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Old September 26th, 2013, 01:15 AM   #61
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Edinburgh Quartermile scheme sold to Moorfield

The Scotsman - 26th September, 2013

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One of Scotland’s largest urban regeneration schemes has changed hands in a “multi-million pound” deal.

The Quartermile development, on the site of the former Edinburgh Royal Infirmary, has been sold by Lloyds Banking Group-backed developer Gladedale Capital to property investor Moorfield.

Yesterday’s deal came more than a year after Gladedale was said to be in talks to sell the 19-acre scheme – home to legal heavyweight Maclay Murray & Spens and flight search firm Skyscanner – to London-based Exemplar Properties for a reported £65 million.

Moorfield remained tight-lipped on the value of the transaction, but chief investment officer Charles Ferguson Davie said he was “very excited” with the prospects for the project, which Gladedale had previously estimated could be worth as much as £500m once it is completed. He added: “The Quartermile team have done a fantastic job so far and we will aim to continue to focus on the creation of a vibrant community at Quartermile that will appeal to both the existing residents and the future ones that we hope to attract.

“Edinburgh is a leading city on the global stage and we believe that the mixed uses the destination estate offers will prosper due to increasing demand and a shortage of supply.”

Gladedale is owned by Dunfermline-based Avant Homes – formerly called Gladedale Group – which operates in Scotland under the Bett and Manor Kingdom brands.

The Quartermile site was sold by the Lothian University Hospitals Trust in 2001 to a joint venture between Bank of Scotland, Taylor Woodrow and Kilmartin Property Group, for about £35m. In 2005, Gladedale bought out Taylor Woodrow’s 50 per cent stake in the development in a deal thought to be worth as much as £200m, while Kilmartin fell into administration in 2010.

Development largely ground to a halt in the property crash in 2008-9, but once finished the scheme will feature 900 flats, 395,000sq ft of offices and 70,000sq ft of shops and leisure space.

The Quartermile deal represents Moorfield’s second investment for its latest real estate private equity fund, which teamed up with Oaktree Capital Management in July to buy a Manchester office building from Edinburgh-based Scottish Widows Investment Partnership for £41m.

In April, the fund said it had secured more than £100m from European and US investors, and is eventually aiming to have £250m to invest in UK properties.

Neil Fitzsimmons, chief executive of Avant Homes, said the sale of Quartermile would allow the firm to focus its efforts on developing its core residential business. In 2009, state-backed Lloyds completed a debt-for-equity swap that gave it preference shares in the developer in exchange for writing off about £500m of its £1 billion debt.

Last year, Lloyds restructured the property firm’s borrowing facility, giving it until the middle of next year to repay its loans, extendable to 2015.

Former Gladedale managing director Paul Curran, who will remain as head of the Quartermile project, said: “We are delighted to have the backing of Moorfield to take Quartermile forward.

“With almost 500 apartments now sold and a growing business community choosing the development – including the latest tenants Skyscanner, Investec and Marriott – this is a very exciting time for everyone involved.”
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Old November 3rd, 2013, 07:34 PM   #62
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Edinburgh Quartermile scheme set for £170m boost

Scotland on Sunday - 3rd November, 2013



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Edinburgh's Quartermile urban regeneration scheme is poised to benefit from a £170 million investment from its new owner in a bid to drive the development forward.

Construction at the 19-acre site largely ground to a halt during the property crash of 2008-9, but a recent upturn in activity means property investor Moorfield, which bought the project from Lloyds-backed developer Gladedale Capital at the end of September, is hopeful of finalising work in 2017.

Quartermile managing director Paul Curran told Scotland on Sunday that Moorfield has committed to spending £30m to build 130 apartments across two blocks, while a further £140m investment will complete additional office and hotel space.

Curran said: “We’re targeting to be complete by approximately 2017, but elements of that depend on the market.”

Of the 502 apartments that have been built at the development, on the site of the former Edinburgh Royal Infirmary, just eight are still on the market following a successful sales push in Hong Kong and Singapore.

Curran said: “We went out in October last year over two weekends with our international sales agent Savills. This was the first time a development in Edinburgh had been taken out there for this type of exhibition.”

Prices range from £190,000 up to £1.8m for a penthouse, and demand from Far Eastern buyers – including property investors and those seeking a flat for children studying at the nearby university – was described as “very strong”.

As well as residential units, the scheme will feature four office blocks, of which two have been completed and are home to legal heavyweight Maclay Murray & Spens and flight search firm Skyscanner.

An existing Marriott Residence Inn will eventually be joined by another hotel on the site, and Curran said there was a growing list of operators showing an interest in the project.

