Switch of plan
London & Scottish and GSS acquire Haymarket site
Haymarket Yards with Apex House in foreground and rail line at top
A derelict site close to Edinburgh’s Haymarket station and earmarked for student accommodation may be developed for other purposes.
London & Scottish developments, the development arm of London & Scottish Property Investment Management (LSPIM), and GSS Developments have jointly acquired the 0.43 acre former goods yard for £1.62 million.
It has planning consent to be developed for 91 student rooms, but the buyers are looking at other options as this area is currently undergoing considerable redevelopment.
The two businesses have formed a joint venture company, Ladybank Developments, to deliver the project.
The area is undergoing extensive transformation with a major office development led by M&G Real Estate along with emerging proposals for Rosebery House by Aviva Investors.
Andy Richardson, group development director at London & Scottish, said: “We were attracted to Haymarket Yards because of its prime location in the expanding West End, its excellent communications and its infrastructure.
“Having developed and sold two high-end student residences in Leeds and Sheffield earlier this year for £90 million, we saw the potential for this site as purpose-built student accommodation.
“However, recent developments in the surrounding buildings mean that there may be other attractive uses for the site. We intend to discuss the possible options with Edinburgh City Council in due course.”
Glasgow Guildhall sold
Maya Capital has acquired the Guidhall in Glasgow in a £30 million debt-led deal.
It was arranged by ARA Venn, the specialist investment manager in European real estate private debt and provided by Schroders via its Income Plus Real Estate Debt Fund. JLL was adviser on raising £21m for the deal.
The Guildhall office complex occupies c145,000 sq. ft and has near 100% occupancy. The deal is part of Maya Capital’s strategy of targeting regional UK office assets and is its first since the outbreak of Covid-19.
Claudio Sgobba, senior director, debt and structured finance, EMEA, at JLL, said: “This acquisition is an important indication of the increasing lender activity across the UK and highlights the demand among lenders for assets with strong fundamentals.
“The debt markets continue to offer ample liquidity following a return to stabilisation after the disruption in the earlier parts of the year.”