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Huge coup for new development

Top London restaurants sign up for St Andrew Square

St Andrew SqTwo restaurants are moving into central Edinburgh in their first ventures in Scotland. Busaba Eathai and Drake & Morgan will occupy space in the redeveloped south west corner of St Andrew Square.

Innovative bar and restaurant collection Drake & Morgan, which prides itself on creative cocktails, seasonal British food and design-led interiors, has signed a 20 year lease on a 7,050 sq ft unit.

Casual dining restaurant Busaba Eathai has taken a 6,820 sq ft unit on a 25 year lease. Busaba Earthai offers Thai dining featuring authentic dishes inspired by modern Bangkok and the traditional regions of Thailand.

The £75 million south St Andrew Square development, which will also houses offices for Standard Life Investments and TK Maxx, is scheduled for completion towards the end of 2016 and is being developed by the Standard Life Investments Pooled Pension Property Fund and Peveril Securities.

David Stewart, fund manager of the Standard Life Investments Pooled Pension Property Fund said: “We were confident that the development would attract fresh names and contemporary dining experiences to Edinburgh but are particularly pleased to sign deals with two of the UK’s most exciting new restaurants.

“London restaurateurs have a growing appetite for Edinburgh city centre, so the configuration and quality of units within our south St Andrew Square development offer the sort of space and size that has rarely been available previously.

“The two lettings add to the quality mix of occupiers that we have already attracted to south St Andrew Square, which reinforces Edinburgh’s status as a vibrant global destination. We expect to be able to announce further high quality occupiers soon.”

Ralph Jones, managing director of Peveril Securities added: “These lettings are great news for south St Andrew Square and the calibre of the tenants shows the quality of the development.”

South St Andrew Square is a 165,000 sq ft mixed-use development that creates a pivotal link between Princes Street and George Street and the Multrees Walk pedestrian link to the St James Centre which is due to be redeveloped from next year.

The St Andrew Square site’s former occupiers included Scottish Provident and a pub. It was vacant for more than 10 years.

TK Maxx, the fashion retailer, signed a lease on a 30,000 sq ft unit on South St David Street for its flagship Edinburgh store in October, while Standard Life Investments confirmed its lease on the 108,000 sq ft office element of the development in December.

Lunson Mitchenall acted for Drake & Morgan, while Jackson Criss acted for Busaba Eathai.

 

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