capital placemaking developing edinburgh’s future … · 2019-05-31 · to provide a 21st century...

C A P I T A L P L A C E M A K I N G

D E V E L O P I N G E D I N B U R G H ’ S F U T U R E

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O F F I C E


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H O T E L

3 2 A D D I T I O N A L I N F O R M AT I O N

West Edinburgh is a significant location for investment, with the airport, the National Showground and the International Business Gateway.

Development here will require continued coordination and planning to achieve a successful business-led city extension which fulfils its potential for international investment, new jobs and high quality of place.

Source: National Planning Framework 3

EDINBURGH AIRPORT

EDINBURGH CITY CENTRE 20 MINUTES DRIVE

RBS GLOBAL HQ – GOGARBURN

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CITY CENTRE

A M A J O R S I T E U N D E R O N E O W N E R S H I P

Edinburgh 205 provides a unique opportunity to acquire an initial 186 acres of prime development land in an outstanding location from a total landholding of 205 acres. In single ownership, the scale of the opportunity means that a self-contained contemporary city extension can be created. With unparalleled local and national connectivity, Edinburgh 205 can deliver a development to rival the likes of Orestad in Copenhagen, Zuidas in Amsterdam and other exemplar city extensions.

H I G H Q UA L I T Y, M I X E D U S E , M O D E R N S U S TA I N A B L E C I T Y E X T E N S I O N

Placemaking must be at the heart of the opportunity presented by Edinburgh 205. Uses should be balanced to create business and residential communities that benefit strongly from each other leading to a place of international repute. The Edinburgh Tram runs through the middle of the site and links Edinburgh 205 directly to the city centre and the airport. It also connects with the Edinburgh Gateway and South Gyle rail stations providing extensive links throughout the country. The Ingliston bus terminus and Park and Ride sits immediately adjacent to Edinburgh 205. The road network including the M8 and M9 motorways provides fast and efficient road linkages. Importantly Edinburgh 205 enhances the active travel opportunities to the west of the city with new cycle and walk ways.

2 0 M I N U T E S F R O M E D I N B U R G H C I T Y C E N T R E

Edinburgh is a compact city and Edinburgh 205 is within 20 minutes of the city centre by both public transport and cars. The development site has an extensive frontage to the A8, a major arterial route into the city and it also benefits from proximity to the city bypass and from there, the wider road network.

A D J A C E N T T O E D I N B U R G H A I R P O R T

The international linkages enjoyed by Edinburgh 205 are excellent and growing all the time. Passenger numbers through the Airport in 2018 passed 14 million, having increased 6.5% in a year. Edinburgh 205 is so close to the Airport that passengers can walk from here to the terminal or alternatively travel by tram. For all of its close proximity Edinburgh 205 is not hampered by noise from the airport.

E D I N B U R G H C I T Y C O U N C I L S U P P O R T E D

Edinburgh 205 is enshrined throughout the statutory plan system. It forms the dominant part of the International Business Gateway (IBG) designated within the National Planning Framework 3, SESplan (the strategic plan) and the Edinburgh Local Development Plan. With these designations, Edinburgh 205 provides a unique opportunity to deliver the successful city extension envisaged within the National Planning Framework and create a truly inspirational place within which to live and work, that will assist in driving Edinburgh’s economy forward.

D E V E LO P M E N T P O T E N T I A L

Within Edinburgh, but beyond the constraints imposed on much of the city by its UNESCO designation, provides Edinburgh 205 with a unique benefit. A place of significant architectural, economic and social merit can be created. The Edinburgh Local Development Plan encourages the delivery of a truly mixed use place.

The recent significant transportation improvements in West Edinburgh enhance the potential of Edinburgh 205 and increase the density to which the site can be developed. An initial phase, IBG West, has recently had its planning application approved by the City of Edinburgh Council. Twenty five acres of Edinburgh 205 are contained within IBG West; the remaining 180 acres being in IBG East within a single ownership.

The IBG West Application is for approximately 2.25 million square feet of space. Applying similar density levels to the whole of Edinburgh 205 suggests it could deliver over 8 million square feet, subject to planning.

