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UNIQUE DEVELOPMENT OPPORTUNITYIN THE HEART OF EDINBURGH
11-13 SOUTH ST ANDREW STREET
EDINBURGH
Many prominent retailers are located in the immediate vicinity, including Jenners and Harvey Nichols department stores
• Exciting and rare development opportunity
• 100% prime location at the east end of the city centre
• Situated adjacent to a new flagship Grade A office building (The Mint Building) and opposite Aberdeen Standard Investments recently completed 195,000sqft development
• The stunning new £850million Edinburgh St James development is also located nearby
• Existing planning permission in place for a 42 bed hotel with rooftop bar/restaurant (upper floors only)
• Exceptional opportunity to reposition, refurbish or redevelop
• Offers invited
11 - 13 SOUTH ST ANDREW STREETEDINBURGH
Edinburgh is Scotland’s Capital City and its principal, financial and administrative centre, housing both the Scottish Parliament and the Scottish Government.
Edinburgh is recognised as a globally important business centre and is the UK’s second largest and Europe’s fourth largest financial centre, by equity assets under management. The capital city of Scotland, located approximately 400 miles north of London and 45 miles east of Glasgow. It is one of the six cities categorised by PMA as a major city and, consequently, benefits from a significant catchment population.
The city has a population of 518,000 people and a regional population of over 1.6 million within the Fife and Scottish Borders catchment area. It is the most prosperous regional city in the UK and its workforce is one of the most highly educated. It was visited by over 3.8million people in 2018 according to Visit Scotland with tourism accounting for 35,000 jobs and £1.5billion to the Scottish Economy in 2018.
Edinburgh is consistently ranked as one of the UK’s most competitive large cities, based on factors such as skills, productivity and qualifications. It also has the second highest gross value added per resident of any of the 133 NUTS3 regions of the UK, with GVA per resident of £39,300 compared to a UK averaged of £26,300 with 75.6% of working age population in employment. These factors have led to Edinburgh being voted the UK’s best city by The Telegraph in 2018.
Edinburgh is recognised as the second most tech-savvy city in the UK with Edinburgh’s rapidly expanding and innovative technology sector being home to international success stories, such as Rockstar North, FanDuel, Cirrus Logic and Skyscanner. Edinburgh was the fastest growing tech hub in 2017/18 and is home to over 100 technology companies.
There are eight universities and further education colleges in Edinburgh, with almost 80,000 students in the city. The University of Edinburgh was ranked 20th in the World University Rankings by The QS in 2019/20. In the past five years, more than 80 spin-out companies have come from The University of Edinburgh, 95% of which are still active.
The Location11-13 South St. Andrew Street is located in the heart of Edinburgh’s east end, home to some of the most respected names in finance, business, retail and leisure. The area offers a vibrant, welcoming place to work.
