McAlpine starts £350m scheme in Edinburgh

摘要

Sir Robert McAlpine has started work on the first phase of the £350m mixed-use Haymarket development in Edinburgh. The four-acre site will comprise three office buildings and two hotels, along with 40,000 square feet of retail space. M&G Real Estate acquired the city-centre site from Interserve in 2018 for £49.1m and appointed developer Qmile Group to lead the project. Qmile, McAlpine and architect Foster + Partners have previously worked together for M&G on the nearby £750m Quartermile development. McAlpine has begun delivery of the first building, 1 Haymarket Square, which has a gross development value of £80m. Interserve, which owned the site as part of its Tiger Development JV, sold it as part of a transformation plan, weeks after it posted a pre-tax loss of £244.4m for 2017. Less than a year later, the firm went through a pre-pack administration after shareholders rejected a deleveraging plan.