Funding deal kick-starts £850 million Edinburgh scheme

An artist's impression of the St James Quarter development. Photo: City of Edinburgh Council
An artist's impression of the St James Quarter development. Photo: City of Edinburgh Council

Innovative funding has unlocked an £850 million commercial redevelopment in Edinburgh that will create hundreds of construction jobs when work starts on site next year, as well as permanent employment for 2,300 people.

 

Key to kick-starting the St James Quarter development is £61 million of funding for improving local infrastructure and public space in the area in the centre of Edinburgh, adjacent to Waverley Station and under the shadow of the City’s famous castle.

 

The City of Edinburgh Council, the Scottish Government and developer TIAA Henderson Real Estate agreed a deal that facilitates this investment through a new funding model called the Regeneration Accelerator Model (RAM). RAM allows private and public funding to combine to provide infrastructure improvements and public spaces which is then offset by business rates and overall gains to the economy from the project – the St James Quarter scheme is estimated to have potential to add £25 million a year to the Scottish economy.

 

This unlocks other funding for the 450,000 sq ft development which has outline planning permission for retail space, a five star hotel, a four star hotel, an apart-hotel, restaurants and apartments. The planning permission includes creation of construction, retail and hospitality skill academies to support employment of local people.

 

Building Design Partnership and Alan Murray Associates have been involved in the design of the development which is said to have sustainability at its heart, with a combined cooling, heat and power centre, electric car charging points, facilities for cyclists, photovoltaic panels, solar tubes and a City car club.

 

Martin Perry, Director of Development, TH Real Estate, said: “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.”

Please rate

Comments 

Ctrl + Enter

Most Read

What To Look Forward to in the 4th Year of AMP6 and Beyond

What To Look Forward to in the 4th Year of AMP6 and Beyond

As we move into the 4th year of the 5-year cycle of AMP6, and with AMP7 on the horizon in 2020, the UK will continue to see a shift in focus to increasing efficiency and decreasing total expenditure for companies. In recent AMP periods, the focus lied in increasing value for customers (i.e.

Congratulations to Barhale on Their Recent Award

Congratulations to Barhale on Their Recent Award

At Anglo Technical Recruitment, we pride ourselves on aligning with best and the brightest individuals and organisations. We are honoured to work with Barhale, recent recipient of the New Civil Engineer 2017 ‘Specialist Tunnelling Project of the Year’ for the Elan Valley Aqueduct (EVA)

What Does Carillion’s Collapse Mean?

What Does Carillion’s Collapse Mean?

The ever burgeoning construction job market took a major hit with the announcement of the construction giant Carillion’s liquidation. Carillion, the second largest construction firm in the UK, also provides public services, facilities management, and maintenance through contracts with small

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.