Contractor forms joint venture with developer Tiger on mixed-use Haymarket project
Interserve has formed a joint venture with Tiger Developments to invest in and construct a 拢200m mixed-use development in the Haymarket area of Edinburgh.
The joint venture company will deliver a scheme incorporating commercial offices, retail units, leisure use, hotel accommodation and underground parking.
Interserve will initially invest 拢10.5m in the project with the follow-on construction works to a value of 拢150m being undertaken by Interserve.
The site has full planning, with tenants signed up including Tesco and serviced apartments provider Staycity. Food chains Prezzo and Pret A Manger are committed to the second phase, while advanced discussions are taking place with other occupiers for a further 70,000 sq ft of retail and office space.
Adrian Ringrose, chief executive officer of Interserve, said: 鈥淓dinburgh鈥檚 Haymarket site remains one of the best city centre developments schemes to be found anywhere in the UK.
鈥淚t will provide a strategic gateway for the city centre, linking seamlessly with one of Scotland鈥檚 busiest railway stations, as well as being adjacent to the city鈥檚 new tram network.
鈥淭he proposals for a mix of leisure, retail and office space, linked by open public spaces, will act as a catalyst to regenerate the commercial heart of the area as well as create jobs.
鈥淥ur involvement and financial commitment to this project underlines Interserve鈥檚 ability in creating value by structuring asset-based funding in combination with the design and delivery of large scale projects.鈥�
Simon Fox, development director at Tiger, said: 鈥淭hroughout the planning process we have worked hard to develop our proposals in-line with the needs of the city and the local community.
鈥淥ur team have devoted a significant amount of time and energy so far in designing a scheme which now represents the best solution for this challenging site.
鈥淪o 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鈥檚 city centre.鈥�
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