Following the ‘No’ vote in the recent Scottish referendum for independence, the city authorities of Edinburgh and Glasgow have breathed a sign of relief and are working hard at this year’s EXPO REAL to make up for lost time in promoting their investment opportunities.
Following the ‘No’ vote in the recent Scottish referendum for independence, the city authorities of Edinburgh and Glasgow have breathed a sign of relief and are working hard at this year’s EXPO REAL to make up for lost time in promoting their investment opportunities.
According to Elaine Ballantyne, head of investor support at The City of Edinburgh Council, following the opening of Edinburgh’s long-awaited tram line in May this year, new opportunities are opening up for development along the route. “And with the new railway station at Haymarket and Waverley station upgraded, there are more new land development opportunities along the route from the airport into the city centre,” she said.
The main retail focus for Edinburgh is St James Quarter, an old shopping centre at the east end of Princes Street which is set to be transformed by a £850m commercial development, thanks to a funding agreement between the City of Edinburgh Council, Scottish Government and TIAA Henderson Real Estate (TH Real Estate). The project is scheduled to start in 2015 with completion due in 2019.
In Glasgow, three speculative grade A office developments are currently under way and will be completed in Spring 2015, according to Anne Murray, business relationship manager at Glasgow City Council. The city is the UK’s first TIF (Tax Increment Financing,public financing subsidy for redevelopment, infrastructure), which will use £80 million to leverage private investment of £310 million private sector funding. “We are the first UK city to deliver on this,” said Anne.
