Standard Life Investments Pooled Property Fund has entered into a joint venture with Peveril Securities to buy and develop one of Edinburgh’s prime development opportunity sites.
The joint venture partners will invest around £75m at 3-8 St Andrew Square to deliver a 165,000 sq ft speculative mixed-use development, including 100,000 sq ft of offices, 55,000 sq ft of shops and restaurants and flats.
The development will regenerate the landmark city centre site, which has been vacant for more than five years.
David Stewart, fund manager of the Standard Life Investments Pooled Property Fund, said: “This development is a terrific opportunity to capitalise on the current constrained supply and improving occupier demand within Edinburgh. The property is in an absolutely prime location and we will be creating a first class long term investment for our investors.”
Peveril Securities is a wholly-owned subsidiary of the Bowmer & Kirkland Group.
Work on the development is expected to begin immediately, with completion due in 2016.
Standard Life Investments was advised on the purchase by Savills.
lisa.pilkington@estatesgazette.com
