PARABOLA has agreed a deal with S1 Developments to create housing for sale at Edinburgh Park.
Edinburgh-based S1 Developments, which was recently crowned housebuilder of the year at the Scottish Home Awards 2023, will develop residential homes for sale at Edinburgh Park as part of owners Parabola’s masterplan to create a new urban quarter at the site.
Parabola said that the announcement is a ‘vital’ component of the realisation of the masterplan for the 42-acre site in the west of the city. Edinburgh Park benefits from two tram stops and a train station, as well as bar/café, sports, leisure, and office facilities.
AEG Europe, owners of The O2, also recently announced its plans for an 8,500-capacity arena in the heart of Edinburgh Park. The first commercial building, 1 New Park Square (1NPS), completed in 2022, won two national awards last year. Parabola has confirmed first tenants for 1NPS in the past year.
Commenting on the deal with S1 developments, Peter Millican OBE, owner and chairman of Parabola, said, “Parabola is delighted to announce that S1 Developments will be building and marketing the apartments for sale at Edinburgh Park. We have been struck by S1 Developments bespoke approach, exceptional knowledge of the Edinburgh market and real attention to quality which has been recognised by their unparalleled recognition through so many national awards.
“The start of the residential element of Edinburgh’s newest quarter is a significant milestone in the delivery of Parabola’s vision. We are so pleased that S1 Developments share our passion and commitment to realising an exceptional community.”
Dan Teague of S1 Developments added, “S1 Developments has a reputation for successful new build and conversion projects in Edinburgh’s most exclusive and challenging locations. We are looking forward to delivering another exceptional scheme at Edinburgh Park which will feature the hallmarks of S1 Developments approach. We are hugely excited to be a part of such a visionary masterplan and to add to the momentum of the exciting announcements coming out of Edinburgh Park. Parabola have had the vision to masterplan a new quarter where the focus is on design and quality the likes of which is so often lacking in new build offerings in our city.”
Tony Hordon, MD of Parabola, commented, “With the support of our advisors Savills and Justin Lamb Associates, we embarked on a considerable exercise last year to identify a partner to help deliver the residential piece of our masterplan. Through this exercise we had a number of expressions of interest, however it was clear, S1 were just perfectly aligned to our group, our passions and ambition for EP. It was just comforting and energising to deal with the S1 group, who we have no doubt, will deliver something quite special, as their track record supports.”
Ben Brough, Savills head of Scotland development, said, “It is exciting to witness Parabola’s vision for a new urban quarter come to life, with the announcement that cutting edge residential homes will be delivered by S1 Developments. With its emphasis on blending business with art, culture, community and wellness in a sustainable living environment, Edinburgh Park will further the capital’s global reputation for exceptional quality of life. We are excited to be part of a truly spectacular project and anticipate high levels of interest from homebuyers when these properties come to market.”
