13 June 2017 - TH Real Estate has announced a major pre-let deal with Roomzzz Aparthotel at the 1.7m sq ft Edinburgh St James development, completing the premium residential, hotel and cinema offer at the £1bn development.
The deal represents the latest in a string of debut signings at the development, where complementing top-tier brands have been attracted to trade side by side at the largest retail-led mixed-use regeneration project currently underway in the UK.
Roomzzz, the luxury aparthotel brand, has taken a prime position at Edinburgh St James for its 73 room aparthotel. Roomzzz is the latest accommodation brand to be announced for the development and follows the news that W Hotels will debut the first W Hotel in Scotland, W Edinburgh – marking the 5-star centrepiece of the development. Demonstrating continued confidence in the scheme, W Edinburgh also signed last month (May) to operate 39 rooms in addition to the 214 already planned for the scheme.
Currently located in some of the UK’s most vibrant city centres including London, Newcastle, Leeds and Manchester, Roomzzz Aparthotels offer a unique combination of all the best features of boutique hotels and serviced apartments. Appealing to corporate and leisure travellers, guests can stay for one night to a year. Featuring a rooftop terrace and balconies throughout, residents will enjoy unrivalled views of the city’s historical landscape, including Edinburgh’s highest peak, Arthur’s Seat.
Located in the heart of the city, Edinburgh St James will become the retail hub of Edinburgh. In close proximity to rail, tram and bus connection, the development will be a short, three-minute walk from Waverley Station. Visitors arriving by air will also be able to take a short bus or tram ride directly to Edinburgh St James upon its completion in 2020.
The hotels will join an unrivalled line-up of 86 new shops over the four floors of Edinburgh St James, including a 50,000 sq ft flagship store for Next, the leading British brand. Next will join Scotland’s flagship John Lewis, which continues to trade throughout construction. When complete, Edinburgh St James will comprise 850,000 sq ft of retail space, set to complement the premium shopping offer of neighbouring luxury retailer Harvey Nichols, which anchors the premium shopping street of Multrees Walk.
In keeping with Edinburgh’s world-class leisure offer, the hotel brands also join a flagship Everyman Cinema. Located in the centre of Edinburgh St James, the boutique cinema will have five screens and, combined with 20 new restaurants, will help make Edinburgh St James an all-day and evening experience.
A leading example of city-enhancing place making, Edinburgh St James will seamlessly integrate into the existing streetscape and city’s famous festival culture, by providing three new public squares. In addition, 150 apartments and 1,600 car parking spaces will also be delivered. All of this will move the city into the UK’s ranking of the top ten cities for retail – an upward shift of three places.
Ed Webb, Director of Development Management for TH Real Estate, commented: “With over 1.5m international visitors making their way to the city each year, Edinburgh remains a strong choice for both UK and international leisure operators. Edinburgh St James is uniquely positioned with transport links offering access to a 1.9m strong catchment, with a £4.5bn spend. It is this offer that has helped attract high quality brands and we are proud to bring a raft of brand debuts to one of the most vibrant cities in Europe.
“The aparthotel, alongside the W Edinburgh, Everyman Cinema, rooftop restaurants, cafes, bars, shops, public spaces and homes, will create a bespoke destination, opening up a new vista with unique views across the city – creating a place that is actively sought-out by residents and visitors alike.”
CEO of Roomzzz, Naveen Ahmed, added: “Set to become the city’s hottest new retail destination and with excellent transport links, the Edinburgh St James development is the perfect location for the Roomzzz brand to launch its first aparthotel in Scotland. Our expansion into the Scottish capital is a significant milestone for Roomzzz as we look to grow our successful portfolio of luxurious aparthotels across the UK."
This latest signing of a leading UK hotel brand reinforces the city’s reputation as a cosmopolitan capital, further strengthening Edinburgh’s booming tourist industry which, at £1.32bn, is second only to London in the UK and is set to reach £1.5bn by 2020. Once complete, Edinburgh St James is set to increase Edinburgh’s market potential by 13% - propelling the city into the top 1% of European locations.*
JLL acted on behalf of TH Real Estate, and Christie and Co acted for Roomzzz.
Notes to Editors This press release is intended for trade press use only. Please do not redistribute.
*Source: CACI report 2017 commissioned by TH Real Estate
About TH Real Estate TH Real Estate, an investment affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with c.$99bn in AUM. Managing a suite of nearly 80 funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, we provide access to every aspect of real estate investing. With offices in 20 cities throughout the US, Europe and Asia-Pacific, over 500 professionals and 80 years of investing experience, the platform offers impressive local expertise coupled with a sophisticated global perspective.
Our investment, asset management and corporate strategies grow from a deep understanding of the structural trends that we believe will shape the future of real estate and responsible investing beyond market cycles. This ‘Tomorrow’s World’ approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society.