Funding agreement puts Edinburgh’s St James Quarter back on track
April 29 2014
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.
Back to April 2014
Like us on Facebook
Become a fan and share
Features & Reports
For more information from the industry visit our Features & Reports section.