02 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
THE LOCATION | 03
Greenside
York Place
York Place
iars Street
o
Universityof Edinburgh- High School
Yards
CanongateKirkyard
HolyroodNorth
Universityof Edinburgh
SportsCentre
St Leonard'sLand
CATHEDRAL LANE
BROUGHTON STREET LANE
ELM R
OW
DUBLIN MEUSE
DUBLIN STREET LANE SOUTH
SO
UTH
GR
AY’S
CLO
SE
NORTH ST ANDREW LANE
ALBANY STREET
ABERCROMBY PLACE
HERIOT ROW
THISTLE STREET
THISTLE STREET
HILL STREET
ST ANDREW SQUARE
S ST A
ND
RE
W ST
RE
ET
ST ANDREW SQUARE
REG
ISTER P
LACEFR
EERIC
K STR
EET
FRED
ERIC
K STR
EET
ROSE STREET
ROSE STREET
FORTH STREET
UNION STREET
GAYFIELD STREET
BROUGHTON PLACE
HA
RT STREETBARONY STREET
YORK LANE
DU
BLIN
STREET
GREAT KING STREET
GREAT KING STREET
CUMBERLAND STREET
CUMBERLAND STREET
NELS
ON
STREET
NORTHUMBERLAND STREET
NORTHUMBERLAND STREET
DRUMMOND PLACE
LONDON STREET
COCKBURN STREET
HIGH STREET
BLA
IR STR
EET
NID
DR
IE STRE
ET
INFIRMARY STREET
BLAC
KFR
IAR
S STR
EET
CRANSTON STR
EET
EAST MARKET STREET
NEW
STRE
ET NE
W ST
REET
CALTON ROAD
CALTON ROAD
ELD
ER
STRE
ET
ST. JAMES PLACE
ST JOHN STREET
OLD
TOLLB
OO
TH W
YND
CALTON HILL
GREENSIDE LANE
GREENSID
E RO
W
MOUND PLACE
CASTLHILL
VICTORIA STREET
CHAMBERS STREET
CHAMBERS STREET
DRUMMOND STREET
VIEW
CRAIG G
AR
DE
NS
WIN
DSOR S
TREET
BR
UN
SW
ICK
STRE
ET
HILLSIDE CRESCENT
BLENHEIM PLACE
SIB
BA
LD W
ALK
NELS
ON
STREET
MULTREES WALK
HA
NO
VER STR
EET
DU
ND
AS
STREET
GEO
RG
E 1V BR
IDG
E
BA
NK
ST
RE
ET
THE M
OU
ND
HA
NO
VER STR
EET
PICARDY P
LACE
PICARDY PLACE
YORK PLACE
QUEEN STREET
QUEEN STREET
QUEEN STREET
PRINCESS STREET
PRINCES STREET
LEIT
H STREET
LEIT
H S
TR
EE
T
REGENTS R O AD
PRINCES STREET
GEORGE STREET
GEORGE STREET
BROUGHTON
STREET
LONDON ROAD
LEITH W
ALK
SOU
TH B
RID
GE
NO
RTH
BR
IDG
E
NO
RTH
BR
IDG
E
HO
ME STR
EET
WAV
ERLE
Y B
RID
GE
MARKET STREET
PLEASANCE
ST MA
RY’S
STREET
JEFFREY STREET
MARKET STREET
HOLYWOOD ROAD
COWGATE
COWGATEJOHNSTONE TERRACE
LAWNMARKET
HIGH STREET
HIGH STREET
ST ANDREW SQUARE
QUEEN STREETGARDENS EAST
CARLTON HILL
DRUMOND PLACE GARDENS
QUEEN STREETGARDENS CENTRAL
EAST PRINCES STREET GARDENS
WEST PRINCES STREET GARDENS
St Andrew’sHouse
EdinburghWaverley
EdinburghCastle
Esplanade
26
17
14
13
3
17
165
2
15
4
10
18
11
3
4
7
9
57
8
6
12
81
1
11-13 South St Andrew Street lies on the east end of St Andrew Square bound by Princes Street to the south and West Register Street/St Andrew Square to the north.
South St Andrew Street lies in the heart of Edinburgh city centre, acting as a link road between the prime retail destination of Princes Street and the iconic St Andrew Square.
Many prominent retailers are located in the immediate vicinity, including Jenners and Harvey Nichols department stores, and a number of luxury brands within Multrees Walk to include Louis Vuitton, Mulberry, Boss, Burberry, Max Mara and Kurt Geiger.
In addition to the retail element, there are a number of restaurants as well to include Dishoom, The Ivy, Lady Libertine, Tattu, Hawksmoor and many more.
