Interserve has teamed up with Tiger Developments to bring forward the £200m development of Haymarket in Edinburgh.
The construction company will initially invest £10.5m in the scheme, which comprises around 400,000 sq ft of offices, 40,000 sq ft of shops and restaurants and a hotel.
The construction contract is valued at £150m.
The site already has full planning consent, with tenants, including Tesco and serviced apartments provider Staycity, already signed up for the initial development phase.
Italian restaurant chain Prezzo and sandwich shop Pret A Manger are committed to the second phase, while advanced discussions with other occupiers for a further 70,000 sq ft of retail and office space are underway.
Interserve chief executive Adrian Ringrose said: “Edinburgh’s Haymarket site remains one of the best city centre development schemes to be found anywhere in the UK. It will provide a strategic gateway for the city centre, linking seamlessly with one of Scotland’s busiest railway stations as well as being adjacent to the city’s new tram network.
Simon Fox, Tiger’s development director, added: “So far we have received significant commercial interest in the site from a wide range of UK operators, on top of the existing tenants already signed up. We are now looking forward to working closely with our development partners Interserve to finally give the Haymarket area the high quality of mixed-use development which it so richly deserves, providing a critical balance to the overall development of Edinburgh’s city centre.”
samantha.mcclary@estatesgazette.com
