EDINBURGH property developer Qmile Group has been appointed by fund manager M&G Real Estate to deliver its Haymarket mixed-use development.
M&G Real Estate acquired the four-acre site, which has a gross development value of £300 million, last year. The site already has planning permission for three office buildings, a 190-room hotel and a 172-room aparthotel, and provision for 40,000 sq ft of retail and leisure space.
Qmile Group and M&G Real Estate previously worked together on the capital’s £750 million Quartermile mixed-use development.
Aaron Pope, M&G Real Estate’s director of asset management said, “Partnering with Qmile Group ensures we are in the optimum position to fully realise Haymarket’s significant potential. We have first-hand experience of Qmile Group’s excellence as a developer. We know the exacting standards they adhere to and understand the management team’s ability to consistently deliver, whether that be achieving construction milestones or securing high profile pre-lettings. This makes Qmile Group the ideal choice to deliver our combined ambitious vision for the site.”
The Haymarket development has been tipped to provide an opportunity to expand Edinburgh’s financial quarter.
Paul Curran, Qmile Group chief executive added, “Haymarket is without doubt Edinburgh’s highest profile development project and provides an exciting opportunity to create a new place in the city centre. It is essential that it is successfully delivered to help underpin the city’s continued success as both a global financial hub and an internationally recognised tech centre of excellence. The supply of Grade A office accommodation in Edinburgh is at its lowest for more than ten years. With Quartermile now fully let there is a significant amount of pent up demand from occupiers and we are looking forward to providing more world-class office accommodation for them within city.
“With the retail, leisure and hotels components of the development, we will be creating a place with vitality and character which will enhance the existing fabric of the city. We understand the importance of placemaking, as demonstrated at Quartermile.”