Latest New Town scheme
300 homes, offices and hotel planned for former bank site
Home base: RBS offices, centre, will become housing
Former Royal Bank of Scotland offices in Edinburgh’s New Town will be demolished to make way for 300 homes, a hotel and commercial space under the latest proposals for the site.
The revised plan for one of Edinburgh’s largest development projects for more than a decade involve fewer homes than early proposals.
The housing element now includes 100 private homes, 200 build-to-rent apartments and 100,000 sq ft of premium office space, together with a range of unspecified local ‘amenities’. Previous documentation has mentioned student accommodation, senior living retirement housing and other commercial activities, including food and drink and healthcare uses.
The proposed development on the 5.9 acre site between Dundas Street and King George V Park will include accessible and landscaped open space with pedestrian walkways linking to the park and neighbouring streets.
Property company Ediston is delivering the New Town North project for Orion Capital Managers whose fund bought the site for an estimated £36 million in May. Daily Business revealed Orion’s interest in February this year.
Ediston is leading a public consultation programme prior to submitting a planning application to the council.
Newly published research shows the New Town North development is poised to bring significant economic benefit to the local area and wider Edinburgh economy, following the closure of the RBS data centre in 2017 which employed more than 2,500 employees.
The report by UK planning and engineering consultancy The Waterman Group and commissioned by Ediston reveals that the operational phase of the development would create more than 700 full-time jobs whilst generating an annual GVA (Gross Added Value) economic uplift of £34.4 million to the regional economy.
The construction phase alone would create a further £27.7m GVA at a regional level, creating a further 60 full-time jobs.
Ross McNulty, development director at Ediston, said: “The consultation process is progressing well, and we are enjoying constructive and direct dialogue both with our immediate neighbours and the City of Edinburgh’s civic stakeholders.
“From our discussions with the local business community, we are aware of the impact that a large redundant site can have on the local area – and the huge potential of creating a new attractive destination and focal point for the area.
“Our research shows the significant investment benefits that a high-quality new development would bring to the Edinburgh economy, as well as helping to meet the pressing need for high quality new homes, offices and local amenities.”
He adds: “We are aware that this is a complex and large site with important links to some of Edinburgh’s finest streets and green spaces, and we are making sure we take the right amount of time to consult properly with local people to deliver a market-leading development to benefit both the local community and the wider city.”
RBS first developed the site in 1978 to house offices and a data centre. Before then, the site was home to St Bernard’s Football Club which disbanded in 1947.
Bearsden offices sold
A purpose-built office building in one of Glasgow’s most affluent suburbs has been for more than £2.2million just two months of going on the market.
Canniesburn Gate in Bearsden, East Dunbartonshire, was sold by Avison Young for almost 40% over the asking price to a private investor, Laurel Properties, for £2.23m, reflecting a net initial yield of 8.73%.
Extending to 13,469 sq ft (approximately 1,200 sq m), the building is fully let to funeral plan provider Golden Charter, as the head office for its UK operations.