He added: “We’re now at the point where we have 20 buildings completed out of 28, and we’d be looking to have something happening there in the next 12 months.”

The renewed push would also provide a much-needed boost for construction employment, with the site 
workforce potentially hitting a peak of 500.

The Quartermile site was sold by the Lothian University Hospitals Trust in 2001 to a joint venture between Bank of Scotland, Taylor Woodrow and Kilmartin Property Group for about £35m. Gladedale – owned by Dunfermline-based housebuilder Avant Homes – bought out Taylor Woodrow’s 50 per cent stake in 2005 in a deal thought to be worth up to £200m, while Kilmartin fell into administration in 2010.

Moorfield worked with the Quartermile team for almost a year to secure the multi-million-pound deal. Curran said: “We have a fantastic backer who is looking at other opportunities across the UK, and we would love to get involved in other things with them.”
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Old December 28th, 2013, 01:46 PM   #63
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A few Quartermile vids. Not especially recent, but I hadn't come across them before.





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Old January 18th, 2014, 04:07 PM   #64
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Quartermile set to unveil new phase

Quartermile - January, 2014



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Quartermile is set to take its award-winning luxury city living offering to the next level with the launch of its stunning new phase, Meadow Heights, on 24 January.

Combining light, space and exceptional views, Meadow Heights is ideal for downsizers, city professionals and those looking to invest in a fantastic apartment in the centre of Edinburgh.

South-facing apartments boast inspiring views across The Meadows, while north facing apartments look to the heart of the Quartermile development. While upper level apartments enjoy majestic views of Edinburgh Castle.

Designed by Foster + Partners, Meadow Heights comprises 31 exceptional one, two and four-bedroom apartments, priced from £195,000. There are two beautiful penthouses – one a triplex apartment and the other a duplex, both with impressive roof terraces which offer unequalled 360-degree views across the city.

All properties in the new phase feature floor-to-ceiling windows which flood the apartments with natural light, spacious rooms with oak flooring and meticulous attention to detail.

Bespoke kitchens benefit from integrated appliances and bathrooms include stylish fixtures and fittings by Villeroy and Boch.

The building also offers basement car parking by separate negotiation. Quartermile’s sales and marketing director, Lorraine Paterson, said: “The popularity of our new build apartments shows that there is high demand for the standard of luxury living that Quartermile offers.

We have already sold over 500 new build and conversion apartments to date so we expect that this new phase will be hugely popular and another great success for the development. We are already experiencing a high level of interest in Meadow Heights.”
I walked through Quartermile the other day. It's looking very nice (Murphy's Wharton Square aside). The infill building mentioned above, Meadow Heights (Q22), looks to be nearing completion and work is well underway on the second new finger block (New Meadows 2, Q23) beside it.

No sign of any activity yet on the remaining office sites, Quartermile Three and Four (Q3 and Q9 on the plan below), but they are being marketed for pre-letting on the website.

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Old February 2nd, 2014, 10:42 PM   #65
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One of the recent commentary pieces about Caltongate's approval referred to Quartermile and revealed some new info about the latter's timescale.

Construction on the two Sydney Mitchell-designed former medical pavilions will commence this year. These buildings are being converted into a 70-bedroom boutique hotel designed by Hurd Rolland Partnership. A new glazed addition will connect the two buildings which will form the western side of the central Lister Square.



The commentator also stated that the last piece of the development will be the conversion of the former main surgical building (into 174 homes), with completion not expected till 2018.

I still wish that they'd revert to the original plan of converting it into a hotel but I think that ship has sailed, sadly. It's a great building and though I'm sure the residential conversion will be lovely as a hotel it could have been stunning.

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Old February 6th, 2014, 03:00 PM   #66
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New renders of the final two office buildings - Quartermile Three and Quartermile Four. Both seven storeys, totalling around 200,000 sq ft of office space.



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Old February 6th, 2014, 03:56 PM   #67
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I like the look of them!
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Old February 9th, 2014, 02:40 AM   #68
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More Foster toolkit. Meh.
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Old March 16th, 2014, 02:36 AM   #69
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Quartermile looks east for buyers

Scotland on Sunday - 16th March, 2014

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Edinburgh's Quartermile development, one of Scotland’s largest urban regeneration schemes, is stepping up its campaign to attract Far Eastern property investors after enjoying record sales.

The team behind the 19-acre scheme, which changed hands in a multi-million-pound deal in September, said 100 apartments were sold on the site in 2013, and the momentum has continued into the new year, with 21 flats snapped up in January and February.

Lorraine Paterson, sales 
and marketing director, said: “We will continue to market Quartermile both nationally and internationally throughout 2014. As part of that activity, we will be visiting Hong Kong and Singapore later this month to meet potential residential property investors.”

