Construction starts on 350m Haymarket mixed-use development in Scottish capital – Scottish Business News

M&G Real Estate and its appointed property developer Qmile Group have announced construction work has started at the 350m Haymarket Edinburgh mixed-use development in the Scottish capital.

Designedby globally renowned architect Foster + Partners, Haymarket will deliver morethan 380,000 sq ft of much-needed Grade A office space along with hotelaccommodation totalling 365 bedrooms and provision for 40,000 sq ft of retailspace.

Thefour-acre site will comprise five buildings, three of which will be offices andthe other two hotels. It is estimated that the office space alone will accommodateup to 4,500 workers.

Inaddition, at the heart of the development will be Haymarket Square, a vibrantnew landscaped public space for the city centre which has been designed tooffer leisure and retail opportunities as well as a social and events space.

M&GReal Estate acquired the four-acre site in 2018 for 49.1m. Following atendering process, the main contractor for Haymarket Edinburghs first phase isSir Robert McAlpine. The contractor is currently on-site delivering HaymarketEdinburghs first building, 1 Haymarket Square, which will provide 110,000 sqft of Grade A office accommodation and has a gross development value of 80m.

Up to500 live direct and indirect construction jobs will be supported on thedevelopment during Haymarket Edinburghs three-year build programme.

Qmile Group has previously worked withM&G Real Estate, Foster + Partners and Sir Robert McAlpine, to deliver the750m mixed-use Quartermile development, also in Edinburgh city centre.

Commentingon the work starting on site, Qmile Group chief executive, Paul Curran, said:Our objective is to make Haymarket Edinburgh a world-class place for business,leisure and hospitality. Our work at Quartermile clearly demonstrated how wecan deliver complex, high-profile projects, so we are very pleased to reunitethe same team on Haymarket Edinburgh.

Thedevelopment has been designed to deliver sustainable commercial and societalbenefits for the city. We will purposefully create a platform for furthereconomic growth within the capital at Haymarket Edinburgh and provide thecitys residents and visitors with inclusive new public space.

Withwork now started on site, the vision for Haymarket Edinburgh is well on its wayto becoming a reality. There has already been significant interest from a rangeof occupiers and we only expect this to increase now we have begun the buildprogramme with the first building, 1 Haymarket Square, scheduled for deliveryduring the second quarter of 2022.

M&GReal Estates director of asset management, Aaron Pope, said: Committing tofund the delivery of this prime mixed-use development in Edinburgh city centrewas a natural choice and perfectly aligned with our investment approach providing industry leading, high quality and sustainable business space thatintegrates seamlessly with the area and provides the kind of environment andfacilities to meet modern occupier needs.

Withwork on 1 Haymarket Square progressing at pace, we are excited to maintain themomentum with commencement of works on the wider development. It will set a newtone for Edinburghs office accommodation and deliver a new attractive quarterfor the city and all who live and work there.

Savillsand JLL have been appointed as office agents and EYCO and Culverwell have beenappointed as retail agents.

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Construction starts on 350m Haymarket mixed-use development in Scottish capital - Scottish Business News