Interserve Press Office | Feb 04, 2015
First office phase set for completion by first quarter 2017
Striking new images of the new office development at The Haymarket, one of Edinburgh’s largest commercial mixed-use projects, have been released as above ground works begin.
Progress on the £200 million development has, so far, been largely underground with contractors carrying out strengthening works on the Victorian railway tunnels running beneath the site. Now, construction activity has started above ground with the first buildings’ phase earmarked for completion by early 2017.
The Haymarket is being developed by Edinburgh Haymarket Developments Ltd, a joint venture between Interserve and Tiger Developments. It is one of Edinburgh’s biggest commercial projects of the last 10 years and is expected to create around 3,500 jobs.
Interserve Development Director, David Westwater said: “We are continuing to carry out strengthening works to the tunnels, but to see works commencing above ground is very satisfying and justification for all our hard work below.
“With excellent access to train, bus and tram networks, the benefits to potential occupiers are being increasingly recognised. We are looking forward to an exciting 2015 where we will see The Haymarket really start to take shape, and are anticipating that our first office occupiers could be in place as early as the first quarter of 2017.”
Tenants already signed up for The Haymarket’s initial development phase include a Premier Inn Hotel, Q Park, Tesco and serviced apartments’ provider Staycity. Food chains Prezzo and Pret A Manger have committed to the second development phase and advanced discussions are currently taking place with other occupiers for a further 70,000 square feet of retail and office space.
John Nesbitt, Managing Director of Tiger Developments, added: “Research shows that office occupier take-up in Edinburgh reached a 10-year high in 2014, resulting in a shortage of office accommodation. With the recent pre-letting announced to Standard Life Investments, it is clear occupiers will require to plan ahead if they are to secure modern office accommodation in the city centre.”
Agents JLL, WYM Real Estate and Dougray Smith are acting for The Haymarket. For information visit www.thehaymarketedinburgh.com.
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Issued on behalf of Edinburgh Haymarket Developments Ltd by Weber Shandwick. For more information, call Richard Bright 0131 556 6649 or 07770 886 914, email email@example.com
Notes to Editors:
The Haymarket Scheme: www.thehaymarketedinburgh.com
When complete, The Haymarket will include three contemporary office buildings offering around 320,000 square feet of space designed to meet the fast-growing demand in Edinburgh for high-quality city centre space capable of accommodating large-scale occupiers on single floors. There will also be a mix of retail, food and leisure including bars, cafes and restaurants. In total, The Haymarket has full planning consent for 404,000 square feet of office accommodation and 60,000 square feet of commercial and leisure space, together with a 165-bedroom hotel and a 320-space underground car park.
About Interserve: www.interserve.com
Interserve's vision is to redefine the future for people and places. It is one of the world’s foremost support services and construction companies, operating in the public and private sectors in the UK and internationally, offering advice, design, construction, equipment, facilities management and front-line services. Interserve is based in the UK and is listed in the FTSE 250 index. The Group employs some 75,000 people worldwide and in 2012 generated gross revenue of £3.2 billion.
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About Tiger Developments: www.tigerdevelopments.com
Tiger Developments has established itself as a highly successful and reputable property investment and development company both in the UK and continental Europe. Tiger works to increase the value of its property portfolio through refurbishments, lettings, rent reviews and renewals, rationalisation, development and sales and is committed to seeking out investment and development opportunities in all sectors of the property market. Tiger has concluded over £1 billion of transactions in the UK and over €200 million in mainland Europe.