Approximately 19 acres of Edinburgh 205 is currently being retained by the landowners.

E D I N B U R G H 2 0 5 P R O V I D E S A U N I Q U E O P P O R T U N I T Y T O A C Q U I R E P R I M E D E V E LO P M E N T L A N D I N A N O U T S TA N D I N G LO C AT I O N

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HERMISTON GAITThe land is bounded to the north by the airport and to the South by the A8, one of the City’s principal arterial routes. The global headquarters of the Royal Bank of Scotland is situated opposite to the south of the A8.

To the east is the City by-pass and the Edinburgh Gateway transport interchange; to the west is Eastfield Road, the main access road to the airport.

The Edinburgh Tram directly links Edinburgh 205 to the city centre,the airport and to Edinburgh Gateway and South Gyle rail stations with a further additional tram stop planned within the site.

A L L R O U T E S A R E C O V E R E D

T R A N S P O R T I N T E R C H A N G E

B Y P L A N E , T R A I N , T R A M , C A R , B U S O R B I K E , E D I N B U R G H 2 0 5 I S P E R F E C T L Y P O S I T I O N E D .

C A RCity Centre 20 minsGlasgow 43 minsNewcastle 2 hrs 26 minsAberdeen 2 hrs 20 mins

F L I G H TLondon 1 hr 30 minsAmsterdam 1 hr 35 minsDublin 1 hr 10 minsParis 1 hr 50 minsFrankfurt 1 hr 50 minsMunich 2 hrs 15 minsRome 3 hrs 5 minsNew York 7 hrs 55 minsAbu Dhabi 9 hrs 30 minsBeijing 11 hrs 53 mins

B U SGyle Shopping Centre 8 minsAirport 15 minsCity Centre 26 minsOcean Terminal 55 mins

T R A MAirport 7 minsHaymarket 19 minsCity Centre 25 minsSt Andrew Square 28 mins

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Edinburgh 205 is just 20 minutes by car, tram or bus from the centre of Scotland’s capital city and the many amenities that Edinburgh has to offer. Complementing the diverse city centre attractions, and within a similar drive time, are many world class leisure and cultural attractions.

L O C A T I O N


E D I N B U R G H

H I G H L I G H T S

8Eight universities and further education colleges

H I G H E S TThe highest percentage of workforce educated to degree level or above of any UK city Source: Edinburgh By Numbers

W O R L D C L A S SThe School of Informatics at Edinburgh University is rated 2nd best in the world

4 2 %42% of graduates choose to stay and build their careers in the city after graduation, the second highest in the UK Source: Invest Edinburgh

4 0 . 1 %At 40.1 %, the highest percentage in the UK of the workforce in highly skilled occupations Source: NOMIS

E D U C A T E D W O R K F O R C E

NO 1No 1 Best place to live in the UK, 2014, 15, 16, 17 – Daily Telegraph

S E C O N D B E S T C I T YSecond best city in the world for quality of life, 2017 Financial Times & Deutsche Bank

2 0 %The population is projected to grow by 20% by 2039

Q U A L I T Y O F L I F E

M O S T AT T R A C T I V EEurope’s most attractive destination for technology businesses to locate to Source: European Business Magazine

4 6 %The number of tech businesses in the city has grown by 46% in the last 5 years

T E C H S E C T O R I N V E S T M E N TThe City attracts more tech sector investment than anywhere outside London Source: Tech Nation

1 . 5 M P E O P L E With a catchment of 1.5m people, Edinburgh boasts one of the highest average disposable incomes of any UK city

I N V E S T M E N T

S C O T T I S H P A R L I A M E N T A T H O L Y R O O D


O S L O | N O R W A Y

T H E I N S P I R AT I O N

To provide a 21st century contemporary, successful and sustainable city extension for Edinburgh.

To better the schemes witnessed internationally, based around Edinburgh 205’s unique connectivity, locally by tram, bus and active travel, nationally by car and train and internationally by air.

The international comparators provide the benchmark that Edinburgh 205 should surpass.

