Chris Stewart Group secures £21m funding for Edinburgh office development

2017-01-31TheRegistersImageSRWork on a major Edinburgh city centre development site has started after property firm Chris Stewart Group secured a £21 million funding package from the Royal Bank of Scotland.

To be known as The Mint Building, the completed development will comprise c61,000 sq ft of Grade A office accommodation over eight floors plus c11,000 sq ft of retail / restaurant space on the ground floor.

A series of existing buildings on the site have fallen into disrepair following eight years lying vacant and these will be demolished. An 1860’s Venetian Gothic warehouse at 28 West Register Street will be retained and enhanced following a comprehensive refurbishment.

Chris Stewart Group is also developing the adjacent property, The Edinburgh Grand on St Andrew Square, into 50 luxury serviced apartments with ground floor bar, restaurant and basement gym uses. Together, the two buildings will be known as The Registers and will form part of the wider £850m St James Quarter regeneration project.

2017-01-31AerialRegistersImageSRThe developments will generate large construction contracts and deliver significant long term employment for the local economy.

Chris Stewart, chief executive of Chris Stewart Group, said: “The project will create state-of-the-art offices and retail / restaurant space to sit alongside renovated traditional Edinburgh architecture and bring to an end a lengthy period where the site has been vacant and in a state of disrepair. Once the project is complete Edinburgh can look forward to a regenerated and strategically important city centre destination.”

Jamie Drummond led the project for Royal Bank of Scotland’s Real Estate Finance team in Edinburgh.

He added: “We are delighted to support Chris Stewart Group with this exciting and architecturally significant project situated right in the heart of Edinburgh’s city centre. We have real confidence in the Edinburgh office market at present and are sure that there will be strong demand from prospective tenants for this high quality space.”

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