1 11-13 South St. Andrew Street 2 Malmaison
3 Standard Aberdeen & Thomson Reuters
4 Royal Bank of Scotland
5 Virgin Money & Rathbone Investment
6 Royal London Asset Management
7 Registers of Scotland
8 Baillie Gifford
9 Amazon, Creative Scotland & Microsoft
10 The Edinburgh Grand
11 The Mint Building
12 Glenmorangie
13 Regus
14 SG Hambros & Santander
15 Computershare
16 Adam & Co.
17 Aberdeen Standard Investments, and Standard Life Aberdeen
18 Gleneagles in the City
1 John Lewis
2 Harvey Nichols
3 Multrees Walk
4 Edinburgh St James
5 Waverley Mall
6 Jenners
7 The Balmoral
8 Motel One
Tram Stops
Waverley Station
Edinburgh Bus Station
Situation
In good company...Local Occupiers Local Ammenities
Public Transport
5 minute walk time
Edinburgh is the administrative and financial capital of Scotland and is ranked the UK’s largest financial centre after London, strengthened by the establishment of the Scottish Parliament.
04 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
SITUATION | 05
6
2
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5
15
3
2
411
7
1018
17
1314
941
8 12
17 3
6
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7
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1
1 11-13 South St. Andrew Street 2 Malmaison
3 Standard Aberdeen & Thomson Reuters
4 Royal Bank of Scotland
5 Virgin Money & Rathbone Investment
6 Royal London Asset Management
7 Registers of Scotland
8 Baillie Gifford
9 Amazon, Creative Scotland, & Microsoft
10 The Edinburgh Grand
11 The Mint Building
12 Glenmorangie
13 Regus
14 SG Hambros & Santander
15 Computershare
16 Adam & Co.
17 Aberdeen Standard Investments, and Standard Life Aberdeen
18 Gleneagles in the City
Local Occupiers
1 John Lewis
2 Harvey Nichols
3 Multrees Walk
4 Edinburgh St James
5 Waverley Mall
6 Jenners
7 The Balmoral
8 Motel One
Local Amenities
Tram Stops
Waverley Station
Edinburgh Bus Station
Public Transport
10 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
SITUATION | 09
Right on your doorstep
1 Harvey Nichols 2 Cafe Royal Bar3 Malmaison4 Princes Street5 Wagamama6 The Ivy7 The Mint Building
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2 3 6
7
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06 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
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SITUATION | 07
Edinburgh benefits from access to the national motorway network. The city is served by the M8 and M9 from the West (Glasgow and Livingston), the M90/A9 from the North (Aberdeen and Inverness) and the A1/A7 from the South/South East (East Lothian, the Borders and Newcastle).
The city centre is served by Edinburgh Waverley and Haymarket rail stations. Edinburgh Waverley, the city’s principal rail station is situated opposite South St Andrew Street. Edinburgh Waverley is Scotland’s second busiest rail station with in excess of 23 million entries/exits in the year to December 2019 (ORR).
Both Edinburgh Waverley and Haymarket rail stations have benefitted from recently multi-million pound refurbishments and upgrading programmes to keep pace with increased passenger demand. Edinburgh Waverley provides direct train services to and from London via the East Coast main line and also provides easy access to and from other key English towns and cities, as well as providing services to all major Scottish cities.
Edinburgh is the most visited tourist and commercial destination in the UK after London, with an exceptional transport and communications network connecting it both internationally and with other cities throughout the UK.
Connectivity
RAIL
ROAD
TRAM
AIREdinburgh Airport is located only 8 miles from the city centre and is Scotland’s busiest airport and the UK’s sixth largest. Passenger numbers in 2018 increased by 6.5% to 14.3 million representing an average of 39,178 passengers per day.
The city’s new tram system began operating in May 2014 connecting Edinburgh Airport with Edinburgh Park. Haymarket Station and Princes Street, with services terminating at York Place. The St Andrew Square tram halt is located less than 50 metres from 11-13 South St Andrew Street.
In its second full year of operation 7.5 million passenger journeys were recorded on Edinburgh trams, representing an increase of over 22% since 2017. The proposed tram route extension has been given the go ahead to extend to the Leith/Shore are to the north east of the city, further enhancing Edinburgh’s City Centre connectivity.
