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09.06.15

Edinburgh St James buildings granted green light by City of Edinburgh Council

TH Real Estate has welcomed the City of Edinburgh Council’s decision to grant planning permission and listed building consent for the conversion and alterations to St Andrew’s Hall and 27-31 James Craig Walk which forms part of the Edinburgh St James development site. The proposals have been designed by Purcell, architects, designers, heritage leaders and specialist consultants.

Concurrent planning applications and listed building consent applications for 27-31 James Craig Walk, known as the Mansion Capital building, and St Andrew’s Hall were submitted at the end of last year for the category B listed properties. Purcell were instructed to safeguard their historical character, whilst ensuring the buildings are suitably aligned with the overarching look and feel of the £850m development.

The City of Edinburgh Council approved the applications for St Andrew’s Hall under delegated powers. The building will be sensitively converted and will include a three-storey extension, which will complement the existing building. It will provide office and restaurant space, a base for centre management, training facilities and a security centre.

In addition, the City of Edinburgh Council’s planning committee confirmed it was ‘minded to grant’ proposals for 27-31 James Craig Walk subject to the signing of a legal agreement, which will follow TH Real Estate’s acquisition of the building in 2016. This will see the interior of the building modernised, up to 20 new homes delivered, and create commercial space on the lower floors. The sensitive restoration of the building’s exterior will ensure that the design reflects the original vision for James Craig Walk, and will relate to the wider Edinburgh St James redevelopment.

The 1.7 million sq ft Edinburgh St James scheme is one of the largest regeneration projects currently underway in the UK. The redevelopment will see the 1970s shopping centre that currently on site, replaced with 750,000 sq ft of prime retail space, a luxury hotel, up to 250 new homes, restaurants and a multi-screen cinema.

About TIAA Henderson Real Estate

TIAA Henderson Real Estate (TH Real Estate) is an established investment management company with specialisation in real estate equity and debt investing 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 multi-family sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.

Launched in April 2014, the company has a dedicated global presence with offices across Asia and Europe, managing c.$25.2bn of real estate assets across c.50 funds and mandates.

Together, the TIAA-CREF real estate and TH Real Estate platforms represent one of the largest real estate investment management enterprises in the world, with a combined total of c. $79 bn in real estate assets under management.

The company is jointly owned by TIAA-CREF (60%) and Henderson Global Investors (40%) bringing it a combined track record of over 90 years in global real estate. 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. www.threalestate.com

* All figures as at 30 September 2014

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