Terms of a joint venture partnership that will see a raft of new offices built in central Edinburgh have been agreed between the construction firm Interserve and Tiger Developments, which currently owns the relevant land.
Bosses of both companies are expecting their £200 million mixed-use regeneration effort to provide a significant boost to the Edinburgh economy and particularly to the Haymarket area of the Scottish capital.
As well as an amount of new and high quality office space, plans for the redevelopment effort include the creation of a sizable number of new retail and residential properties. A second phase of the scheme is already being discussed with a further 700,000 sq ft of office and retail space potentially to be added once the first phase of development is complete.
Adrian Ringrose, chief executive of Interserve, said in a statement that Haymarket represents one of the best city centre development locations in the UK. Several thousand new jobs are expected to result from the investment and the project over the course of the next few years.
Simon Fox, Tiger’s development director, said that the two joint venture partners are confident of delivering what Haymarket and central Edinburgh needs.
“Throughout the planning process we have worked hard to develop our proposals in-line with the needs of the city and the local community” he said.
“We are now looking forward to working closely with our development partners Interserve to finally give the Haymarket area the high quality of mixed-use development which it so richly deserves, providing a critical balance to the overall development of Edinburgh’s city centre.”
In other Scottish office space news, Miller Developments recently announced that it is planning to initiate the building of a £400 million business part close to Aberdeen Airport as part of a scheme expected to create as many as 8,000 new jobs.
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