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08.07.15

TH Real Estate’s £850m Edinburgh St James regeneration granted planning consent

Reserved Matters approvals by City of Edinburgh City Council marks a major milestone for this transformational development.

TH Real Estate has been granted planning permission by the City of Edinburgh Council for its £850m mixed-use Edinburgh St James scheme. This pivotal decision marks a major milestone for this transformational development, which is one of the largest regeneration projects currently underway in the UK.

The City of Edinburgh Council Planning Committee has approved Primary Reserved Matters, Secondary Reserved Matters and a John Lewis detailed application for the 1.7 million sq ft (157,935 sq m) development project.

The approved designs, by Edinburgh-based Allan Murray Architects, will see the 1970s shopping centre currently on site replaced with 750,000 sq ft (69,677 sqm) of retail space, a luxury hotel, up to 250 new homes, 30 restaurants and a multi-screen cinema.

It is hoped that planning permission for the scheme’s luxury hotel will be granted when the design goes before the City of Edinburgh Council later this summer. As the centrepiece of Edinburgh St James, this iconic building will affirm Edinburgh’s position as a global destination and is already attracting the attention of major international hotel brands. Overlooking St James Square and creating a new landmark building for the city, the hotel will include up to 210 beds and will feature restaurants, bars and a rooftop terrace at uppermost levels.

Looking further ahead, subject to the successful resolution of the Compulsory Purchase Order (CPO) scheduled for September, the project team is working towards a January vacant possession of the St James Centre, to enable demolition works to begin onsite in early 2016. Edinburgh St James is anticipated to complete in 2020.

Martin Perry, Director of Development, TH Real Estate, commented:

We are absolutely delighted that the City of Edinburgh Council has backed our vision for Edinburgh St James. We are now focused on the next phase of our plans for this landmark development – providing Edinburgh with a brand new, vibrant and exciting place to live, visit and shop in the heart of the city.

About TH Real Estate

TH Real Estate is an established investment management company, specialising in real estate equity and debt investment worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and residential sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.

The company is owned by TIAA-CREF, a US financial services and Fortune 100 company, with £584bn assets under management*. Launched in April 2014, TH Real Estate has a dedicated global presence with offices across America, Asia and Europe, representing c.£17.4bn* of real estate assets across c.50 funds and mandates. Together with TIAA-CREF’s US real estate assets, the global real estate platform of £55.7bn* represents one of the largest real estate investment management enterprises in the world.

Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research.

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