Be INspired_ Be IN Edinburgh.pdf by zhaonedx


									Be INspired, Be IN Edinburgh
A development prospectus for the City of Edinburgh
                                      IN Edinburgh | Introduction                                     04

                                                      | Top Ten Reasons to Invest                     06

                                                      | Case Studies - Harvey Nichols                 08

                                                                     - Virgin Money                   10

                                                                     - The Marriott Residence Inn     12

                                                                     - White Stuff                    14

                                                                     - Hotel Missoni                  16

                                                                     - The Balmoral Hotel             18

                                                      | Development Zone - City Centre                20

                                                      | Development Zone - West Edinburgh             24

                                                      | Development Zone - South and East Edinburgh   28

                                                      | Development Zone - Waterfront                 32

                                                      | Development Hotspots                          36

                                                      | Frequently Asked Questions                    42

                                                                                                           03 IN Edinburgh | Contents
                                                      | Transport and Accessibility                   44

                                                      | Support Services                              47

The Scottish Parliament
Edinburgh is the administrative
and legislative centre for Scotland
                                                                                                                              Sue Bruce - Chief Executive
                                                                                                                               City of Edinburgh Council
Inspiring capital for investors
We’re proud of our city.                 business support services and         This document outlines current           Continued investment in the capital’s
                                         international transport links make    investment and property                  infrastructure and the sustained
Edinburgh offers an unrivalled           it a vibrant commercial hub.          development opportunities,               improvement of workforce skills are
quality of life and is the perfect                                             identifies current and future projects   among our essential commitments
place to live, invest and do business.   The City of Edinburgh Council’s       within four strategic zones across       for retaining and attracting
A UNESCO World Heritage site,            dedicated Economic Development        the city and addresses key questions     companies.
Edinburgh is Scotland’s fastest          Service is committed to increasing    asked by those considering
growing city, recognised as “Best        the international awareness of        Edinburgh as an investment location.     We hope that you find this guide
Large City” in fDi’s European Cities     Edinburgh as an investment location                                            useful and share our excitement at
and Regions of the Future 2012/13        and encouraging companies to          As global competition increases,         the many opportunities Edinburgh
and as “Top Location for Economic        choose the city as a base for         we continue to build on our              has to offer.

                                                                                                                                                                05 IN Edinburgh | Introduction
Potential” in 2010/11.                   business expansion. We work           successes, communicating
                                         closely with clients to get them      Edinburgh’s unique asset base
Readily acknowledged as the most         to market quickly and efficiently     and recognised quality of life to
attractive location for international    with strong partnerships and          businesses worldwide. Intelligence,
investment into the UK after London,     networks to welcome businesses        analysis and insight are key to
the city’s competitive cost structure,   to Scotland’s capital.                delivering that message.
unparalleled academic, financial and
Top Ten Reasons to Invest

                               Edinburgh is one of the top ten most                            Edinburgh is recognised as offering an excellent
                               competitive financial centres in Europe                         quality of life, with the highest satisfaction among residents of
                               coming 9th in the Z/Yen Global Financial Centres Index and      any UK city surveyed by Ipsos MORI. In the 2011 European Cities Monitor,

              1                                                                                                                                                               6
                               is also Europe’s 16th leading city in terms of foreign direct   a survey of senior executives from over 500 European companies,
                               investments (2011).                                             Edinburgh was named the 11th best city in Europe for quality of life.

                        There are more FTSE 100 companies                                      Edinburgh is a connected capital with Edinburgh
                                                                                               Airport serving over 100 destinations and 9 million passengers
                        in Edinburgh than in any other UK city
                                                                                               in 2011. Located 20 minutes from the city centre, there are over
                        outside London.

        2                                                                                                                                                                 7
                                                                                               90 flights a day between Edinburgh and London with a 1 hour 25
                                                                                               minute flight time.

        Almost half (46.6%) of the city’s working age population                               Edinburgh is growing.
                                                                                               With a city region population of
        is educated to degree-level or above, placing Edinburgh’s
                                                                                               1.61 million, Edinburgh is growing;
        workforce among the most qualified in Europe. There are four universities and

3                                                                                                                                           8
                                                                                               currently increasing by around 7,000
        four colleges in the city; with the University of Edinburgh ranked as the seventh
                                                                                               people each year.
        top university in Europe by Times Higher Education in 2011.

