The Haymarket development in Edinburgh has been sold to a “major” UK institutional fund, kick-starting one of the largest regeneration and most significant projects in the Scottish city in more than a decade.
Edinburgh Haymarket Developments, a joint venture between Tiger Developments and Interserve, sold the scheme. The buyer has not been disclosed although it is widely believed to be M&G Real Estate.
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. JLL and Dougray Smith were instructed to market the opportunity.
John Nesbitt, managing director of Tiger Developments, confirmed that the joint venture has agreed terms for the sale after a competitive sales process and a separate agreement with Tiger Developments and Interserve.
He added that Tiger Developments and Interserve will now step away from the project following the conclusion of the sale.
Nesbitt said: “The successful and highly competitive sales process is testament to EHDL’s vision to develop a challenging site and the completion of the significant and technically advanced groundworks.
“We are pleased that the development has achieved such a successful sale and we are confident that the outcome is in the best interests of this landmark development for the Scottish capital.
“While we are unable to release details of the successful purchaser at this stage, we wish the new owner every success in its new endeavour.”
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