TH Real Estate has confirmed that the John Lewis Partnership (‘John Lewis’) has agreed terms to anchor the 1.7 million sq ft Edinburgh St James development, one of the largest regeneration projects currently underway in the UK.
The agreement will see John Lewis remain open throughout work on the new scheme and operate a fully refurbished department store as part of the finished St James development.
Edinburgh St James, which will include up to 85 shops and 30 catering units, is expected to attract a range of operators including boutique and independent stores, high street retailers, aspirational brands and high end names, as well as international retailers looking to expand into the UK.
This year has seen significant progress on Edinburgh St James with planning approval secured in July, followed by approval of the central hotel design in August. Construction work is anticipated to commence onsite in early 2016.
Martin Perry, Director of Development at TH Real Estate, said:
The signing of the John Lewis deal is an important milestone and 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.
Jeremy Collins, Property Director at John Lewis, added:
We’re delighted to have reached agreement with TH Real Estate for these exciting development proposals at the St James Centre. John Lewis prides itself on providing an excellent shopping experience to its customers, and we will continue to work closely with the developers to ensure that disruption to our shop is minimised where possible as work progresses. We look forward to our shop’s full refurbishment being part of Edinburgh’s improved retail experience.
A world-class example of city-enhancing place making, Edinburgh St James will see the 1970’s shopping centre currently on site replaced with 850,000 sq ft of retail space, a multi-screen cinema, and a world class hotel comprising up to 210 rooms. Designed by Allan Murray Architects, the completed scheme will move Edinburgh further up the UK retail rankings, from 13th to eighth and will support the city’s tourist industry which contributes an estimated £260m to Edinburgh’s economy each year. Edinburgh St James will also create up to 3,000 permanent jobs and up to 5,000 jobs during the construction period, with completion anticipated for 2020.
CBRE represented TH Real Estate.
