TH Real Estate has officially confirmed the John Lewis Partnership’s agreement to the terms to anchor the 1.7 million sq ft Edinburgh St James development, one of largest current regeneration projects in the UK.
This means that John Lewis will be remaining open throughout the development on the scheme and will eventually operate a fully refurbished department store as part of the finished St James development.
Jeremy Collins, Property Director at John Lewis, commented: “We’re delighted to have reached an agreement with TH Real Estate for these exciting development proposals at the St James Centre.”
Mr. Collins continued “We look forward to our shop’s full refurbishment being part of Edinburgh’s improved retail experience.”
Edinburgh St James comprises 85 shops and 30 catering units, and is expected to attract an array of range operators, including boutique and independent stores, high street retailers, aspirational brands and high end names, as well as international retailers with UK expansion in mind.
Throughout this year, progress has seen substantial strides, with planning approval being secured back in July, followed shortly after by approval of the central hotel design in August. Early 2016 is when construction work is anticipated to begin.
Edinburgh St James will see 850,000 sq ft of retail space, a multi-screen cinema, and a world class hotel with 210 rooms. It will also move the city higher in the UK retail rankings, from 13th to 8th and contribute an estimated £260m to Edinburgh’s economy.
Director of Development at TH Real Estate, Martin Peny, said the signing was an important milestone, adding: “We are delighted that they will anchor the scheme, in addition to remaining open for business throughout construction.
“It has always been our ambition to deliver a world class destination for Scotland and this important piece of the jigsaw brings us ever closer to starting on site in spring next year.”
It will also create up to 3,000 permanent jobs as well as nearly 5,000 jobs during the construction. Completion is anticipated for 2020.
TH Real Estate were represented by CBRE.