All Articles

TH Real Estate confirms Native Land and Queensberry as Edinburgh St James residential partner

St James, Edinburgh

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.

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. 201600447