Edinburgh city centre’s landmark mixed-use development Quartermile, an investment managed by the Moorfield Group, has agreed to sell its Category A-listed Surgical Hospital building, located on Lauriston Place, to the neighbouring University of Edinburgh.
The building, originally designed by architect David Bryce, will be renovated by the University into a new interdisciplinary hub intended to unite business and public policy in order to address societal and environmental challenges.
The University’s acquisition of the building will also provide the opportunity for Quartermile Developments to build a further phase of new build residential development at Quartermile along with proposed new retail and public space on Middle Meadow Walk.
Quartermile Developments managing director, Paul Curran, said: “This is an excellent opportunity for Quartermile and the City of Edinburgh. The Surgical Hospital is a fundamental part of our development masterplan of 29 buildings. It is a magnificent building which has always been used for teaching, so it is apt that its primary use will be for learning.
“The new University development will integrate Quartermile with one of the world’s most highly regarded academic institutions, making our location a place where business, academia, retail and lifestyle converge.”
Commenting on the acquisition, University of Edinburgh principal, professor Sir Timothy O’Shea, said: “We are very excited about the acquisition of the old Surgical Hospital and its potential. It will enable us to expand our outstanding teaching facilities and help us consolidate our position as a world-class university that is accessible to the wider community.”
Moorfield Real Estate Fund III made its initial investment into Quartermile in September 2013 as part of a drive to invest in well-located, city centre, mixed-use development projects.
Moorfield Group chief investment officer, Charles Ferguson Davie, added: “This transaction further cements Quartermile’s reputation as one of the UK’s leading mixed-use developments that now comprises a full range of different occupiers, offering a fantastic environment in which to live, work, enjoy and now study. It has been a year of stellar success for Quartermile and we look forward to maintaining that momentum during 2016.”
Once concluded, Quartermile will include 1,050 apartments, of which over 650 are already occupied and another 150 currently under construction. It will also comprise 370,000ft² (34,400m²) of grade-A office accommodation, 65,000ft² (6,000m²) of retail and leisure space and 7 acres of open landscaping. The development is expected to be completed in 2018.