                                Edinburgh’s workforce is one of the                            Edinburgh’s cost

                                                                                                                                                                                  07 IN Edinburgh | Top Ten Reasons to Invest
                                most productive in the UK. Gross Value                         structure is highly
                                Added (GVA) per employee in Edinburgh was £54,900,             competitive, with 30%

               4                                                                                                                      9
                                compared to the British average of £46,100 in 2009.            lower operating costs in
                                                                                               comparison with London.

               Edinburgh is a popular European tourist destination,                            Edinburgh is host to the largest arts
               receiving 1.3 million visitors from overseas in 2010 and boasting the           festival in the world, and its year-round
               second highest hotel occupancy levels of any city in Europe after London.       programme of festivals establish the city on a world stage,

    5                                                                                                                                                                     10
               Edinburgh has won 15 best city and short break awards since 2000,               developing revenue from private and business tourism.
               including The Guardian/Observer Best City award for 12 years running.
                                     Investor Case Study -
                                     Harvey Nichols
                                     Why did you choose Edinburgh?
                                     Edinburgh was the natural choice for Harvey
                                     Nichols with its strong international identity,
                                     vibrant tourism market and established
                                     finance and business sectors.

                                     Why has it worked for you?
                                     Harvey Nichols has tapped into a strong
                                     demand for luxury shopping. Customers have
                                     enthusiastically taken to our offering and
                                     found enjoyment in fashion retail therapy.
                                     The Forth Floor Restaurant, Brasserie and
                                     Bar have seen tremendous success and our
                                     fine-dining experience competes alongside
                                     the best in Edinburgh.

                                     Tell us something unique you’ve discovered
                                     about doing business in Edinburgh:
                                     The loyalty and warmth of relationships with
                                     our customers has been key to building up
                                     the business. The ‘village’ aspect of Edinburgh
                                     means that stories of customer service are
                                     spread quickly – good or bad – which keeps
                                     us on our toes!

                                                                                       09 IN Edinburgh | Case Studies
Multrees Walk
Harvey Nichols stands at the entry
of Multrees Walk, a modern avenue
of luxury brand retail
                                          Investor Case Study -
                                          Virgin Money
                                          Why did you choose Edinburgh?
                                          Edinburgh was the natural choice for
                                          Virgin Money’s headquarters north of
                                          the border, given the city’s established
                                          financial services industry and the
                                          associated talent pool. Edinburgh is also
                                          home to a significant number of Virgin
                                          Money’s four million customers.

                                          Why has it worked for you?
                                          Virgin Money has been able to recruit a
                                          talented and loyal team locally, and our
                                          Virgin Money Lounge on the First Floor of
                                          28 St Andrew Square - the first of its kind
                                          in the UK - has been a tremendous success
                                          since it opened in 2011, both with our
                                          Edinburgh-based customers and with the
                                          wider local community. Its success has
                                          encouraged us to open a further four
                                          Virgin Money Lounges across the UK.

                                          Tell us something unique you’ve discovered
                                          about doing business in Edinburgh:
                                          The passion of our team to build a better

                                                                                        11 IN Edinburgh | Case Studies
                                          kind of bank, the loyalty, generosity and
                                          warmth of our customers, and the welcome
                                          we’ve received from the local community.

The Virgin Money Lounge creates a
place where customers can unwind
and local community groups can
meet – experiencing first-hand Virgin’s
ambition to make everyone better off
Investor Case Study -
The Marriott
Residence Inn
Why did you choose Edinburgh?
The Marriott Residence Inn at Quartermile
is the first Residence Inn branded property
in the UK and the second overall in
Europe. With a vibrant economy and
the second highest hotel occupancy rates
in the UK, Edinburgh was a natural choice.

Why has it worked for you?
We have a completely new and unique
offering for the in-bound Edinburgh travel
market and understand that guests who
travel here for longer periods of time want
to feel at home. Synonymous with the highest
standards of hospitality, our brand and the
city’s warm welcome allow our guests to
enjoy a healthy work/life balance.

Tell us something unique you’ve discovered
about doing business in Edinburgh:
A wide range of leading businesses, combined
with a festival calendar which runs year-round
make Edinburgh a vibrant and fast-paced city.
Life can be hectic, so we have created a little
piece of home where guests can slow down,

                                                  13 IN Edinburgh | Case Studies
even if just for a short while!
Investor Case Study -
White Stuff
Why was Edinburgh the right location
for you?
Our Edinburgh shop was very small and over
performing with a density far above company
average. We found the perfect site for our
new shop in the Gray’s building on George
Street - a location with real architectural
importance and a strong retail history and
wanted to restore it to its former glory.

