Expresso Property to make £100m investment in Scottish mixed development schemes
Expresso Property Limited has announced a major investment in mixed development property schemes which will transform three significant sites in Glasgow and Perth, and is actively seeking further development opportunities.
The company said its portfolio will have an end investment value of £100 million and will support the creation of over 1000 Scottish new jobs.
The company is also actively seeking further UK sites and is funded to purchase schemes ranging from £1m to £50m.
Designed by architects Holmes Miller and developed in conjunction with development partner, Park Quadrant Residences will complete the vision of the architect Charles Wilson’s concentric ringed design of a 19th century masterplan of the area. Building on site begins in Autumn 2017 and will complete in 2020, supporting up to 500 construction jobs. Park Quadrant will have a total end investment value of £53m.
Expresso Property has concluded missives on The Mill Quarter site, a new leisure hub at the heart of Perth, comprising a state of the art multi-screen cinema: a mix of bars; restaurants and speciality shops, a 205 space multi-storey car park and 58 new apartments. During the construction phase, the scheme will support 200 jobs, (107 direct construction jobs and 93 indirect supplier jobs), and will have an end investment value of £30m, creating around 126 new jobs in Perth on completion.
The company said the scheme will be a catalyst for economic change in Perth and will significantly transform the city’s visitor destination offer. Construction works are due to commence in 2018 and is due for completion in summer 2019.
Expresso Property has also been named as the preferred developer by Scottish Enterprise, for a new mixed-use development at Pacific Quay Glasgow, comprising offices and shops overlooking the river basin. The development will sit adjacent to the Cineworld Cinema, Glasgow Imax at the Glasgow Science Centre, the BBC and STV. With an end investment value of circa £12m, Pacific Quay will accommodate over 400 new jobs. Works begin on site in next year with completion due in 2019.
Nick Robinson of Expresso Property said: “Expresso is funded to purchase schemes ranging from £1m to £50m and we are delighted to announce that the Scottish schemes will support the creation of 1000 new jobs in Glasgow and Perth.”
Stephen Hampshire of Expresso Property added: “We have various UK schemes underway, three of which are major Scottish projects. We turn each development on its head and look at what design fits the site, rather than a ‘one size fits all’ approach. By replicating this success across key UK cities, our schemes will regenerate vacant, floundering and under-utilised spaces to benefit residential, and business communities for people to enjoy and be proud of.
“We share information and ideas and our teams are actively looking to invest in sites from Bath and Bristol to Birmingham and the North of the UK. To include Nottingham, Sheffield, Manchester, York, Leeds, Dundee and Scotland. With funding now in place we are actively looking to acquire further commercial, office, residential and retail development propositions.
“These may be currently on the market or direct approaches from company principals wishing to explore their thoughts and ideas.”