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Sun September 23 2018

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Interserve cashes in Edinburgh development

6 Jun Interserve’s joint venture with Tiger Developments, Edinburgh Haymarket Developments Limited, has agreed the sale of the Haymarket site in Edinburgh to M&G Real Estate for £49.1m.

The Haymarket development
The Haymarket 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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