TH Real Estate unveils Edinburgh St James residential partners
Native Land, the internationally recognised residential and mixed-use developer, and Scottish residential development firm Queensberry Properties, have teamed up to become TH Real Estate’s joint venture partner to deliver the scheme’s residential component.
The 1.7 million sq ft (157,935 sq m) mixed-use scheme is one of the largest regeneration projects currently underway in the UK.
The Edinburgh St James residential element, which had been marketed by Rettie & Co, attracted significant interest from a range of notable parties. Comprising approximately 150 apartments, the new homes will offer unrivalled amenities and unparalleled views across the UNESCO World Heritage City.
Edinburgh St James will be Native Land’s first development outside London. Native Land and Queensberry will take a combined stake in the residential element at Edinburgh St James, and have already progressed in assuming the role of development manager, working alongside TH Real Estate, to maximise the residential potential.
Queensberry Properties, a partnership between Cruden Homes and established investment and development business Buccleuch Property, will provide significant local insight. Buccleuch Property is also a long-standing shareholder in Native Land.
The partnership between Native Land and Queensberry Properties at Edinburgh St James will combine both companies’ expertise to set the highest standard for prime new build residential accommodation in Edinburgh.
Stephen Wicks, director of shopping centres at TH Real Estate, said: “The interest we have received in the residential opportunity at Edinburgh St James is a real testament to the quality of the scheme and the vision we have proposed. Native Land and Queensberry Properties have unrivalled experience in delivering projects of this kind and we are confident they will deliver a high quality residential offer which will complement the wider development.”
Alasdair Nicholls, chief executive of Native Land, added: “Edinburgh St James represents a natural first move outside of our core London business, allowing us to become part of a significant mixed-use project in a world-class city. The new partnership with Queensberry will combine our residential and mixed use experience with strong local knowledge. The development will set a new standard for quality at the top end of the Edinburgh residential market.”
The joint investment partnership between TH Real Estate and Dutch pension asset manager APG was agreed and finalised in October to coincide with the appointment of main contractor Laing O’Rourke which has already begun demolition work on the existing St James Centre to make way for the new development.
Designed by Allan Murray Architects, the project is anticipated to be complete in 2020.