The City of Edinburgh Council has today (25 February 2009) been minded to grant outline planning consent for Henderson Global Investors’ St James Quarter redevelopment.
The project aims to transform the site of the existing St James Shopping Centre and New St Andrew’s House with a landmark mixed-use development comprising a world-class retail offer, up to 250 apartments, two new hotels, around 160,000 sq ft (15,000 sq m) of office space, vibrant public spaces, high-quality cafés and restaurants, improved public transport linkages, and 1,800 underground parking spaces.
The proposals will effectively double the amount of retail space at the scheme to over 1 million sq ft (93,000 sq m) and accommodate up to 90 stores – compared with around 60 at present. It is anticipated that the new centre will restore Edinburgh’s reputation as one of Europe’s leading shopping cities.
The St James Quarter, which is being masterplanned by BDP and Allan Murray Architects, will cement Edinburgh’s position as a dynamic and forward thinking capital city. It is forecast that the new development will create up to 4,000 jobs and provide a significant and sustained boost to tourism expenditure of around £20 million annually.
Opened in 1973, the existing John Lewis-anchored St James Centre has been regularly voted Edinburgh’s ugliest building. The centre, together with the adjoining New St Andrew’s House office development, was purchased by Henderson Global Investors in 2006 and forms part of its ‘UK Shopping Centre Fund’ portfolio.
An outline planning application for the project was submitted to the City of Edinburgh Council in September 2008. Following today’s decision, Henderson aims to submit a series of reserved matters applications next year (2010). Work on the new St James Quarter could then start as soon as 2011, with the new retail offer opening in 2015 and the completion of the entire scheme expected the following year.
Myles White, Fund Manager of Henderson Global Investors UK Shopping Centre Fund, said:
“The decision is welcome news for everyone who wants to see a world-class city centre, new jobs and a successful long term future for the area. The ambitious vision that we share with the City of Edinburgh Council, local residents and our investors has moved a significant step closer to becoming reality.
“The sheer scale and scope of our proposals demonstrate our long-term commitment to providing a landmark retail and leisure quarter in Edinburgh.
“Despite the challenging economic environment, this important regeneration project will create a revitalised shopping quarter for the city and offer an attractive long term investment opportunity capable of delivering superior returns for our investors”.
City of Edinburgh Council Leader, Councillor Jenny Dawe, added: “Today’s decision has sent out an important message to the world that Edinburgh is very much open for business.
“It shows we can work positively with investors to create developments that demonstrate the cutting-edge of retail provision and city living, whilst at the same time reflecting the city’s cultural heritage. We have ambitious plans for this city, and we are delighted that the new St James Quarter is now going to be an important part of it.”