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Funding agreement puts Edinburgh’s St James Quarter back on track

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April 29 2014

Funding agreement puts Edinburgh’s St James Quarter back on track
A funding agreement between City of Edinburgh Council and the Scottish Government has cleared the way for TIAA Henderson Real Estate (TH Real Estate) to progress plans for an £850m overhaul of Edinburgh’s St James Centre.

This will deliver a £61m package of infrastructure and public realm enhancements to the surrounding area via a ‘Regeneration Accelerator Model’ mechanism designed to offset an initial investment against future higher business rates.

It is hoped the move will break the impasse over ambitious plans to deliver 42,500sq/m of new retail together with office  accommodation, hotels, a theatre, restaurants and 138 homes on the eastern end of Princes Street, which have lain on the back burner since the economy tanked in 2008.

A key aim of the project will be to break up the monolithic mass of the present centre by providing a glazed pedestrian link through the site, with rooftop gardens offering panoramic skyline views.

Martin Perry, director of development, TH Real Estate, commented: “Our aspirations for the St James Quarter have been well known for some time now and to have secured this funding support is a key milestone for this exciting project, demonstrating confidence in Edinburgh as a leading European city.

“We have worked very closely with the City of Edinburgh Council and the Scottish Government to realise this vision and we appreciate their support and assistance. This scale of investment is unprecedented in central Edinburgh and will transform the city’s retail offer, putting it on the international ‘map’ of major shopping destinations. We are now looking forward to delivering other key milestones in order for construction to start.”

The existing St James Centre will continue to trade until 2015, whereupon tenants will be decanted to allow construction to begin on the 15 year Allan Murray Architects penned master plan.
Funding agreement puts Edinburgh’s St James Quarter back on track
Funding agreement puts Edinburgh’s St James Quarter back on track

6 Comments

shabbadoo
#1 Posted by shabbadoo on 29 Apr 2014 at 13:56 PM
'Allan' Murray Architects
dalrylama
#2 Posted by dalrylama on 29 Apr 2014 at 16:57 PM
Bravo! I am excited about this. I only hope I live to see it completed.
brian
#3 Posted by brian on 1 May 2014 at 16:18 PM
It looks very like the fort.Im sure Princess street will be over the moon .
Cadmonkeys
#4 Posted by Cadmonkeys on 6 May 2014 at 23:55 PM
I don't understand. Is the developer directly contributing anything towards the tram here (as planning policy requires for commercial developments). Or is it just City of Edinburgh Council funding it (council tax payer)and it being dressed up as being privately funded?
Chris
#5 Posted by Chris on 29 May 2014 at 21:20 PM
Well doesn't it look stunning but lets hope the SNP are gone before the work starts after they failed miserably with the tram project that cost twice as much for a third of the route. Come Scotland are you about to bite of more than you can chew again. How about letting the English manage this project for you.
cat flap
#6 Posted by cat flap on 25 Sep 2014 at 12:08 PM
@ #5 Chris
Deary me Chris - do your homework

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