Ambassador Group has submitted a pre-application notice to City of Edinburgh Council for a “transformational redevelopment” of Ocean Terminal that will open up the 20-year-old centre to the waterfront.
Ambassador, which bought the 420,000 sq ft centre last March, wants to redevelop the site as a mixed-use scheme that “maximises the location and aspect on to the Firth of Forth”.
The project is expected require around £100m of investment.
The former Debenhams and a multi-storey car park will be demolished to make way for the new scheme, which will also incorporate waterfront housing.
Public consultation on the project begins on 23 September, with a full planning application expected in early 2022.
Chris Richardson, managing director of Ambassador, said: “We are planning a transformational redevelopment that will finally realise Ocean Terminal’s potential as a leading waterfront destination, while placing the changing priorities of residents, businesses, visitors and shoppers centre stage. The retail industry and the local environment has evolved significantly in recent years and this redevelopment will create a sustainable destination that people will continue to enjoy for years to come.”
Turley is advising on planning, Keppie Design is architect for the scheme.
Ambassador took ownership of the troubled Ocean Terminal with IGC Real Estate last year. Former owner Resolution Property had been trying to sell the property, which was financed by IGC Longbow, for around £57m back in 2018. Resolution had hoped to turn it into an outlet centre called Porta.
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