CWM retail property advisor and P-THREE have been appointed to the leasing team for Edinburgh St James, the £1bn mixed-use development in the city centre. The principal retail and leisure phase of the development will open in October 2020, followed by the cinema, W Edinburgh, and residential elements phased through the following year.
CWM, and new agency P-THREE, which was founded by Justin Taylor, will join the existing agencies Culverwell and DCL under the direction of Leasing Director, Chris Pyne. DCL and Culverwell act with Assistant Leasing Director Ed Corrigan on the F&B and leisure leasing. Ed recently joined Nuveen to support the retail leasing as well as focus specifically on creating Edinburgh St James’ F&B offer.
The news follows the announcement in April that Inditex is to open four brands at Edinburgh St James. Zara has taken a 37,000 sq ft store over three floors in the 1.7m sq ft development. In addition, Bershka, Stradivarius and Pull & Bear will open stores of 9,300 sq ft, 6,000 sq ft and 8,000 sq ft respectively. All four brands will be located in the main multi-level galleria. Inditex joins John Lewis & Partners, Next, and Everyman Cinemas in anchoring the retail and leisure offer, which is split across five levels, each offering a different tenant mix to satisfy a wide range of consumer needs and aspirations. W Edinburgh completes the line-up of anchor brands, with its iconic design set to be an attraction for innovative brand’s and visitors to the city alike.
Ed Corrigan, Assistant Leasing Director at Edinburgh St James, commented: “Edinburgh St James is creating an additional shopping, dining and leisure focal point in the city, a fact recognised by leading operators from the UK and overseas. DCL and Culverwell provide us with the strongest experience and broadest reach in the market, and will work together to create a unique line-up that adds something new to the overall offer in Edinburgh.”
Tracey Mills, Director at DCL, added: “Edinburgh’s strong reputation means demand outstrips supply amongst operators, which Edinburgh St James is ideally placed to address. The creation of specific F&B zones in the development, each with an offer, environment and experience of their own, will deliver a level of choice, variety and quality unrivalled in the city. We are already receiving strong interest from a rich mix of operators, ranging from the best of the local and regional market to London brands seeking to follow in the footsteps of Dishoom, Ivy and Hawksmoor in launching in Edinburgh. There is also a lot of excitement amongst international operators for whom the city’s significant tourism market is of significant appeal.”
Research by CACI found that Edinburgh St James will increase the city’s catchment area by 13 per cent when it opens, reaching 1.9m people with £4.5bn of available spend. It will also benefit from the city’s £1bn visitor economy, where tourists spend an average of £236 per visit, compared to £162 in European benchmark cities such as Stockholm and Amsterdam. Edinburgh St James is also ideally placed to benefit from the significant uplift in spend during the August Festival period, the impact of which CACI equates to a second Christmas for retailers and F&B operators.
When complete, Edinburgh St James will span five floors of prime shopping, dining, leisure and entertainment, and is forecast to welcome in excess of 20 million visitors a year. Comprising 850,000 sq ft of retail space, Edinburgh St James will complement the luxury shopping offer of neighbouring luxury retailer Harvey Nichols, which anchors the premium shopping street of Multrees Walk. Strategically completing the city centre’s retail circuit, the development will also be home to 30 new restaurants, cafés and bars; Scotland’s first W Hotel – W Edinburgh – which includes 244 stylish guestrooms, a buzzing destination bar, outdoor terrace, signature restaurant, and an AWAY® Spa; luxury aparthotel brand Roomzzz, comprising 75-rooms; and 152 apartments by Native Land; in addition to delivering nine new public squares and 1,600 car parking spaces.