Saint Andrew Square
Background
Formerly five discrete buildings in the Centre of the Edinburgh occupying almost the entire South side of the Square close to Waverley Station, Princes Street and George Street. Historically occupied by Scottish Provident as their Head Quarters, the site was vacant for over 9 years.
Strategy
After securing various improved planning consents and an initial key retail letting, the development opportunity was sold to a Joint Venture of Standard Life Assurance Limited and Peveril Securities. to develop out the 200,000 sq.ft mixed use scheme consisting of c, 100,000 sq.ft of offices, 75,000 sq.ft of retail/leisure and 25,000 sq.ft of residential. Full development and letting management provided by the Mayforth team.
Outcome
Completed Q4 2016 by Bowmer & Kirkland for c. £44m. 100% pre-let on long leases. Offices over ground and 5 upper floors were pre-let to Aberdeen Standard who take advantage of the unique location with over 20,000 sq.ft office floorplates. 75,000 sq ft of retail and restaurant at lower 3 levels pre-let to Dishoom, The Ivy, Drake & Morgan, Vapiano, Gaucho, Wagamama and TK Maxx. Five high-end residential apartments make up the remainder of the development. End value of c. £120m.