08 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
CONNECTIVITY | 09
St Andrew Square has seen Aberdeen Standard Investments recently completed development on a 195,000 sqft mixed use scheme opposite Jenners Department Store on the west corner of St Andrews Square and South St David Street. The 110,000 sqft new build development of offices was pre-let to Standard Life Investments with the ground floor accommodation let to high quality food and Beveridge operators such as Dishoom, Gaucho, Wagamama, Drake and Morgan and Ivy on the Square. The major retail unit is let to TK Maxx as their first major Edinburgh Store.
Further major developments that have recently completed on the Square include Chris Stewart Group’s flagship office development, The Mint Building, which lies adjacent to 11-13 South St Andrew Street. The Mint Building comprises of 60,000 Grade A office space pre-let to Baillie Gifford as well as Tattu & Franco Manca restaurants and Nationwide Building Society.
In addition to the Mint Building, the recently completed Edinburgh Grand by Chris Stewart Group offers a high-end, boutique serviced apartment building comprising of 50 rooms together with Hawksmoor and Lady Libertine at ground floor.
Other notable recent entrants to St Andrew Square include Malmaison Hotel Group totalling 72 rooms in the site of the previously known Buchan House. 38 St Andrew Square will see the Gleneagles owners, Ennismore enter the city centre with a “Gleneagles in the City” concept offering 33 rooms together with bar and restaurant at ground level. Edinburgh House at 4 North St Andrew Street, adjacent to Edinburgh’s Bus Station and the entrance to Multrees Walk was developed by Knight Property Group and pre-let to Computershare across 40,000sqft of Grade A office space.
St Andrew SquareThe prime location of 11-13 South St Andrew Street offers an exceptional redevelopment opportunity situated adjacent to St Andrew Square and Edinburgh’s St James Shopping Centre, both of which have seen unprecedented levels of redevelopment.
10 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
SURROUNDINGS | 11ST ANDREW SQUARE | 11
Edinburgh St James is the stunning new £850million prime retail, leisure, entertainment and residential development at the heart of Edinburgh’s East End and lies adjacent to 11-13 South St Andrew Street.
Edinburgh St James is due for completion in October 2020. Anchored by the existing John Lewis Department Store, it will comprise more than 850,000 sqft of retail, dining, and leisure space; of which 85% of the offering is pre-let, along with a 214 bed W hotel centrepiece, 6 screen everyman cinema and residential accommodation.
It is expected to extend Edinburgh’s shopper catchment by 20% and boost the city’s retail sector to 8th in the UK from the current position of 13th.
Edinburgh St James will reinforce Edinburgh’s position as Scotland’s cosmopolitan lifestyle capital. Set against a stunning backdrop in one of the world’s finest locations, its outstanding connectivity will create an exciting hub for Edinburgh’s thriving day and night-time economy.
Edinburgh St James Development
12 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
EDINBURGH ST JAMES | 13
In the heart of the city
8 Looking north to Princes Street9 Princes Street Gardens10 St Andrew Square Gardens11 Edinburgh Castle12 Princes Street13 St Andrew Square Gardens
8
9 10 11
13
4
12
14 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
SUROUNDINGS | 15
The Building Planning PermissionThe property provides a variety of floor plates over six floors as highlighted below.
The upper floors of 11-13 South St Andrew Street currently benefit from planning permission to create a 42-bedroom hotel with an additional level for a new rooftop bar/restaurant and terrace. Planning reference number 17/03350/FUL.
Any queries relating to the planning consent should be directed to Edinburgh Council Planning Department.
FRONT ELEVATION (TO SOUTH ST. ANDREW STREET) REAR ELEVATION
11-13 South St Andrew Street is located in the heart of Edinburgh’s central business district, home to some of the most respected names in finance, business, retail and leisure. The area offers a vibrant, welcoming place to work.