What unique opportunities does
Edinburgh offer?
Edinburgh is the UK’s most important tourist
destination after London, making it the perfect
location for White Stuff’s first Emporium.
We’re very proud to be in Scotland’s capital
particularly as we have such heritage in
Edinburgh - one of our first shops was on
Hanover Street back in the late nineties.

How have things been going since you
The Emporium opened in November 2010 and
exceeded expectations immediately in terms
of sales and footfall - sales have been an
incredible 36% above our targets for the

                                                  15 IN Edinburgh | Case Studies
financial year ending 2011. White Stuff has
created something unique in a crowded
marketplace, bringing theatre and drama
back to the High Street. We were very proud
to win the Drapers Award for “Best New Store”
in November 2011.
Investor Case Study -
Hotel Missoni
Why did you choose                   location right in the heart
Edinburgh?                           of Edinburgh’s Old Town.
When the Missoni family
                                     Edinburgh is a very popular
decided to open their first
                                     destination throughout the
hotel, they loved the idea of
                                     year for tourists, especially
it being in Edinburgh; a
                                     during August’s Fringe Festival.
beautiful city which they always
                                     It’s good news that the demand
admired since visiting one
                                     for high quality accommodation
summer to design costumes
                                     is growing and people are
for a concert in the Edinburgh
                                     investing in the city.
Fringe Festival. The location of
the hotel, next to the Royal Mile,
                                     Tell us something unique
full of tourist attractions and
                                     you’ve discovered about doing
beautiful architecture was the
                                     business in Edinburgh:
perfect site to welcome
                                     Edinburgh has a strong
a five star designer hotel.
                                     business community and
                                     everyone in the industry has
Why has it worked for you?
                                     a warm, welcoming attitude
Edinburgh is a stunning city,
                                     and a friendly and helpful
focused on culture and fashion,
                                     approach to visitors. Local
which fits well with the Missoni
                                     businesses work very closely
brand. As a designer hotel, we
                                     with one another and support
were unique in the city at the
                                     each other.
time we opened and in a prime

                                                                        17 IN Edinburgh | Case Studies
Investor Case Study -
The Balmoral Hotel
How does Edinburgh work for you in
terms of your business?
Edinburgh is extremely accessible with
daily flights from global destinations
making it attractive for both corporate
and leisure clients. Investment, education
and many centres of excellence create
a strong economy and attract international

Edinburgh offers all the facilities expected
of a world-class destination, yet the cost
of running a business here is below that
of other capital cities such as London.

What, in your opinion, are Edinburgh’s
Unique Selling Points?
Firstly the Scottish people - recognised
internationally for their warmth of
character, innovation, passion, friendliness
and hospitality.

Edinburgh’s excellence in gastronomy is
remarkable; the city boasts more Michelin
starred restaurants than any UK city apart
from London. Vibrant and compact, Edinburgh
offers authentic culture and heritage set within

                                                   19 IN Edinburgh | Case Studies
an unrivalled landscape. The year-round
programme of exhibitions, international
festivals and theatre, combined with its status
as both UNESCO’s first City of Literature and
as a World Heritage Site all make Edinburgh
a world-renowned location for leisure.
                                    Edinburgh’s Development Zones -
                                    City Centre

                                    Edinburgh City Centre, with its iconic   Conference Centre and a rich
                                    castle, gardens and monuments is         cultural life which draws hundreds
                                    one of the UK’s most visited tourist     of thousands of guests to Hogmanay
                                    destinations. The biggest financial      and the city’s famed festivals - it’s
                                    centre outside the City of London,       little wonder that Edinburgh has the
                                    it is host to headquarters for a         second highest hotel occupancy rate
                                    number of organisations including:       in the UK.
                                    Standard Life, Virgin Money and
                                                                             The city’s large student population
                                    Scottish Widows.
                                                                             feeds into a highly skilled workforce
                                    With hotels providing world class        supporting leading blue chip
                                    accommodation, the nearby facilities     companies and world-leading

                                                                                                                     21 IN Edinburgh | City Centre
                                    of the Edinburgh International           centres for research.

