Keen interest in revamped centre
Two residential partners unveiled for St James
First move north for London firm
Residential partners have been unveiled for the £850 million St James Centre in Edinburgh.
Native Land, the international residential and mixed-use developer, and Scottish residential development firm Queensberry Properties, will become developer TH Real Estate’s joint venture partner.
The 1.7 million sq ft mixed-use scheme is one of the largest regeneration projects currently under way in Europe.
The 150 apartments have been marketed by Rettie & Co and attracted significant interest.
St James will be Native Land’s first development outside London. Queensberry Properties is a partnership between Cruden Homes and Buccleuch Property.
Stephen Wicks, director of shopping centres at TH Real Estate, said: “The interest we have received in the residential opportunity at Edinburgh St James is a real testament to the quality of the scheme and the vision we have proposed.”
Alasdair Nicholls, chief executive of Native Land, added: “Edinburgh St James represents a natural first move outside of our core London business, allowing us to become part of a significant mixed-use project in a world-class city. ”
The joint investment partnership between TH Real Estate and Dutch pension asset manager APG was finalised in October to coincide with the appointment of main contractor Laing O’Rourke.
Demolition work is now under way on the closed St James Centre to make way for the new development.
Designed by Allan Murray Architects, the project is anticipated to complete in 2020.