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Hotel and residences now being marketed

St James will push Edinburgh up retail rankings says developer

St James 4The property firm behind the £850 million redevelopment of the St James Centre in Edinburgh says it will move the city from 13th to 7th in the list of best shopping destinations in Britain.

TIAA Henderson Real Estate has confirmed today that work will begin this year – expected to be September – with completion of the retail units in 2019 and the hotel and residences a year later.

It has begun marketing the hotel and residential opportunities of the scheme which will include 750,000 sq ft of prime retail space including a boutique cinema and more than 30 cafes and restaurants.

TH Real Estate has appointed JLL to market the 210-bed hotel investment opportunity which will be the centre-piece of the scheme. A 3,815 sq m apart hotel also has the potential to provide between 52–70 suites. The design and layout of the hotel is flexible and can be shaped to the right investor.

Rettie & Co is marketing the residential units which comprises three distinctive buildings of up to 250 units. The buyer will have the chance to remix the scheme for the private rented sector, sale or serviced apartments.

Stephen Wicks, director of shopping centres at TH Real Estate & fund nanager of the UK shopping centre fund, said: “There is no other location to assemble a high-specification residential scheme of Edinburgh St James’ quality in the city.

“As an established finance and business hub with a thriving tourism industry, second only to London, there is a clear appetite for a luxury hotel.  Given this, it is little wonder that we have already received high levels of interest in the hotel and residential elements of Edinburgh St James.

“We are now actively looking for suitable partners with whom we can take the development forward.”

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