St Andrew Square
Beautifully remodelled, old meets
new in one of Edinburgh’s best
loved public spaces
City Centre
Facts and Figures

Waverley Gate                          Office Supply                                           Example Deals
Flagship commercial space in the
heart of the city centre, Waverley
Gate houses stunning modern
                                       Total office supply in Edinburgh – 265,056 m2           Retail: Primark, Apple, Hollister,
design within a traditional exterior
                                                                                               North Face, White Stuff, Urban
                                       City Centre office supply – 89,125 m2
                                                                                               Outfitters, New Look
                                       City Centre Grade A supply 48,207 m2
                                                                                               Offices: Amazon, Craneware,
                                       Prime Rents in the city centre circa £290/m2            Avaloq, Brewin Dolphin, Mercer,
                                       Prime Yield 6.25%                                       H&M, NHS, Virgin Money, Tesco
                                                                                               Bank, FNZ
                                       Office incentives for a 10 year lease – 30-36
                                       years rent subject to covenant                          Hotels: Marriott Residence Inn,
                                                                                               Motel One, Accor, Travelodge,
                                                                                               Premier Inn, Tune Hotels

                                       Developments                            Development
                                       Underway                                Opportunities

                                       Caltongate                              Donaldsons School (Cala Homes)

                                       Haymarket Goods Yard site               Fountain Quay

                                       St James Quarter                        Torphichen Street

                                                                                                                                    23 IN Edinburgh | Commercial Office Floorspace
                                       26-31 Charlotte Square                  Skyparks

                                       Atria Office Development & EICC         Dewar Place (Scottish Power)
                                       Additional Function Space               King’s Stables Road
                                       Springside                              Atria Development (Investment sale)
                                       Quartermile                             Market Street

                                                                        Development Hot Spots

                                                                        Fountain Quay, Caltongate, Quartermile,
                                                                        St James Quarter, The Exchange
One Lochside View
The striking BT building in West
Edinburgh, showcases innovative
design and an intelligent building
management system
                                     Edinburgh’s Development Zones -
                                     West Edinburgh

                                     Home to Heriot Watt University and      Lloyds Banking Group, Tesco Bank,
                                     its Research Park, Napier University,   HSBC, JP Morgan, Aegon and British
                                     The Royal Bank of Scotland and          Telecom have all recognised the
                                     the famous Royal Highland Centre,       advantages of West Edinburgh as
                                     West Edinburgh is an important and      a connected location for flagship
                                     connected hub for the city. West        offices, benefitting from Edinburgh’s
                                     Edinburgh is at the intersection of     skilled workforce and superb
                                     arterial road routes across Scotland    commuter connections across
                                     and on the doorstep of Europe with      Scotland.
                                     frequent national and international

                                                                                                                     25 IN Edinburgh | West Edinburgh
                                     services from over 40 airlines to
                                     100-plus destinations.
West Edinburgh
Facts and Figures

                    Office Supply                                          Example Deals

                    Total office supply in Edinburgh – 265,056 m2          Retail: Primark

                    Peripheral office supply – 104,947 m2                  Offices: Tesco Bank

                    Peripheral Grade A supply – 38,891 m2                  Hotels: Holiday Inn Express
                    (mainly Edinburgh Park)

                    Prime Rents in the west of the city centre
                    £161 per m2

                    Other lettings in area around £130 per m2

                    Office incentives for a 10 year lease –
                    30-36 years rent subject to covenant

                    Developments                              Development
                    Underway                                  Opportunities

                    Citywest                                  Sale of Edinburgh Airport (investment sale)

                    Gyle extension                            International Business Gateway
                                                              Arena / Multi-use venue
                    Hermiston Gait retail park
                    enhancements                              Royal Highland Centre

                    Tram line                                 Edinburgh Park – Phase 2

                                                              Heriot Watt Research Park

                                                                                                            27 IN Edinburgh | West Edinburgh
                                                              Newbridge distribution estates
The Bio-Incubator Building
Situated in Edinburgh’s BioQuarter,
this versatile building provides
laboratory and office space

                                      Edinburgh’s Development Zones -
                                      South and East Edinburgh

                                      The heart of Scotland’s life sciences     ‘The Fort’ remains one of the top
                                      industry, South East Edinburgh’s          retail shopping parks in the country,
                                      BioQuarter is a showcase for the          while enjoyment of the great
                                      city’s world class scientific research,   outdoors is readily on hand at
                                      offering unique opportunities for         Craigmillar Country Park. A short
                                      biotech, pharmaceutical and               drive along arterial transport routes
                                      research companies. Not only does         leads to the Scottish Borders and

                                                                                                                        29 IN Edinburgh | South and East Edinburgh
                                      South East Edinburgh boast the            the North of England.
                                      teaching facilities of Edinburgh
                                      University’s Medical School and the
                                      city’s premier hospital, it is also
                                      home to Fort Kinnaird.
South and East Edinburgh
Facts and Figures

