14th May 2015

Ediston secures funding for Edinburgh West Retail Park

Ediston Real Estate and RBS has announced that it has concluded final contracts that will allow the regeneration of the 8.5 acre former fruit market site at Chesser Avenue, Edinburgh into a major new residential and retail scheme to proceed.

The £38 million redevelopment will commence later this month and comprise 114 new build residential properties and 58,500 sq. ft. 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.

BP Pension Fund will forward fund and subsequently acquire the retail element once completed. Edinburgh West Retail Park comprises 5 retail units and 3 kiosks, ranging from c.16,900 sq. ft. to 1,000 sq. ft. in size and 285 car parking spaces. Three of the new retail units have been pre-let to retailers Marks & Spencer, Home Bargains, Aldi and Costa Coffee have agreed to lease one of the kiosks. With two a further retail units and two small kiosks available to lease.

Having secured planning permission for a 114 unit social-led residential development on an adjoining part of the site, RBS has sold this part of the project to Chesser Developments which is run by New City Vision owner Harry O’Donnell. Having secured funding from the Scottish Futures Trust the development will deliver 80 Affordable Housing units, for rent, with a mix of 1 & 2 and 3 bed apartments. At the same time 34 homes with a mix of 2, 3 & 4 bed semi-detached and terraced properties will also be available for private sale.

Danny O’Neill, Chief Executive of Ediston commented “the funding of the retail park is the culmination of 2 years of work which has involved obtaining 3 separate planning consents, securing substantial pre-lets including Marks and Spencer and selling the residential development to ensure that work commences on all aspects of the mixed use development. We are now looking forward to working with BP and Chesser developments over the next 12 months to deliver the project.

James Rowney, Head of Real Estate Asset Management (GB) at RBS commented “these agreements mark a successful conclusion to RBS’s involvement in this project and effectively allow us to bring this prominently situated brown-field site in Edinburgh back to life.

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.