A three-acre site in Edinburgh has been sold for £49.1 million, its developer has announced.
Edinburgh Haymarket Developments Ltd (EHDL), a joint venture between Tiger Developments and Interserve, has confirmed the sale of tHe Haymarket Edinburgh to M&G Real Estate.
The three-acre mixed-use site has planning permission for three contemporary office buildings, retail space, a 190-bedroom hotel and a 170-unit apart-hotel.
Dougie Sutherland, executive director at Interserve, commented, “We are delighted to have agreed the sale of the Haymarket site to M&G. 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.”
Chris Perkins, head of business space, M&G Real Estate, added, “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.
“As a provider of investment solutions across geographies, sectors and product types, this investment reinforces our strategy of acquiring assets with potential for sustained income, strong capital appreciation located in targeted growth zones.”