                                             Example Deals

                                             Office: Shawfair Park            Retail: Fort Kinnaird
                                             15 year lease of 3,934 m2 at     2,160 m2 let on a 10-year lease to
                                             £156/ m2 per annum               Sports Direct at £1,278,750 pa,
                                                                              equating to £592.01 per m2
                                             Tower Mains Studios
                                             20 year lease of 400 m2 “Mill
                                             House” at £60,242 per annum,
                                             equating to £150.61 per m2

                                             4 year lease of 87.14 m2 for
                                             £14,070 per annum, equating
                                             to £161.46 per m2

                                             Underway and Opportunities

                                             Strategic planning for the       The industrial market in the
                                             BioQuarter is designed to        South East of Edinburgh is
                                             promote growth into a centre     particularly active with large
                                             which will rank alongside Kobe   numbers of smaller lettings which
                                             in Japan, Mission Bay in San     support and encourage small

                                                                                                                    31 IN Edinburgh | South and East Edinburgh
                                             Francisco, Novum BioCity in      businesses in the Edinburgh area.
                                             Stockholm and Cambridge          There is capacity for further small
                                             in the UK.                       terraced industrial development.

Edinburgh Royal Infirmary
The city’s leading hospital is a centre
of excellence for medical education,
providing facilities for the University of
Edinburgh Medical School
Providing luxurious
accommodation by the Shore,
Malmaison is popular with
business and leisure visitors
                                Edinburgh’s Development Zones -

                                The £1 billion redevelopment of       on the area’s emerging reputation
                                Edinburgh Waterfront, one of the      as a magnet for creative industries.
                                largest and most ambitious urban      Already home to world-leading
                                regeneration projects in Europe       manufacturers in the field of offshore
                                today, creates unprecedented new      renewable energy, the deep water
                                commercial, industrial, residential   port at Leith offers opportunities
                                and recreational development          for further expansion of this sector.
                                opportunities.                        The regeneration of Edinburgh’s
                                                                      Waterfront has the potential to
                                Strong investment from a range
                                                                      deliver more than 26,000 new homes
                                of partners is transforming the
                                                                      and 450,000 m2 of new commercial
                                Waterfront into a world-class,

                                                                                                               33 IN Edinburgh | Waterfront
                                                                      and retail space for the city.
                                thriving urban quarter; building
Facts and Figures

                    Regeneration                                      Example Deals

                    Regeneration initiatives have created:            Ocean Terminal (30,019 m2) sold
                    2,270 new homes                                   by Forth Ports Limited for just
                                                                      under £95m reflecting a yield of
                    47,000 m2 of retail space including the
                                                                      7%. Prime rents within the centre
                    Ocean Terminal centre at Leith
                                                                      are £646 per m2 Zone A
                    43,000 m2 of office space
                                                                      Waterfront Edinburgh Limited
                    A 44.5 ha new public park at Granton              recently sold a site of 6,070 m2
                                                                      approx in Granton for care home/
                    Commercial/Industrial floor space available:
                                                                      residential use for £950,000
                    3 million m2 of land available for mixed-use
                                                                      (subject to a satisfactory
                                                                      planning consent)

                    Occupier                                       Developments
                    breakdown                                      underway

                    Scottish Gas HQ                                Two residential schemes are on site
                                                                   which will provide mid-market rental
                    Scottish Government at Victoria Quay
                                                                   housing; 52 units at Ocean Drive West
                    Telford College (27,871 m2 /20,000             in Leith are being developed by Port of
                    students/600 staff)                            Leith Housing Association and in Granton
                                                                   62 units at Waterfront Avenue are being
                    Occupiers at Ocean Terminal include:
                                                                   developed by Places for People.
                    Debenhams, M&S Food, Superdry, Sofa
                    Workshop and Ligne Roset as well as            Required infrastructure at Leith Docks

                                                                                                                35 IN Edinburgh | Waterfront
                    Ocean Kitchen (a Conran restaurant),           will be part funded using the UK’s first
                    Pure Gym and a 12-screen Vue cinema            approved Tax Increment Finance project.
                                                                   The Scottish Government has approved
                    The Royal Yacht Britannia (500,000
                                                                   £84m of expenditure, the first project
                    visitors per annum)
                                                                   being an access road which will facilitate
                    Malmaison Hotel                                development within the docks area and
                                                                   start on site in late 2012.
Development Hotspots - map


