Forgotten corner of Edinburgh ready to enjoy £100m facelift
PLANS are under consideration which could transform a longneglected part of Edinburgh city centre into a £97 million retail and leisure district.
A steering group is being formed, made up of the owners and developers of properties in the Register Lane area, and the premises in question will link St Andrew Square to the new £850 million St James development.
The city council is hopeful of having the project under way by next summer with a view to completion by summer 2019 when St James is also due to be completed.
Overall, the development will comprise 40,000sq ft of new retail/leisure accommodation, 178 hotel bedrooms or 97 quality serviced or private apartments and 23,000sq ft of new offices.
Shops, bars and art galleries will also breathe new life into the area, with up to 200 jobs created.
It is estimated that the development will generate £55m for the city economy and provide a clear link between the St James Quarter and St Andrew Square.
Central to the plans is the former Ukio Bankas building at 42 St Andrew Square which was purchased last month by the Chris Stewart Group. It plans to convert the landmark property and an adjoining building in West Register Street into a boutique hotel alongside offices, serviced apartments, retail and restaurant operations. The total area offers 130,000sq ft of development opportunity.
The 1942 neo-classical listed building on the south-east corner of one of Edinburgh’s famous Georgian squares has stood empty following the collapse of Ukio Bankas in 2013 and was recently added to the “at risk” register.
Local businesses which are to benefit from the revamp of the area include well-known bar Cafe Royal, whose general manager Reza Najafi said: “We are very, very excited about the new plans. West Register Street has unfortunately been left behind at times. This will bring some extra business and footfall to the area.”
The plans are contained within a £60,000 development study which has been compiled by council planners and which will be debated by councillors on Tuesday.
Councillor Frank Ross, convener of the economy committee, said: “I am proposing that I chair a steering group to look at the regeneration of this area, building on the strong relationships we already have with the major landowners.
“It would facilitate discussions between all parties involved in ensuring that this area has more attractive public space and improved links to Princes Street and the St James Quarter. The purchase of 42 St Andrew Square was welcome news as this iconic building is a crucial piece of the jigsaw as it will help to unlock further investment in the Register Lane area.”
A separate project is also currently under way in St Andrew Square, where the former Scottish Provident building is being demolished to make way for a £75m shopping mall which will also house offices and apartments.