M&G Real Estate has appointed Edinburgh-based developer Qmile Group to build its mixed-use Haymarket scheme in the city, with the duo devising new proposals for the project.
The site, acquired by M&G last year for £49.1m, has a gross development value of £300m.
Planning permission has already been secured for three grade-A office buildings totalling 350,000 sq ft, a 190-room hotel and a 172-room aparthotel, and provision for 40,000 sq ft of retail and leisure space.
However, M&G has recently submitted a fresh proposal of application notice consisting of “hotels, offices, retail, leisure, public houses, restaurants, car parking and associated works”.
Qmile Group chief executive Paul Curran said: “It is essential that it is successfully delivered to help underpin the city’s continued success as both a global financial hub and an internationally recognised tech centre of excellence.
“The supply of grade-A office accommodation in Edinburgh is at its lowest for more than 10 years. With Quartermile now fully let there is a significant amount of pent up demand from occupiers and we are looking forward to providing more world-class office accommodation for them in city.”
Qmile Group launched in May last year following a management buyout by Curran and finance director Mike Milligan.
The MBO involved the company acquiring the Quartermile Group of companies from London-based fund manager Moorfield Group and funds managed by Baupost Group, a Massachusetts-headquartered investment adviser.
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