P L A N N I N G S U P P O R T

The International Business Gateway (IBG), of which Edinburgh 205 is the dominant part, is designated within the principal planning document for Scotland, The National Planning Framework 3, as the site for a successful city extension for the City of Edinburgh. It is contained within the Special Economic Area promoted by SESplan, the regional strategic plan and most importantly it is allocated for mixed use development in the Edinburgh Local Development Plan (2016).

PAN 83, the Scottish Government’s Planning Advice Note on Masterplanning sets out the basis for successful masterplanning as required under the ELDP designation. To assist this process, the City of Edinburgh Council has adopted guidance in the form of the West Edinburgh Strategic Development Framework and the West Edinburgh Landscape Framework. Edinburgh 205 is heavily supported for development both by Government and Council.

T H E O P P O R T U N I T Y

An IBG West planning application has recently been approved by the City of Edinburgh Council. Twenty-five acres of Edinburgh 205 are contained within this first phase. IBG West will contain in the order of 2.25 million square feet of mixed-use development with a strong bias to commercial space as it includes some 1.25 million square feet of office accommodation along with a significant allocation of hotel rooms and 396 residential units. IBG West can therefore be seen as the Central Business District of the proposed city extension of West Edinburgh.

IBG East, the remaining 180 acres within Edinburgh 205, provides the opportunity to balance the uses, whilst still providing a significant office element it can also provide a strong supply of housing across all types and tenures. This will be necessary to meet the placemaking objectives of good urban planning as promoted by PAN 83. Using the same density as exists within IBG West, in total Edinburgh 205 could accommodate some 8 million square feet of development, subject to planning.

The overall development of the IBG will always be business led as anticipated by the statutory plan and has the ability to provide office space for over 20,000 employees and homes for some 6,000 people, depending on density. This balance will ensure a vibrant place of merit, when adopting the best practice in placemaking. Through good design, communities for both business and residents can be created to interact together leading to 24/7 activity throughout the IBG.

This approach to placemaking has worked to the advantage of the international comparators of Orestad and Nordhaven in Copenhagen, Zuidas in Amsterdam and Oslo Waterfront to name but a few. Edinburgh 205 is an important opportunity for the continued growth of Edinburgh and Scotland.

Z U I D A S | A M S T E R D A M

I N D E V E L O P I N G A V I S I O N F O R

E D I N B U R G H 2 0 5 , I N S P I R A T I O N H A S

B E E N S O U G H T F R O M T H E B E S T E X A M P L E S

O F U R B A N M I X E D U S E D E V E L O P M E N T S

I N E U R O P E

Ø R E S T A D | C O P E N H A G E N

T H E V I S I O N

E D I N B U R G H 2 0 5

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M A S T E R P L A N S T A T E M E N T

C O N C E P T M A S T E R P L A N

The concept masterplan has been designed only to provide high level guidance to interested parties. It gives an indicative insight into one approach to masterplanning the site.

Depending on the massing and use assumptions that are made, the opportunity exists to enhance the scale of development that can be accommodated, subject to planning.

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O F F I C EM A R K E T O V E R V I E W S

S U P P LYFaced with consistently strong demand, Edinburgh’s Grade A supply has continued to fall and now sits at 324,000 sq ft, a decade low. The Grade A vacancy rate has dropped to 1.7%,the lowest of any regional centre.

T H E P I P E L I N EEdinburgh is entering a period of chronic under-supply with the pipeline of new accommodation under construction at only 123,000 sq ft. With very few development sites on the horizon, the level of new build supply is unlikely to change significantly which means that to meet even an average level of demand, new development opportunities will need to be brought forward.

C O N S I S T E N T P E R F O R M A N C EThe Edinburgh office sector has performed consistently strongly over a prolonged period and having experienced several years of high take-up is demonstrating rising rents against an almost unprecedented lack of current and future supply.

HIGH DEMAND Edinburgh in recent years has significantly broadened its occupier base with the creative sector now matching the traditional financial sector in terms of take-up. In 2018, at over 970,000 sq ft, take-up again exceeded the 5 and 10 year averages.

Grade A take-up was over 385,000 sq ft.

