RBS’s real estate asset management arm and partner Ediston Real Estate have concluded contracts for the development and disposal of two sites in Edinburgh.
The Chester Avenue site will be developed at a cost of £38m and create 114 residential units and 58,500 sq ft of retail space. It will be called Edinburgh West Retail Park.
The BP Pension Fund will forward-fund the development of the retail project and then acquire the site upon completion.
Within the retail space, three units have been prelet to Marks & Spencer, Home Bargains and Aldi, while Costa Coffee has leased a kiosk on the site. Overall, the site will have five retail units and three kiosks.
The adjoining residential site will be social housing led and has been sold to Chesser Developments.
The funding comes from Scottish Futures Trust and will help develop 80 affordable housing units and 34 private residential properties.
James Rowney, head of real estate asset management (GB) at RBS, said: “These agreements mark a successful conclusion to RBS’s involvement in this project and effectively allow us to bring this prominently situated brownfield site in Edinburgh back to life.
“We are particularly pleased that, working with our partner Ediston, we have been able to bring 114 much-needed new homes to the area, 70% which are affordable units for rent, and that these will sit alongside a largely prelet retail park, which will deliver employment opportunities to the local community.”
