TH Real Estate has announced its residential partners for the 1.7 million sq ft (157,935 sq m) mixed-use Edinburgh St James scheme, one of the largest regeneration projects currently underway in the UK.
Native Land, the internationally recognised residential and mixed-use developer, and Scottish residential development firm Queensberry Properties, have teamed up to become TH Real Estate’s joint venture partner to deliver the scheme’s residential component.
The Edinburgh St James residential element, which had been marketed by Rettie & Co, attracted significant interest from a range of notable parties. Comprising approximately 150 apartments, the new homes will offer unrivalled amenities and unparalleled views across the UNESCO World Heritage City.
Edinburgh St James will be Native Land’s first development outside London. Native Land and Queensberry will take a combined stake in the residential element at Edinburgh St James, and have already progressed in assuming the role of development manager, working alongside TH Real Estate, to maximise the residential potential.
Native Land is renowned for its expertise in delivering high quality residential developments in the prime central London market and is behind several of the city’s most admired apartment buildings, including 10 Montrose Place in Belgravia, Stirling Prize shortlisted NEO Bankside and Cheyne Terrace in Chelsea. Queensberry Properties, a partnership between one of Scotland's leading housebuilders, Cruden Homes, and established investment and development business, Buccleuch Property, will provide significant local insight. Buccleuch Property is also a long-standing shareholder in Native Land. The partnership between Native Land and Queensberry Properties at Edinburgh St James will combine both companies’ expertise to set the highest standard for prime new build residential accommodation in Edinburgh.
The announcement follows a number of milestones for Edinburgh St James. In October, it was announced that the joint investment partnership between TH Real Estate and APG was agreed and finalised. This coincided with the appointment of main contractor Laing O’Rourke which has already begun demolition work on the existing St James Centre to make way for the new development. John Lewis will continue to trade throughout the construction process which is anticipated to complete in 2020.
Stephen Wicks, Director of Shopping Centres at TH Real Estate, said:
“The interest we have received in the residential opportunity at Edinburgh St James is a real testament to the quality of the scheme and the vision we have proposed. Native Land and Queensberry Properties have unrivalled experience in delivering projects of this kind and we are confident they will deliver a high quality residential offer which will complement the wider development.”
Alasdair Nicholls, Chief Executive of Native Land, commented: “Edinburgh St James represents a natural first move outside of our core London business, allowing us to become part of a significant mixed-use project in a world-class city. The new partnership with Queensberry will combine our residential and mixed use experience with strong local knowledge. The development will set a new standard for quality at the top end of the Edinburgh residential market.”
A premier example of city-enhancing place making, Edinburgh St James will see the 1970’s shopping centre currently on site replaced with 850,000 sq ft of retail space, a multi-screen cinema, and the internationally recognised W Hotel comprising up to 214 rooms, in addition to the residential element. Designed by Allan Murray Architects, the scheme will help move Edinburgh further up the UK retail rankings, from 13th to eighth and will support the city’s tourist industry which contributes an estimated £260m to Edinburgh’s economy each year. Edinburgh St James will also create up to 3,000 permanent jobs.
About TH Real Estate
TH Real Estate, an operating division of TIAA Global Asset Management, is one of the largest real estate investment managers in the world with $97 billion in AUM. Managing a suite of nearly 80 funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, the firm provides access to every aspect of real estate investing. With offices in 20 cities throughout the U.S., Europe and Asia Pacific, over 400 professionals and 60 years of investing experience, the platform offers deep local expertise coupled with a sophisticated global perspective. TH Real Estate’s investment, asset management and corporate strategies grow from a deep understanding of the structural trends that will shape the future of real estate and responsible investing beyond market cycles. This ‘Tomorrow’s World’ approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society.
*As at 30 September
Established in 2003, Native Land is a privately owned investment and development company behind some of London’s most acclaimed private residential, mixed-use and affordable housing projects.
To date, Native Land’s portfolio comprises around 2 million sq ft and includes the prestigious Holland Park Villas, Burlington Gate, 10, Montrose Place and Cheyne Terrace and the multi-award-winning NEO Bankside.
The company’s commitment to affordable housing and public realm improvements has delivered more than 167 affordable homes, produced more than £20m in Section 106 payments across the boroughs in which it operates and has delivered extensive public realm improvements across London.
Native Land is a trusted and recognised residential development partner of choice for leading UK property groups such as Grosvenor and Land Securities and works in partnership with major international investors Temasek, the Singaporean sovereign wealth fund, providing opportunities and exposure to the UK development market.
Native Land is recognised for its ability to unlock value for stakeholders in its developments and it’s bold, imaginative and intelligent style has been acknowledged by numerous industry awards.< back to news index