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Gyle: next phase to include shops and leisure

The owner of the undeveloped tract of land at the Gyle business district in Edinburgh wants it to include more shopping and leisure amenities.

Daily Business has learned that Parabola, which bought the 48-acre site at the end of last year, wants restaurants and shops to form part of an office development that will occupy the site adjacent to Edinburgh Park rail station.

Oliver Millican, managing director of Parabola Capital, declined to comment but sources in the property sector say the Gyle’s growing population workers want more facilities in the area. It is also likely to include a multi-storey car park.

The next phase, including a 60,000 sq ft building, was sold for 50% above its £10m valuation, indicating a strong demand for occupancy in the development which skirts the by-pass.

The site had belonged to New Edinburgh Limited (NEL), set up in 1990 to build the park as a joint venture with the Miller Group and CEC Holdings Ltd, a subsidiary of the city council. It was responsible for the construction of 1.3msq ft of office space but NEL collapsed owing the Lloyds Banking Group about £19m in loans.

The arrival of the tram has been a factor in increasing interest in the Gyle and therefore lifting land and property values. Pensions and benefits firm JLT Employee Benefits and Sainsbury’s Bank have recently taken space. West Edinburgh Business Park is the first speculative industrial development of its kind in Edinburgh since 2008.

 



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