Development ready to go ahead
M&G Real Estate confirmed as Haymarket buyer
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.”