CityCyclingEdinburgh Forum » General Edinburgh

More glass boxes for Edinburgh (Haymarket development)

(33 posts)

12

  1. kaputnik
    Moderator

    Haymarket hotel and shops development to be built in summer

    A £200m development with hotel, offices and shops is to be built in Edinburgh's Haymarket in the summer, following several years of delay.

    The large site has lain dormant for years due to a long-running planning battle then the economic downturn.

    The development already has full planning consent and has the potential to create 3,500 jobs.

    Potential for cycle path link between Haymarché and the Springside Slalom?

    Tesco and serviced apartments provider Staycity have already signed up while food chains Prezzo and Pret A Manger have committed for the second phase of the development.

    Great! Just what Edinburgh needs. We don't have nearly enough Tescos or expensive chain sandwich shops.

    Posted 11 years ago #

  2. Baldcyclist
    Member

    Definitely required, there's a real shortage of retail / office space in the City Centre, hardly any retail units, or complete office buildings lying empty at all. </sarcasm>

    Posted 11 years ago #

  3. kaputnik
    Moderator

    Chipwrapper commentators worrying about the train tunnels beneath

    Posted 11 years ago #

  4. chdot
    Admin

    Posted 11 years ago #

  5. DaveC
    Member

    I hear it will be called the slice, after it cuts through the train tunnels. Oops gave away my secret time machine....

    Posted 11 years ago #

  6. chdot
    Admin

    Posted 11 years ago #

  7. cc
    Member

    Isn't this the eyesore which if built was going to lead to the UNESCO world heritage status being taken away? Or something?

    Posted 11 years ago #

  8. Min
    Member

    They have scaled it down a LOT. This is a vast improvement on what they were planning to do before. I am a bit sceptical of the claim of 3500 jobs. I suppose that might happen if they fill the empty offices which, as Baldcyclist has already pointed out is unlikely since none of the many other empty ones have been filled.

    Posted 11 years ago #

  9. SRD
    Moderator

    speaking of which...I was expecting there to be more debate on here about 'The Planners'

    It doesn't seem to be on iplayer any more. I found it quite interesting to watch....

    Posted 11 years ago #

  10. chdot
    Admin

    Posted two years ago -

    "Definitely required, there's a real shortage of retail / office space in the City Centre, hardly any retail units, or complete office buildings lying empty at all. </sarcasm>"

    Now -

    "

    Work has begun on a £24 million development aimed at helping address Edinburgh’s serious shortage of high-quality new office space.

    "

    http://www.scotsman.com/scotland-on-sunday-2-7506/business/24m-edinburgh-development-to-combat-shortage-of-offices-1-4076406

    Posted 8 years ago #

  11. Murun Buchstansangur
    Member

    In fairness, after a glut of office space existing a couple of years back or longer, most of the Fountainbridge/Semple St/Morrison St offices seem largely full now. The retail aspect may fare less well...

    Posted 8 years ago #

  12. Stickman
    Member

    Related, I saw that the pavement on the south side of Morrison Street and onto Dalry Road will be closed for a year for the development there. Pedestrians will have to divert to the other side.

    Posted 8 years ago #

  13. acsimpson
    Member

    Where are the headlines decrying pedestrian CHAOS?

    The Morrison Street pavements already struggle to cope with the volume of office workers heading to the station at 5.

    Posted 8 years ago #

  14. Fountainbridge
    Member

    I raised it about a month ago. Not heard a peep about it since.

    As it's a Temporary TRO there is no mechanism to object to it.

    I note the TTRO seems to be wrong as it mentions Caledonian Place - which is along Darly Road past Scotmid / Maplin. Presume they mean Dalry Place. My map is actually too short by about 300m

    The TRO

    160216181259IMG_4625 by Paul fae Fountainbridge, on Flickr

    I put up this map which is actually wrong. The TRO continues much further.

    Morrison-St-Diversion-Route by Paul fae Fountainbridge, on Flickr

    Not heard a peep about it

    Posted 8 years ago #

  15. Klaxon
    Member

    That's awful.

    No reason why one of the four lanes of road space couldn't be given over to a protected temporary tunnel, as currently erected over the Royal Mile and Leith Walk (at the library).

    Well, I can think of one reason- the holy god of traffic flow.

    Posted 8 years ago #

  16. fimm
    Member

    What the absolute - ?
    As others have said, there's loads of pedestrians along there at peak times, and they're not all going to divert nicely 'cos pedestrians don't (and quite right too). Ah well, that will slow the drivers down.
    I assume the bus stops (heavily used) will be moved up Dalry Road a bit. But why do they need to close the pavement all the way up there?

    Posted 8 years ago #

  17. acsimpson
    Member

    "But why do they need to close the pavement all the way up there?"
    And where do they expect people coming out of the buildings to go?

