Interserve cashes in Edinburgh development

The Haymarket site, in Edinburgh's financial and commercial centre, is described as the most significant development project to come available in the city in over a decade. The three-acre site has planning permission for a mixed-use scheme including three office buildings (345,000 m²), retail space, a 190-bedroom hotel and a 170-unit apart-hotel.

Interserve executive director Dougie Sutherland said: “The sale follows a strategic review of the project and is part of our overall transformation plan, allowing us to realise our investment at a time that is right for both the development and the market.”

Interserve formed the joint venture company with landowner Tiger Developments in 2013 to take forward the £200m development of a site next to Haymarket station. Interserve invested an initial £10.5m in the project with the follow-on construction works to a value of £150m undertaken by Interserve Construction.

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