Interserve’s joint venture with Tiger Developments has sold its Haymarket site in Edinburgh to M&G Real Estate for £49.1m

The three-acre site has planning permission for a mixed-use scheme including three office buildings totalling 370,000 sq ft, retail space, a 190 bedroom hotel and a 170 unit apart-hotel.

The gross development value of the site is £280m.

Dougie Sutherland, executive director at Interserve, said: “The sale follows a strategic review of the project and is part of our overall transformation plan, allowing us to realise our investment at a time that is right for both the development and the market.”

The acquisition extends M&G Real Estate’s office development portfolio in Scotland and follows deals to fund the construction of Quartermile 3 and Quartermile 4 Edinburgh, in addition to plans to provide a £100m workplace at The Grid in Glasgow.

Chris Perkins, Head of Business Space, M&G Real Estate, said: “With the current supply/demand dynamics, bringing 350,000 sq ft to the market will reinforce the Exchange District as a prime hub for business in Europe.

“Whilst Edinburgh remains an attraction for heritage tourism, its rejuvenation as a business and leisure location over the past few years rightly places it amongst Europe’s leading cities.”

 

Source: Construction Enquirer

Scotland Build is Scotland’s largest construction show dedicated entirely to residential, commercial and infrastructure projects and opportunities in Scotland. The show is taking place at the SEC Centre on March 20th & 21st.

Scotland Build is FREE to attend and features 150+ speakers, 200+ exhibitors, 5 dedicated conference theatres, thousands of attendees, CPD-accredited training workshops and entertainment.