One of the so called most “ugliest” buildings in Edinburgh is to be demolished and redeveloped into a mixed used scheme. Henderson Global Investors have been granted permission to redevelop the site in the St James Quarter at and estimated cost of Â£850m. There will be room for 90 retail outlets, over 1,000,000 sq ft of space, 160,000 square feet of office space, 250 residential units and two hotels.
Myles White, from Hendersonâ€™s UK Shopping Centre Fund, stated that even with the “challenging economic environment” this project would benefit the local area in terms of regeneration as well as potential investors who would see a good ROI. The redevelopment will include renovation of the St Andrewâ€™s House office development which the company acquired along with the shopping centre from Donegall Place Investors in 2006.