S1 Developments signs up for new urban quarter
Edinburgh Park owner Parabola, has struck a deal with local housebuilder, S1 Developments, to create a new urban quarter on the 42-acre site in the west of the city.
It is envisaged that up to a million square feet of commercial space will be created with around 1,800 homes which will include homes for sale and for rent, and also affordable homes.
AEG Europe, owner of The O2 in London, recently announced plans for an 8,500-capacity arena close to Edinburgh Park rail station.
The first commercial building, 1 New Park Square (1NPS), was completed in 2022 and has its first tenants,. But apart from padel court and multi-storey car park the rest of the development has lain dormant amid concerns that include a lack of school provision.
Peter Millican, owner and chairman of Parabola, said: “Parabola is delighted to announce that S1 Developments will be building and marketing the apartments for sale at Edinburgh Park.
“We have been struck by S1 Developments bespoke approach, exceptional knowledge of the Edinburgh market and real attention to quality which has been recognised by their unparalleled recognition through so many national awards.
“The start of the residential element of Edinburgh’s newest quarter is a significant milestone in the delivery of Parabola’s vision. We are so pleased that S1 Developments share our passion and commitment to realising an exceptional community.”
Dan Teague of S1 Developments added: “S1 Developments has a reputation for successful new build and conversion projects in Edinburgh’s most exclusive and challenging locations. We are looking forward to delivering another exceptional scheme at Edinburgh Park which will feature the hallmarks of S1 Developments approach.
“We are hugely excited to be a part of such a visionary masterplan and to add to the momentum of the exciting announcements coming out of Edinburgh Park. Parabola have had the vision to masterplan a new quarter where the focus is on design and quality the likes of which is so often lacking in new build offerings in our city.”
Tony Hordon, managing director of Parabola, said: “With the support of our advisers Savills and Justin Lamb Associates, we embarked on a considerable exercise last year to identify a partner to help deliver the residential piece of our masterplan.
“Through this exercise we had a number of expressions of interest, however it was clear, S1 were just perfectly aligned to our group, our passions and ambition for EP. It was just comforting and energising to deal with the S1 group, who we have no doubt, will deliver something quite special, as their track record supports.”
Ben Brough, Savills head of Scotland development, said: “It is exciting to witness Parabola’s vision for a new urban quarter come to life, with the announcement that cutting edge residential homes will be delivered by S1 Developments.
“With its emphasis on blending business with art, culture, community and wellness in a sustainable living environment, Edinburgh Park will further the capital’s global reputation for exceptional quality of life. We are excited to be part of a truly spectacular project and anticipate high levels of interest from homebuyers when these properties come to market.”