sits next to Edinburgh’s Haymarket railway station and tram stop, connecting to Edinburgh Airport.
Chris Dougray of Dougray Smith said: “With groundwork complete, the next and most exciting phase of the development is ready to commence. The opportunities for investors to capitalise on this significant project are immense, with many of the development risks having been mitigated.”
Cameron Stott of JLL added: “The supply of office space in the capital remains extremely tight and The Haymarket is unquestionably the best-connected location in the heart of the West End, with unparalleled transport connections. There has been clear occupier interest and we fully expect demand from investors to be strong.”
Dougie Sutherland, executive director at Interserve, said: “Following a strategic review of the project, Interserve has decided to explore options to realise its investment in The Haymarket, having completed an extensive groundworks programme on the project and submitted a revised planning application to the City of Edinburgh Council. The project is now at a natural point where we feel it is right to consider our options around the release capital from this development.”
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