16 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
PLANNING | 17
STORE
UA/MALE
PLANT ROOM
SHOP FLOOR
SALES COUNTER
STORE
HALL
ESCAPE
VESTIBULE
LIFT
FEMALE
PLANT/STORE
EN-SUITE EN-SUITE
EN-SUITE
LINEN
LIFT
EN-SUITE
EN-SUITE
EN-SUITE
TERRACE TERRACE
EN-SUITE
EN-SUITE
EN-SUITE
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOM
PLANT/STORE
EN-SUITE EN-SUITE
EN-SUITE
LINEN
LIFT
EN-SUITE
EN-SUITE
EN-SUITE EN-SUITE
EN-SUITE
EN-SUITE
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOM
PLANT/STORE
EN-SUITE EN-SUITE
EN-SUITE
LINEN
LIFT
EN-SUITE
EN-SUITE
EN-SUITE EN-SUITE
EN-SUITE
EN-SUITE
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOM
GROUND FLOOR
193.32 SQ M
2,081 SQ FT
FIRST FLOOR
177.51 SQ M
1,911 SQ FT
SECOND FLOOR
176.32 SQ M
1,898 SQ FT
THIRD FLOOR
176.75 SQ M
1,903 SQ FT
Proposed Floor Layout Plans
Ground Floor Retail Space
Bedroom Spaces
Restaurant
WC/Bathrooms
Terrace/Circulation
Lifts/Stairs
Key
18 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
PLANNING | 19
PLANT/STORE
EN-SUITE EN-SUITE
EN-SUITE
LINEN
LIFT
EN-SUITE
EN-SUITE
EN-SUITE EN-SUITE
EN-SUITE
EN-SUITE
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOM BEDROOM
BEDROOM
BEDROOM
BEDROOMMALE WC FEMALE
WC
EN-SUITE
LINEN
LIFT
EN-SUITE
EN-SUITE
EN-SUITE EN-SUITE
EN-SUITE
KITCHEN
BEDROOM
BEDROOM
BEDROOM BEDROOM
BEDROOM
BEDROOM
UA TOILET
LIFT
BAR/SERVERY
66 COVERS(RESTAURANT)
66 COVERS(ROOF TERRACE)
FOURTH FLOOR
175.98 SQ M
1,894 SQ FT
TOTAL FLOOR AREA: 1,048.01 SQ M | 11,281 SQ FT
FIVE FLOOR
148.13 SQ M
1,594 SQ FT
SIXTH FLOOR (RESTAURANT)
176.75 SQ M
1,903 SQ FT
TenureThe properties are held on heritable title (Scottish equivalent to
English freehold).
EPCAvailable on request.
The OpportunityThis is an extremely rare opportunity to acquire a phenomenal development opportunity in the heart of Edinburgh’s City Centre.
Our clients are prepared to offer the building on a sale of the entire building, upper floors in isolation or on a part sale & leaseback of the ground floor only.
Offers are invited.
VAT Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be dealt with by way of a Transfer of Going Concern (TOGC).
Legal CostsEach party will be responsible for their own legal costs incurred in connection with the transaction.
Proposed Floor Layout Plans
Ground Floor Retail Space
Bedroom Spaces
Restaurant
WC/Bathrooms
Terrace/Circulation
Lifts/Stairs
Key
20 | 11-13 SOUTH ST ANDREW STREET | EDINBURGH | EH2 2AU
AN EXCITING AND RARE DEVELOPMENT OPPORTUNITY
TERMS | 21
Contact InformationFor further information or to arrange an accompanied inspection, please contact the selling agent:
Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants have any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate;
March 2020
Sheridan Property Consultants
Stewart Sheridan: Tel: 07740 940898 Email: [email protected]
Cathal Keane: Tel: 07808 627224 Email: [email protected]
Graeme Millar:Tel: 07523 512804 Email: [email protected]
Noel Tiffney:Tel: 07870 999799Email: [email protected]
37 ONE37 George Street Edinburgh EH2 2HN
Tel: 0131 300 0296
10 Fitzroy SquareLondon W1T 5HP
Tel: 0207 112 8046