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                                                                                                                                                                                                              A70       A720
Development Hotspots


                                                                                                                                          A major regeneration          Development has full          Development is due to

                                                                                                            (c) Allan Murray Architects
                                                                                                                                          project located in the        planning consent for:         start on site Q2 2012.
Fountain Quay                                                                                                                             historic Old Town;            5 star hotel
                                                                                                                                                                                                      Opportunities exist for
                                                                                                                                                                                                      pre-letting or pre-sale of
                                                                                                                                          Caltongate is at the east     200 residential units         office, hotel, retail, leisure
Fountain Quay
                                                                                                                                          end of the city centre,       23,226 m2 of Grade A          or residential space.
commands a strategic
                                                                                                                                          just off the famous Royal     office space                  Contact: stuart.seaton@
location on the south
                                                                                                                                          Mile, and 5 minutes walk      Retail/leisure and car
side of Edinburgh’s
                                                                                                                                          from both Waverley            parking
financial district; home         4.65 ha site owned by City        Adjacent to the successful
                                                                                                                                          Station and the Scottish
to almost 93,000 m2 of           of Edinburgh Council              mixed-use Edinburgh Quay

                                                                                                                                                                                                                                               (c) Allan Murray Architects
headquarter offices and                                            development
                                 Outline planning consent in
only 500 metres away             place for office, hotel, retail   Beside the vibrant
from the EICC, one of            and leisure opportunities         Fountainpark leisure complex

Europe’s leading                 Extensive frontage onto the
conference centres.              Union Canal

The Exchange
                                                                                                                                          Edinburgh International
The Exchange is the focal point of the
Capital’s financial centre and is home to                                                                                                 Edinburgh International will transform         At the heart of the Edinburgh International project are:
                                                                                                                                          a substantial area of west Edinburgh           Proposals for International Business Gateway (IBG),
the headquarters of Standard Life,
                                                                                                                                                                                         an 85 ha site located between Edinburgh Airport and
Scottish Widows, Clydesdale Bank,                                                                                                         into a global hub beside the UK’s fifth
                                                                                                                                                                                         RBS’s Headquarters at Gogar offer business, hotel
leading law firms and energy companies.                                                                                                   largest (and Scotland’s busiest)               and conference facilities and scope for a multi-use
Conference Square and Festival Square                                                                                                     international airport. It will establish       venue or concert arena facility near The Royal
accommodate over 15,000 office staff                                                                                                      a new business quarter in a location           Highland Centre, Scotland’s National Showground

                                                                                                                                                                                                                                                                             39 IN Edinburgh | Development Hotspots
                                                                                                                                          which will become a major growth               offering opportunities for investment in hotel,
and house the luxurious Sheraton Grand                 Two smaller floorplates totalling 1,254 m2                                                                                        conference and office space.
Hotel and Spa.                                         can also be provided. Opportunities exist for                                      zone, enhancing the city’s global
                                                       pre-letting of office space, contact:                                              connectivity:                                  For further information, contact:
New developments and opportunities include:            or
Atria – due for completion in Q1 2013 and directly                                                                                        Part of a long term vision for the
                                                       Torphichen Street – is a 1,214 m2 vacant site with
adjacent to EICC will both expand the Centre and                                                                                          commercial development of west
                                                       detailed planning for 3,902 m2 of offices, but
provide 17,280 m2 of Grade A office space with
                                                       presents opportunities for alternative use such                                    Edinburgh, the project will unlock
larger floorplates than currently available in any
                                                       as hotels or serviced apartments. The site will                                    investment and accommodate high
existing city centre building.
                                                       be marketed from Q2 2012, contact:
                                                                                                                                          quality, high value international
                                                                                                                                          business developments.
                          Development Hotspots

                           Quartermile                                                                                                                                                  St James Quarter

                           A flagship mixed-use     To date:                               By completion:                                                                               The 5.2 hectare, £850m           New shopping centre
                           scheme in the heart      2 Grade A office buildings             Over 900 modern and conversion                                                               mixed-use development            250 residential flats with stunning roof
                                                    (14,726 m2)                            apartments
                           of Edinburgh’s World                                                                                                                                         by Henderson Global              gardens
                           Heritage Site;           65% of residential space built out     Over 36,687 m2 of premium Grade                                                              Investors will double the        2 hotels, one a 5/6 star brand
                                                    with impressive sales in a difficult   A office space
                           Quartermile has                                                                                                                                              amount of retail space           15,000 m2 of Grade A office space
                           reinvented the 19 acre                                          Over 6,503 m2 of retail and leisure                                                          and transform the site
                                                    3,530 m2 of retail & leisure space     space                                                                                                                         Cafés, restaurants and a high quality
                           site of the original                                                                                                                                         of the existing St James         public realm
                                                    (2,728 m2 sold or let)
                           Edinburgh Royal                                                 2 hotels                                                                                     Shopping Centre at the