Paterson said a similar expedition two years ago secured the sale of 34 apartments for a combined £10 million.

The development, on the site of the former Edinburgh Royal Infirmary, was sold by Lloyds Banking Group-backed developer Gladedale Capital to property investor Moorfield for an undisclosed sum.

Following the deal, Quartermile managing director Paul Curran told Scotland on Sunday that Moorfield had committed to spending £30m to build 130 apartments across two blocks, while a further £140m investment would 
complete additional office and hotel space.

Construction largely ground to a halt during the property crash of 2008-9, but an upturn in activity means Moorfield is hopeful of finalising the project by 2018.

As well as residential and retail units, including Looking Glass Books, the scheme is home to a number of eateries such as Peter’s Yard and Starbucks. Office space has been taken up by law firms Maclay Murray & Spens and Morton Fraser, along with flight search engine Skyscanner and financial services groups Investec and Mercer.

Once complete, Quartermile will comprise more than 
900 apartments, 395,000sq ft of offices and 70,000sq ft of 
retail and leisure space.

Residential properties currently on the market range from £360,000 for a two-bedroom flat to a four-bedroom penthouse being offered at more than £1.8m.

So far, 502 apartments have been built and sold at the development, with a further 130 currently under construction.

Paterson said: “The simultaneous improvement in the 
national and international property markets has certainly also been a factor in our continued success.

“It is now vitally important that we maintain this momentum as we build and release further residential property.”
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Old March 17th, 2014, 01:22 PM   #70
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Project Quartermile to open as independent restaurant and bar in July

STV Edinburgh - 17th March, 2014



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Behind the sleek glass-fronted Quartermile development, an Edinburgh-based company is busy planning its first project.

P1 Edinburgh Ltd is in the process of developing an independent bar and restaurant.

The owners of the six-figure development are keeping tight-lipped about their Meadows mystery project for the time being and going under the guise of ‘Project Quartermile’.

The development will include a 130-seater bar and a 70-seater restaurant. It will also have an 'alfresco area' for 100 people.

Due to open the doors in July, the restaurant and bar name will be released in April by the company. They say they intend to employ 30 people for this new venture.

P1 Edinburgh is a new Edinburgh-based company that started in 2013. Project Quartermile will be its inaugural project.

Quartermile is a mixed-use redevelopment area which has been built on 19-acres of grounds which was the former Royal Infirmary of Edinburgh site between Lauriston Place and the Meadows.

Overlooking the Meadows, the architecture blends traditional with contemporary, with a mixture of new build and conversion apartments from the existing hospital site.

As well as residential uses, Quartermile is also home to offices, retail and leisure outlets.

While speaking of the Project Quartermile redevelopment, Rodi Mclean from Form Design Consultants, said: "Project Quartermile is an exciting addition to the city’s restaurant and bar scene.

"The interior design has been developed to complement the architecture of Quartermile, but to also be distinctive, memorable and unique.

"The space will be dynamic and flexible, adapting to customer needs through the day, providing areas for both privacy and socialising.

“The choice of materials, furniture and lighting all hinge together with understated quality and contemporary detailing."

"The interior works hard to accommodate variety within its cubic shell and I am excited by the experience clients will have when they are in the space.

"It has been a pleasure to work on this project and I’m really looking forward to getting to site."
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Old April 15th, 2014, 09:53 PM   #71
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Proposed change of use for the Sydney Mitchell Buildings - former surgical pavilions for the ERI - from a boutique hotel to residential and commercial use.

4 ground floor commercial/retail units and 41 flats across the two buildings. Designed by CDA, who are responsible for the previous building conversions at Quartermile.

14/01449/LBC | Part demolition, alteration and extension to North and South Sydney Mitchell Buildings. | 2 Lister Square Edinburgh EH3 9GL









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Old May 7th, 2014, 10:36 AM   #72
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Came across a couple of recent construction pics.

Meadows Heights and City Meadows u/c


Fit out commencing on new bar/restaurant in one of the Lister Square pavilions
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Old May 23rd, 2014, 11:26 AM   #73
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Hillcrest awarded double commendation for Q10 development

Scottish Housing News - 23rd May, 2014

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Hillcrest Housing Association is celebrating after receiving two commendations for its Q10 development.

Comedian and impersonator Rory Bremner made the announcements on Friday afternoon at the Homes for Scotland awards.

Judges were impressed by the unique style of the development, affording it a commendation for large development and one for best partnership in affordable housing.

Angela Linton, Hillcrest Group chief executive, said: “We were delighted to receive two commendations for our Edinburgh development, especially when there was such high levels of entries.

