Listed Irish property developer Blackrock International has formed a 50:50 joint venture with Applecross Properties to develop an £80m scheme in
The joint venture has entered into an unconditional contract to purchase the former Edinburgh Fruit Market and a number of neighbouring properties on almost nine acres at
The Edinburgh Fruit Market premises were vacated in February following the relocation of Total Produce to its new depot at Sighthill.
Neighbouring properties had been acquired separately over several years.
The development site is one of the last major residential development opportunities within the area.
Outline planning consent has already been obtained for more than 400 flats on the site, and a detailed planning application will be submitted shortly with construction expected to start in early 2008.
Applecross, the Scottish developer, will manage the project.
The deal realises an initial profit of £1.5m for Blackrock. It will release equity of £15.7m leaving a net investment in the joint venture of £2.8m
Blackrock and Applecross have already established a joint venture to acquire BBC Scotland’s 5.3-acre former broadcasting premises in
A mixed residential, hotel and leisure development, it is expected to have a gross development value of more than £60m.
Blackrock chairman Carl McCann said: “We are pleased to have concluded this new joint venture with Applecross, the leading developer of high-end apartments in
“The residential market in
“Market commentators anticipate significant growth in the current year. We expect this project to generate attractive returns on our investment over the next three to four years.”
