The Haymarket scheme is one of Edinburgh’s biggest commercial development projects in the last 10 years. It comprises offices, shops and a hotel.
Interserve and Tiger Developments entered into a joint venture agreement in April 2013 to develop the four-acre site next to Edinburgh’s Haymarket station.
The developers have agreed a deal with Network Rail to start preparatory on the railway tunnels beneath the site. This will take approximately 12 months with works taking place at night to minimise rail disruption.
The Haymarket has full planning consent for 404,000 sq ft of office accommodation and 60,000 sq ft of commercial and leisure space, together with a 165-bedroom hotel and a 320-space underground car park. Tenants already signed up for the initial development phase include Q Park, Tesco and serviced apartments provider Staycity.
Interserve development director David Westwater said: “We are looking forward to completing the underground works during 2014, allowing for above-ground construction to start in early 2015.”
On-site construction is set to start in spring next year, with the first buildings’ phase earmarked for completion in 2016.
Tiger Developments acquired the site in 2006 and recently brought in Interserve as its development partner. The construction project alone will be worth £150 million and will be delivered by Interserve’s Livingston-based construction team.