BREAK DOWN OF 2018 TAKE-UP

Banking & Finance Business Services Creative Industries Consumer Services & Leisure Insurance Manufacturing Industrial & Energy Professional Public Sector / Regulatory Body

KEY

Second-hand New and Pre Let Take-up

SUPPLY AND TAKE-UP

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U K M A R K E TWhile the UK market is entering a more stable phase, the Edinburgh market remains particularly strong and continues to face a chronic lack of supply.

4 . 3 %With forecast employment growth of 4.3% by 2022, (EY Scottish Forecast 2018) and a forecast shortfall between future completions and demand, the market is likely to remain buoyant for the foreseeable future.

T O PEdinburgh is at the top of the UK city growth forecasts and almost double the forecasts in London and the South East.

M U LT I P L E B I D SResidential values continue to increase with multiple bids at closing dates from both the Plcs and private housebuilders.

P O P U L AT I O NEdinburgh’s population is scheduled to increase by 20% by 2039.

I N C R E A S E D D E M A N DBTR has been slow to get off the ground in Scotland but is now gathering pace as investors look for value beyond the established markets and as demand for product continues to increase.

H I G H LY AT T R A C T I V EWith strong underlying dynamics - rents forecast to rise at 3.3% pa over the next 5 years, ahead of the UK-wide forecast, 70% of young professionals renting in the City - Edinburgh is considered a highly attractive location for BTR.

P I P E L I N EThe pipeline in Edinburgh of units in planning, with consent or completed, totals only just over 16,000.

R E S I D E N T I A LM A R K E T O V E R V I E W S


H O T E L

W O R L D ’ S F E S T I VA L C A P I TA LThe city is considered the world’s festival capital hosting 12 international festivals throughout the year. The world-renowned Edinburgh Festival takes place across a pivotal 6-week period in the summer, where hotel operators benefit from particularly high rates and from 100% occupancy levels.

2 N DEdinburgh is only second to London in terms of RevPAR performance.

2 N DEdinburgh is the second most visited tourist city in the UK just after London. The city achieved record visitation figures in 2017 with the number of international visitors to Edinburgh increasing by 10% and spend by 20% according to Visit Britain. Source: Hotel Valuation Index

3 8 %Well over a third (38%) of visitors to Edinburgh are from outside the UK, second only to London. The main overseas markets according to the International Passenger Survey are USA (7% of total trips), Germany (5%) and France (5%). Source: Edinburgh City Council

8 0 % O C C U PA N C YOver the past five years, the hotel market has consistently achieved occupancy levels of more than 80%. Source: Hotel Valuation Index

GLASGOW ROAD

EDINBURGH AIRPPORT

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A N O U T S T A N D I N G M I X E D U S E D E V E L O P M E N T S I T E L O C A T E D I N T H E H E A R T O F T H E W E S T E D I N B U R G H S T R A T E G I C G R O W T H A R E A A N D 2 0 M I N U T E S F R O M E D I N B U R G H C I T Y C E N T R E .


This document is available online at:

E D I N B U R G H 2 0 5 . C O . U K

To be kept informed of the marketing process, please register your interest with the agents.

A data room containing further information, including a planning and technical information pack is accessible via this website. Access to this information will be made available to parties who have expressed interest and have been provided with a password.

A D D I T I O N A L I N F O R M A T I O N

CBRE on their behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst CBRE uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. CBRE as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. May 2019

V I E W I N G

The site is open to the public and can be accessed from the A8. The selling agents would be happy to meet with interested parties on the site.

B A S I S O F S A L E

A closing date will be set in due course and all parties who have expressed a formal interest in the site will be notified. The vendor is seeking proposals for the purchase of the heritable interest in 186 acres but joint venture proposals may be considered.

It should be noted that New Ingliston Limited will retain the 19 acres of land as identified in the masterplan on pages 18/19 of this brochure.

V A T

The site is elected for VAT

F U R T H E R I N F O R M A T I O N

For further information please contact:-

Stewart Taylor E [email protected] T +44 (0)131 243 4180

Miller Mathieson E [email protected] T +44 (0)131 243 4168

A D E V E L O P M E N T B Y

CGI images created by 7N Architects.

E D I N B U R G H 2 0 5 . C O . U K

capital placemaking developing edinburgh’s future … · 2019-05-31 · to provide a 21st century...

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