                                                                                                                                 (c) Allan Murray Architects
                                                    Occupiers on site include Morton                                                                                                                                     1,800 car parking spaces
                           Infirmary into one of                                           174 mainly mid market affordable                                                             East End of Princes
                                                    Fraser solicitors, Maclay Murray                                                                                                                                     John Lewis will remain open throughout
                           Europe’s premier                                                residential units                                                                            Street into a landmark
                                                    & Spens solicitors, Mercer,                                                                                                                                          the project
                           business, residential    Sainsbury’s Local, Starbucks,          2.83 ha of green landscaping                                                                 development:
                                                                                                                                                                                                                         HGI target development to begin by
                           and leisure quarters.    Peter’s Yard, Pure Gym, a 107 bed      760 secure car parking spaces
                                                                                                                                                                                                                         2013, with a completion in 2018
                                                    Marriott Residence Inn and a 450
                                                                                           For more information:                                                                                               
                                                    space underground car park for
                                                    residents and tenants.

                                                                                                                                                               The Haymarket

                                                                                                                                                               At the west end of Edinburgh city centre, the        40,877 m2 of Grade A office space
                                                                                                                                                               Haymarket area is a gateway into the city from       5,110 m2 of retail
                                                                                                                                                               the airport and the west, and will benefit from      A 245 bed hotel
                                                                                                                                                               a £25m refurbishment of busy Haymarket Rail
                                                                                                                                                                                                                    381 car parking spaces close to Haymarket
                                                                                                                                                               Station (scheduled for completion in 2014).          Station
                                                                                                                                                               “The Haymarket” will establish a new prime
                                                                                                                                                                                                                    The scheme by Tiger Developments is due
                                                                                                                                                               commercial location in Edinburgh’s city centre,      to start on site Q2 2012, with opportunities
                                                                                                                                                               situated between the station and the EICC.           available for pre-letting of office, hotel or

                                                                                                                                                                                                                                                                    41 IN Edinburgh | Development Hotspots
                                                                                                                                                               It is one of Edinburgh’s prime development           retail space. For more information visit
                                                                                                                                                               sites, and will consist of:                 or
(c) Foster and Partners

                                                                                                                                                                                                                    contact or
                                                                                                                           Hugh Rutherford - Partner, Montagu Evans
                                                                                                                                   Chair, Edinburgh Business Forum
Frequently Asked Questions
What are the attractions of Edinburgh      of Scotland offers a catchment of           How has Edinburgh managed to              Why should I invest in commercial
for property investment/development?       around 3 million people.                    avoid the worst effects of the            property in Edinburgh?
The administrative and legislative                                                     economic downturn?                        Edinburgh is a strong growth economy
                                           What commercial property sectors
centre for Scotland, Edinburgh hosts                                                   A diverse city, Edinburgh has strengths   with all the benefits of capital city
                                           are active at the moment?
more FTSE 100 companies than any                                                       in terms of critical mass in several      status. There are significant shortages
                                           Edinburgh’s diverse economy is well
UK city outside London and is the UK’s                                                 important economic areas. Excellent       of product in certain areas with strong
                                           placed to benefit from the upturn. A
second largest financial centre. The                                                   international links, ever-improving       or forecast strong demand. Leases are
                                           developing shortage of Grade A office
city has a diversity of occupiers and                                                  accessibility and four universities       generally long and the tax environment
                                           space will result in rental growth as a
uses including: financial services,                                                    producing quality graduates all help      is generally benign.
                                           significant number of companies need
professional, public sector, biosciences                                               to ensure Edinburgh has a capable
                                           to relocate over the next five years.                                                 How do I go about obtaining
and technology as well as considerable                                                 workforce attractive to both existing
                                           Period townhouses converted to office                                                 advice on the opportunities?
potential in renewables and the                                                        companies and inward investing
                                           use have remained popular in the city                                                 There are a host of commercial
creative industries.                                                                   organisations. This creates the energy
                                           centre throughout the downturn and                                                    property and residential consultants
                                                                                       and momentum which has helped
What are the demographics like             sites close to transport nodes will be in                                             in the city with the City Council and
                                                                                       the city avoid the worst excesses of
for organisations which locate in          strong demand. The completion of the                                                  Scottish Enterprise providing valuable
                                                                                       the recent recession, while close
the city or are wishing to expand?         new tram system in 2014 will open up                                                  assistance. A useful list of support
                                                                                       partnership between the city and the
The city’s pool of highly-trained          interesting development opportunities                                                 services is provided at the back of
                                                                                       private sector has developed a growth
staff has attracted banks like Virgin      within and around the airport, west                                                   this prospectus. Opportunities exist
                                                                                       strategy to sustain the economy and
Money and Tesco Bank to establish          Edinburgh and the city centre.                                                        for investors and developers at all
                                                                                       create more jobs.
headquarters in the city. Asset                                                                                                  levels within the market with capital
                                           Hotel occupancy, despite the

