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M&G Real Estate confirmed as Haymarket buyer

Haymarket 2

New offices would fill a gap at Haymarket which has been derelict for 50 years


 

M&G Real Estate has been confirmed as the buyer of theHaymarket development in Edinburgh, paying just under £50 million, as revealed by Daily Business last week.

The former railway goods yard, latterly a car park, has lain derelict for 50 years but after extensive work to strengthen tunnels it is now scheduled for the £280m development.

The sale for £49.1m to M&G – one of three bidders for the site – comes with planning permission for three Grade A office buildings totalling 350,000 sq ft, provision for 40,000 sq ft of retail and leisure space, a 190-room hotel and a 172-room aparthotel.

The site was sold by a joint venture between Interserve and Tiger Developments. It is understood the latter chose not to take up pre-emption rights as it was having difficulty raising the funds required.

Chris Perkins, head of business space at M&G Real Estate, said: “With the current supply/demand dynamics, bringing 350,000 sq ft to the market will reinforce the Exchange District as a prime hub for business in Europe.”

See also:

Haymarket scheme edges closer after sale to UK fund

Tiger facing deadline decision on £50m Haymarket scheme



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