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Work may start on derelict site

M&G preparing fresh plans for Haymarket development

Haymarket 2

Earlier plans for Haymarket show the site transformed


 

Development firm M&G Real Estate, the investment arm of insurer Prudential, is close to pressing the button on a long-delayed development site.

It is drawing up fresh proposals for the Haymarket site in Edinburgh which has been earmarked for offices and hotels.

M&G, which purchased the former goods yard next to Haymarket Station last June, is working with QMile Group, led by Paul Curran, with whom it also worked on the Quartermile development.

The Haymarket deal for £49.1m came 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. However, the developers are now looking at a new plan.

The development, which was latterly used as a car park, is close to a transport interchange at Haymarket station which is also linked to the tram, and buses.

Progress on the site has been plagued by delays, including the need for extensive strengthening of railway tunnels.

Interserve had been working alongside Irish firm Tiger Developments. It is understood the latter chose not to take up pre-emption rights on the site as it was having difficulty raising the funds required. It was put up for sale last year and attracted three bidders.

 



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