“Q10 provides Edinburgh with 174 affordable homes and is one of the most visually stunning developments we’ve worked on. The design and the vibrant location not only provide our tenants with great quality homes but also offer a fantastic opportunity for community living.”

The awards were presented in front of a record crowd of over 800, the largest such industry gathering.

Sir Muir Russell, chairman, NHBC Scottish Committee and chair of the independent judging panel, said: “The achievements of the various companies and individuals to the benefit of the sector should be rightly recognised and applauded, and I am personally grateful to have played a part in ensuring that these successes are held up as examples of best industry practice.”

Angela Linton added: “We were pleased to be recognised in the partnership category as well as the large development category. It was only through all partners taking an open book approach that the project was delivered successfully.

“I’d like to offer my congratulations to all of the other winners that were recognised at what is an important event in the housing sector.”
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Old July 1st, 2014, 09:53 AM   #74
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Quartermile secures £80m for huge office development

The Scotsman - 1st July, 2014



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Edinburgh’s Quartermile urban 
regeneration project has secured an 
£80 million package of support in what is believed to be one of the largest ever speculative office funding schemes in Scotland.

Property investor Moorfield, which bought the former hospital site from developer Gladedale Capital in a multi-million pound deal last year, said work on the first of two office buildings will begin this month, supporting up to 400 construction jobs.

Between them the two blocks will provide about 200,000 square feet of Grade A office space, making it the biggest speculative project since last year’s completion of Edinburgh City Council’s Atria development on Morrison Street.

Moorfield chief investment officer Charles Ferguson Davie said: “The level of investment is testimony to Quartermile’s continued momentum and also demonstrates the growing confidence in Edinburgh’s office and property 
market.”

Moorfield has secured the funds 
for the Quartermile scheme, on the site of the former Edinburgh Royal Infirmary, from M&G Real Estate, the investment arm of life and pensions group Prudential.

M&G Real Estate’s director of development, John Fyfield, said: “At a time when there is a real lack of Grade A office space in Edinburgh, the commitment to speculatively develop these buildings ensures they will be delivered into a market where there is little 
competition.”

Development at Quartermile largely ground to a halt in the property crash of 2008-9, but once finished the scheme will feature 900 flats, of which more than 560 have been sold. The project will also include more than 323,000sq ft of offices and 108,000sq ft of shops and leisure space, and is expected to be completed in 2018.

The first of the office blocks being built, dubbed Quartermile 4, will have 130,600sq ft of space over seven floors and is scheduled to be finished in early 2016. Work will then begin on the six-storey Quartermile 3, which will cover 72,911sq ft.

The two buildings will provide space for more than 2,000 people and Quartermile managing director Paul Curran said they were already attracting interest from prospective occupiers keen to join the likes of legal heavyweight 
Maclay Murray & Spens and flight search firm Skyscanner at the site.

Curran added: “The deal is excellent news for both Quartermile and Edinburgh. We are already seeing strong occupational interest and are working with our agents to secure lettings.”

The Quartermile site was sold by the Lothian University Hospitals Trust in 2001 to a joint venture between Bank of Scotland, Taylor Woodrow and Kilmartin Property Group for about £35m. Gladedale – owned by Dunfermline-based housebuilder Avant Homes – bought out Taylor Woodrow’s 50 per cent stake in 2005 in a deal thought to be worth up to £200m, while Kilmartin fell into administration in 2010.

As well as residential and retail units, including Looking Glass Books, the scheme is home to a number of eateries such as Peter’s Yard and Starbucks. An existing Marriott Residence Inn will eventually be joined by another hotel on the site.
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Old July 4th, 2014, 03:42 PM   #75
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Italian-style bar set to open in Edinburgh development

Bar Magazine - 3rd July, 2014

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A new destination bar is to open in Edinburgh’s Quartermile development as part of modern new Italian-style restaurant Enzo.

Due to open later this month, it is being created by Scottish independent company P1 Edinburgh, headed by three directors Barrie Brown, Michele Civiera and Robert Reid.

They want the new bar, with its outside courtyard area, to become a destination for relaxed drinking all year round. It will serve many wines by the glass, a short list of classic cocktails and a good range of craft and world beers.

Inspired by Michele’s Italian heritage and the owners’ general passion for Italian culture, Enzo will offer simple, stripped-back Italian cuisine made with carefully sourced ingredients.

The Quartermile development is a mix of office, retail and residential space, built on the site of the old Royal Infirmary. The first flats were released for sale in April, with the whole site due for completion in 2018 when it will have 10,000 square metres of retail and leisure space.
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Old Yesterday, 03:55 PM   #76
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Latest residential block - City Meadows - under construction.


pic.twitter.com/YiscD3fkUn
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