Qmile Group to lead £300m development

Published: 20 February 2019

Plans to develop a high-profile site at Edinburgh’s Haymarket have taken a significant step forward following the appointment of a capital-based property developer.

Qmile Group, which also delivered the £750 million Quartermile project in Edinburgh, has been appointed by fund manager M&G Real Estate to develop the scheme. M&G, the investment arm of insurer Prudential, acquired the four-acre site next to Haymarket Station in June for £49.1m.

Partnering with Qmile Group ensures we are in the optimum position to fully realise Haymarket’s significant potential...

Aaron Pope, Director of Asset Management, M&G

 

The site has a gross development value of £300m, with planning permission already secured for three Grade A office buildings totalling 350,000 square foot, a 172-room aparthotel and provision for 40,000 sq ft of retail and leisure space.

M&G and Qmile, which are poised to outline revised plans for the site in the coming weeks, previously worked together on the Quartermile project, which was a redevelopment of the former Royal Infirmary of Edinburgh in Lauriston.

In 2014 M&G provided £82m of funding, considered to be one of Scotland’s largest forward funding deals, for the speculative development of two Grade A office buildings at the site: the 72,990 sq ft Quartermile 3 and the 128,600 sq ft Quartermile 4.

Chief executive Paul Curran said: “Haymarket is without doubt Edinburgh’s highest profile development project and provides an exciting opportunity to create a new place in the city centre.  With the retail, leisure and hotels components of the development, we will be creating a place with vitality and character which will enhance the existing fabric of the city..."

Full story via Edinburgh Evening News

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