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Wednesday, October 17, 2023

No. 3-8 St. Andrew Square in Edinburgh goes on the market

One of the most prominent development sites in Edinburgh is expected to attract strong interest from potential buyers from across the UK and beyond.

3-8 St Andrew Square has been put up for sale by owners ING Real Estate Investment Management (UK) Ltd, advisors to ING (UK) Property ("ING Value Added Fund").

The site, located in the heart of Edinburgh's business district and one of the city's premier addresses, has detailed planning consent for an iconic mixed use development comprising 91,100 sq ft of office space, 68,500 sq ft of retail, and a small number of exclusive apartments.

The former head office of Scottish Provident compromises most of the southern side of St Andrew Square. It is at the heart of Edinburgh's key business, retail, and leisure district, a stone's throw from Harvey Nichols, John Lewis, House of Fraser, and some of Edinburgh's top hotels.

Plans for the development were given the go-ahead by Edinburgh City Council's planning department earlier this year, and involve combining selectively retained buildings within a striking new build scheme, centred around a high-quality atrium space.

The scheme will provide large floor plate retail units with double height glazed frontages, combined with Grade A office space and high quality apartments with views over the city and Edinburgh Castle.

Award-winning architects, Comprehensive Design Architects and Gareth Hoskins Architects, worked together to design the scheme to meet the exacting requirements of Edinburgh's Conservation Area. It is a tribute to the design of the building that such extensive demolition has been permitted within the Conservation Area to accommodate it.

ING Real Estate has instructed DTZ and Culverwells to market the scheme. Michael Daggett, fund manager at ING (UK) Property, said: "We are delighted that we have been able to work with Edinburgh City Council and Historic Scotland to produce such an exciting design for this landmark site. It is now time for a new owner to pick up the baton and take the scheme forward to fruition, both as the first phase of the re-vitalisation of Edinburgh's retail offer and as the site of a new destination office complex."

DTZ director James Thomson said: "3-8 St Andrew Square will be one of the most significant developments undertaken in Edinburgh in recent times, and as a result we expect significant interest from developers and funds worldwide. It is a unique opportunity in Edinburgh, and one which will attract developers seeking a trophy scheme."

Culverwell senior partner Alex Culverwell said: "The development will meet big name retailer's requirements to occupy large format units, a product which is almost completely absent from the Edinburgh market. We expect very strong occupier interest in the scheme, and see the combination of uses forming a highly attractive investment package."