CITY OF EDINBURGH REVEALS MULTIPLE INVESTMENT OPPORTUNITIES AT MIPIM 2013
11th March, 2013 (Virtual Press Office) -- The City of Edinburgh, Scotland's spectacular capital, presents a range of development opportunities for developers, plus unveils 15 additional flight routes; new hotels and 150,000m2 of recently released commercial space.
Having been crowned 'Best Large City of the Future' and 'Best Large City for fDi Strategy' last year, Edinburgh will reveal a range of developments at MIPIM this year (March 12th-15th), presenting significant investment opportunities to the international community.
LEISURE & BUSINESS TOURISM
Edinburgh is well-known as one of the world's top leisure and business tourism cities in the world, attracting over 3.5 million people per annum. In 2012, the city was crowned Europe's leading destination in the World Travel Awards. Edinburgh Airport – named the best airport in Europe by Airport Council International Europe – is connected to over 100 cities worldwide, with recent new or increased additions such as Toronto; Berlin; Copenhagen; Prague and Bologna. Recent hotel developments include a £24 million (27.6m euros/$36m) upgrade of The Caledonian, a Waldorf Astoria Hotel; the German hotelier Motel One selecting Edinburgh for its first two hotels in the UK; and the Malaysian chain Tune Hotels opening a 179-bedroom hotel in the city's central business district. The city's status as a centre of business and academia make it a popular place to host conventions, with a major investment in the Edinburgh International Conference Centre (EICC) giving it a 1,600m2 multi-purpose hall that can be configured as an arena, raked auditorium or exhibition space. The new EICC will offer more that 50% additional public space for hire and is expected to generate an additional £2.4bn (2.8bn euros/$3.6bn) to the Edinburgh and Scottish economy over the next 30 years.
Edinburgh has an internationally renowned year-round calendar of festivals and events which will be supplemented in the coming years with a number of major events taking place near Edinburgh including the Ryder Cup and Glasgow Commonwealth Games in 2014. These events result in a massive influx of visitors to the city which presents exceptional opportunities for the hotel, leisure and retail sectors.
Edinburgh's economic success is being underpinned by record levels of investment in infrastructure. Over £3.5 billion (4bn euros/$5.3bn) is currently being spent on a range of major transport projects across the city region including the new £1.6 billion (1.8bn euros/$2.4bn) Forth Replacement Crossing and a record £1.25 billion (1.43bn euros/$1.9bn) is being invested in the rail network. When delivered, these projects will ensure that Edinburgh remains one of Europe's best connected cities.
Edinburgh's tram project is another of the city's flagship transport schemes. In 2014 the tram will provide a rapid link between the airport and city centre, stopping at a range of major employment centres and development opportunities along the route. In West Edinburgh, the tram is helping unlock Edinburgh International, a world-class development opportunity which combines Edinburgh Airport, Scotland's busiest airport, with Scotland's National Showground and the 85 hectare International Business Gateway. The area offers huge potential for commercial development, including offices, hotels and, potentially, a new multi-use events arena.
Nearby, Connect at West Edinburgh is a major commercial hub with over 465,000 m2 (5million sqft) of prime office space housing some of the world's leading 'blue chip' companies. Around 42,000 m2 (450,000 sqft) of office accommodation is currently available in 'move-in' condition and at highly competitive rates. A range of on-site leisure facilities, an award-winning designed landscape and direct links across Scotland and beyond, make this an outstanding business location.
Edinburgh's historic core also offers exciting opportunities for investors. A new city quarter is taking shape at Fountain Quay on a 4.65 hectare site alongside the Union Canal. Only 500m from the heart of the Exchange, Edinburgh's central business district, Fountain Quay will see mixed-use development including office, residential, retail and cultural uses in a prime city centre location
At The Haymarket, situated to the west of the city centre, plans are also in place for a major addition to the cityscape. Tiger Developments are progressing plans for a prestigious new development opposite Haymarket Station, one of Scotland's busiest transport interchanges. When complete the scheme will include over 40,000m2 (440,000 sqft) of new offices alongside retail and leisure amenities, and a new 245 bed hotel.