    Posted 8 years ago #

  18. chdot
    Admin

    "

    THE city council is to sell the Atria office development in the heart of the Capital’s financial district to a German-based real estate investment company for £105 million.

    "

    http://www.edinburghnews.scotsman.com/our-region/edinburgh/haymarket/atria-office-complex-sells-for-105m-1-4090894

    Posted 8 years ago #

  19. chdot
    Admin

    "

    Based on Atria’s end valuation of £85m when it was officially launched in 2013, the sale price suggests a gross profit of around £20m, representing a return of more than 23 per cent.

    “The fact that we have been able to attract investment into Edinburgh from a major overseas real estate company is testament to the quality of the building and its occupiers,” said Councillor Gavin Barrie, Edinburgh's economy convener.

    “Our plan was always to sell Atria once the development was completed and the economic conditions were right to achieve the best possible return for the council’s investment and I believe we have achieved this.”

    "

    http://www.heraldscotland.com/business/14405616.Sale_of_prime_Atria_development_will_deliver_vital_funds_for_City_of_Edinburgh_Council

    Posted 8 years ago #

  20. CycleCommute.CC
    Member

    Based on Atria’s end valuation of £85m when it was officially launched in 2013, the sale price suggests a gross profit of around £20m, representing a return of more than 23 per cent.

    Would profit not be based on how much it cost to develop, rather than some notional estimate of the value 2 years ago?

    Posted 8 years ago #

  21. chdot
    Admin

    "Would profit not be based on how much it cost to develop, rather than some notional estimate of the value 2 years ago?"

    You'd think so.

    Either inadequate journalism, or the wonderful world of development.

    (Or both?)

    Posted 8 years ago #

  22. Wilmington's Cow
    Member

    I'd suspect it was initially funded through private investment, then two years ago there will have been the official handover, at which point the council paid the value. So the profit to the council is based on that figure.

    If it had developed the site out of its own pocket the profit would likely have been higher (as those developing it then selling it for the £85m will have made sure they were getting a profit too).

    Note, that's all conjecture and I've no actual idea how it was organised.

    Posted 8 years ago #

  23. Min
    Member

    Creative accounting in the world of development? Never!

    Posted 8 years ago #

  24. Wilmington's Cow
    Member

    I wonder how many people with Edinburgh links have holidayed in Panama recently...

    Posted 8 years ago #

  25. wingpig
    Member

    "Creative accounting in the world of development? Never!"

    There's probably some sort of 'building appearance insurance' developers can take out in case some unsellable/unprofitable buildings are accidentally built on their land during a surplus of high-quality modern city offices.

    "Tesco and serviced apartments provider Staycity have already signed up..."

    Seeing as that's from 'three years ago' I wonder if this was affected by Tesco's expansion-cancellation following their profit veracity issues...

    Posted 8 years ago #

  26. Fountainbridge
    Member

    For the Atria development, the council originally offered to underwrite floor rent at very high price just to ensure the EICC extension was built. This was before the 2008 crash and would have been one of the most expensive floor rents in Edinburgh. Following the crash, the developer could use cheaper labour and build the building knowing that they had a water tight deal with CEC to underwrite the rent.

    I wonder if CEC are still having to underwrite the rents?

    I also heard the plumbing contractors on the job were sacked, and decided to fill the drains with cement

    Posted 8 years ago #

  27. Stickman
    Member

    A load of notices have been posted on the council website about the pavement closure on Morrison Street. Not sure what they mean - perhaps someone could interpret for those not understanding councilese?

    http://www.edinburgh.gov.uk/downloads/file/7523/po162_dalry_roadmorrison_streetmorrison_crescent_stopping_up_statement_of_reasons

    Posted 8 years ago #

  28. chdot
    Admin

    "perhaps someone could interpret for those not understanding councilese?"

    It means CHAOS! (For pedestrians at least.)

    Posted 8 years ago #

  29. wingpig
    Member

    The footway beside the site was blocked off on Monday/Tuesday, with peds routed through a small channel protected by flimsy plastic barriers in the space where the cycle lane would usually be but the barriers were gone yesterday evening, with the footway back in use and all three lanes plus the cycle lane available for vehicles.

    Posted 8 years ago #

  30. Fountainbridge
    Member

    I've seen 2 stopping up orders for Haymarket. They are basically excluding certain pavement areas from being part of "public footpaths".

    On the Haymarket corner, the area with trees and seats, is being removed from the public. I seem to remember there'll be a new plaza type area here eventually.

    The other bit is on Morrison Circus - where there isn't actually a pavement anyway.

    The pavement on Morrison street was due to close on Monday for demolition of the toilet block, but as yet nothing has happened. Edintravel on twitter says one lane of traffic will be closed, with pedestrians walking on the road.

    Posted 8 years ago #

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