                                                                                                                                                                           43 IN Edinburgh | Frequently Asked Questions
servicing functions as provided by                                                     If you had to sum up Edinburgh            values from around £500,000 to
                                           downturn, reflects Edinburgh’s strong
State Street, JP Morgan, Citi and                                                      in a few words, what would these          £100 million plus.
                                           tourism market, assisted by the strong
Franklin Templeton are expanding with                                                  words be?
                                           impact of the Edinburgh International                                                 Edinburgh is regarded as a prime
Edinburgh regarded as an International                                                 With excellent schools, universities
                                           Conference Centre. With the second                                                    location for national and international
hub for such activities. In fund                                                       and colleges, a robust economy and
                                           highest occupancy rates in the UK, a                                                  investors and developers, a number of
management, the city is second only                                                    an amazing array of festivals and
                                           number of 5 star plus international                                                   whom are purchasing strategic sites
to London in terms of assets under                                                     events throughout the year, Edinburgh
                                           hotel groups are keen to obtain a                                                     key to Edinburgh’s future, providing
management. A very high proportion                                                     is an outward-looking international
                                           presence in the city with further                                                     sustainable development within the
of the working population are                                                          city which provides an attractive
                                           demand at both the upper and                                                          compact city centre.
educated to degree or degree                                                           place to live, work and play.
                                           budget end of the market.
equivalent status and with Glasgow
only 45 minutes away, the central belt
   & Accessibility
   Over 100 destinations can be accessed from
   Edinburgh Airport and the number is rising
   due to strong demand. The city is a focal
   point for local and national rail services and
   has direct access to arterial roads across
   Scotland. These factors combine to bring
   other population centres like Glasgow within
   easy reach.

   Extensive work to expand and develop
   the city’s two central railway stations is
   well underway, increasing capacity for the
   future and enhancing the travel experience.
   Further stations at Edinburgh Park (and
   soon at Edinburgh International Gateway)
   provide easy access to business locations
   in the West of the city, while park and
   ride facilities encourage swift commuter

   Pedestrian friendly, Edinburgh’s safe streets
   are easily explored on foot, with high quality
   public spaces creating places to linger and
   enjoy city life. For cyclists, pedal power is
   actively encouraged along the city’s many
   cycle routes.

                                                     45 IN Edinburgh | Transport and Accessibility
   Further public transport connections are
   provided by the city’s multi-award winning
   bus services, soon to be complemented by a
   state of the art, environmentally friendly tram
   system, linking the city centre and airport.

The Western Approach Road
Seen here between the headquarters of
Clydesdale Bank and Standard Life, the
Western Approach road is a vital connection
between the city centre and the West
Support Services
Information, incentives and support for
companies seeking to expand or invest in
the Edinburgh City Region are available
from a number of agencies:

Invest Edinburgh

Edinburgh Chamber of Commerce

Edinburgh Marketing

The Entrepreneurial Exchange

Scottish Development International

Scottish Enterprise

Talent Scotland

                                                          47 IN Edinburgh | Support Services
Images in this publication remain the copyright
property of their respective owners and are used with
kind permission from a variety of agencies and partners
including: Marketing Edinburgh, Virgin Money, Marriott
Hotels, Allan Murray Architects, Foster & Partners,
Prettybright, Missoni, The City of Edinburgh Council
and Scottish Enterprise.
                                                  produced by

Provided by the City of Edinburgh Council’s
Economic Development Service.
For more information about living, working
or investing in Scotland’s capital city, visit:

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