Atria Edinburgh, a landmark office development in the heart of the city, is nearing completion and will soon unveil an additional 18,600m2 of grade-A office accommodation and retail space, enhancing the Exchange, Edinburgh's central business district. The UK's only speculative prime office development outside London over 100,000 sq ft, Atria has already secured a tenant in Brewin Dolphin, one of the UK's largest independent investment managers for private clients.
Edinburgh's financial; science and retail sectors are thriving. Most recently, Swedish medical equipment company, Mölnlycke Health Care has opened a research and development laboratory at the ground-breaking BioQuarter development, an arm of Europe's fastest-growing academic medical centre and venture capital firm Rock Spring Ventures has based a new £50 million (57.5m euros/$75m) investment fund in Edinburgh.
Luxury retail brands that have recently expanded into Edinburgh include Hugo Boss, Michael Kors, Thomas Sabo, TAG Heuer and Kiehl's. Wider plans are underway for an £850 million redevelopment of the St James Quarter in the city centre that will deliver over 450,000m2 of additional retail space, as well as two hotels, 250 residential units and up to 15,000m2 of new office space.
Recent office lettings in Edinburgh include the financial software firm FNZ leasing 1,600m2 at the flagship Tanfield office development, and the legal practice ACH Shoosmiths, who have leased 1,100m2 of office space in the city's Exchange District. Meanwhile, Highcross has sold the 23,00m2 Waverleygate office building to PRUPIM for £46 million (52.7m euros/$69m), a net yield of 7.3%.
Greg Ward, Head of Economic Development at the City of Edinburgh Council said, "Developments like these reflect the quality of Edinburgh's assets and offering, and we're delighted to be here in MIPIM to showcase such significant projects as the Atria and the Edinburgh International - both of which present enormous opportunities for global businesses to invest in Scotland's capital city."
Ward continued; "Edinburgh offers investors access to a highly educated workforce, a supportive fiscal environment and a competitive economy with potential for growth. It's a brilliant place to locate and do business – and more and more major investors and developers in the UK and overseas genuinely see Edinburgh as a key location to invest their money."
For further information and an opportunity to speak with the team, please visit the Edinburgh stand in MIPIM on Level One (stand 13.08) at the Palais des Festivals, or go to www.edinburgh-inspiringcapital.com.
Whisky tastings will also take place at Edinburgh's stand at 4pm on Tuesday 12th and Thursday 14thMarch, and a prize draw to win a trip for two to Edinburgh – including a stay at the luxury 5-star Waldorf Astoria Caledonian Hotel - will also be held.
ENDS MARCH 2013
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Details of Infrastructure Projects totalling £3.5bn (4bn euros/$5.3bn) currently underway in Edinburgh
- Forth Replacement Crossing: £1.6bn (1.8bn euros/$2.4bn)
- Edinburgh Tram Project: £776m (891m euros/$1.2bn)
- Edinburgh/Glasgow Improvement Project £650m (747m euros/$978m)
- Borders Railway: £300m (344m euros/$452m)
- Railway station upgrades in the city centre: £156m (179m euros/$235m)
- Edinburgh Gateway Exchange £35m (40m euros/$53m)
Notes to Editor – Some Edinburgh Facts:
- Edinburgh's office market is competitively priced. The total occupancy costs per workstation in Edinburgh are 46% lower than in the City of London and 67% lower than the West End of London
- Edinburgh has the UK's best educated workforce. Over 40% of the working age population are university graduates, more than any other UK city
- Edinburgh has the strongest labour market of any major UK city. Just 3.1% of the working age population receives Jobseeker's Allowance.
- Edinburgh has the highest gross value added per resident than any other city in the UK
- Edinburgh has the highest earnings per resident in the UK after London
- Edinburgh has the highest disposable income per resident in the UK after London
- Edinburgh has attracted the highest number of foreign direct investment of all UK cities after London