Progress on Falkirk Gateway and Edinburgh schemes
Vacant land will be transformed under the scheme
Hargreaves Property Ventures is to build a mixed-use scheme on 27.25 acres at Falkirk Gateway alongside The Helix, The Kelpies, Falkirk Stadium and the new Forth Valley College which is due to open in September.
Cecil Meiklejohn, Leader of Falkirk Council said: “The creation of an ‘urban quarter’ at the Westfield/Middlefield site will transform the vacant area.
Hargreaves Property Ventures is a development partnership between Hargreaves Services and Fintry Estates, who were appointed as the preferred development for the Falkirk Gateway project.
Initial plans put forward have highlighted large scale retail units; office space; leisure space; a hotel site; a drive through; food and drink units including a concept pub/restaurant.
Falkirk Gateway has been financed to date via a bespoke Tax Incremental Finance (TIF) scheme which has funded enabling works and infrastructure improvements across Falkirk District.
Hargreaves were represented by Biggart & Co. Sole agent is Avison Young.
£150m Edinburgh sites to be developed
S Harrison is continuing to invest in Edinburgh after acquiring two further sites to the West of the city centre, and the development company is now exploring further opportunities across Scotland’s central belt.
The York-based company has acquired a vacant site on Gorgie Road, which previously housed several industrial units that were recently demolished. It has also bought a former retail and office unit, with adjoining land, close to Murrayfield Stadium on Westfield Road. Each site covers just under one acre. Planning applications are being prepared.
The company is turning Buchan House (pictured) in St Andrew Square into a 72-bedroom Malmaison hotel and is exploring opportunities for a 0.6 hectare site on Ocean Drive in Leith, known as Ocean Point 2.
It is pursuing planning approval to transform a 1970s office building in the West Coates area, into a hotel development.
The gross development value of the five schemes will be £150million and research from the Edinburgh office of planning and development consultancy Turley, reveals all these projects, combined with Haddington Place, will result in an £88million investment in the city’s construction sector.
A significant six-figure contribution is also being made by S Harrison towards local tram construction.
Bond for new homes
Housing association Dunedin Canmore – part of Wheatley Group – has secured £16million of charitable bond finance to help build hundreds of homes.
The funding was announced as Scottish Local Government, Housing and Planning Minister Kevin Stewart visited a development in the east of Edinburgh where Dunedin Canmore is close to finishing 20 affordable flats for rent.
The homes at the Wisp, which will be complete next month, have been built by Springfield Properties and are part of a wider masterplan for the area which will see a mix of affordable housing and homes for private sale by Springfield.
The £16m loan, the largest to be awarded to date through the Scottish Government’s innovative charitable bonds investment programme, will enable Dunedin Canmore to build more homes in the next few years.
Industrial site at Sighthill
Work is under way on what is believed to be the largest single industrial speculative build in Edinburgh in the last 20 years. Seven Hills Business Park at Sighthill, Edinburgh, will provide 76,000 sq ft of industrial and trade space, with completion due in the autumn.
Eleven units, ranging from 3,360 to 14,700 sq ft are being built at Seven Hills which is already home to Napier University and Amazon. Three of the largest units will have first floor office accommodation and all will be located within a secure site with a communal yard and security gate.
Owned by Peveril Securities in a joint venture with Citivale, Seven Hills spans about 5.5 acres and is being marketed by Ryden, Burns & Shaw and Montagu Evans.