In association with its development partner Ediston Real Estate, RBS has concluded final contracts that will allow the regeneration of the 8.5 acre (approx. 34,400 m²) former fruit market site at Chesser Avenue in Edinburgh into a major new residential and retail scheme to proceed.
The £38 mln (around €52 mln) redevelopment will commence later this month and comprise 114 new build residential properties and 58,500 ft² (approx. 5400 m²) of retail accommodation, the latter to be known as Edinburgh West Retail Park. The project will provide significant employment opportunities throughout the construction period, as well as new long term employment positions within the new retail park.
RBS has reached an agreement with BP Pension Fund which will forward fund and subsequently acquire the retail element once completed. Edinburgh West Retail Park comprises five retail units and three kiosks, 285 car parking spaces.
Three of the new retail units have been pre-let to retailers Marks & Spencer, Home Bargains and Aldi, while Costa Coffee has agreed to lease one of the kiosks. Two a further retail units and two small kiosks are available to lease.
James Rowney, Head of Real Estate Asset Management (GB) at RBS commented: “We are particularly pleased that, working with our partners Ediston, we have been able to bring 114 much needed new homes to the area, 70% which are affordable units for rent, and that these will sit alongside a largely pre-let retail park which will deliver employment opportunities to the local community.”
Source: Ediston Real Estate