Savills has been appointed by Nuveen Real Estate to market a 25 per cent interest in Edinburgh’s St James Quarter
The 1.7 million sq ft mixed-use scheme includes an 850,000 sq ft retail galleria which is anchored by John Lewis, the New Eidyn residential development which comprises 152 apartments, with 89 yet to be sold.
The development also includes the 244-room hotel W Edinburgh, an asset which Savills has been jointly appointed with Eastdil Secured to market its disposal. W Edinburgh opened in November 2023 under a long-term hotel management agreement with Marriott International.
What they said
Mark Garmon-Jones, director, UK Investment at Savills said: “This is an exceptional opportunity to acquire an interest in one of the most exciting lifestyle quarters in the UK. We’re pleased to be working with Nuveen to find an investor looking to own a stake in this high-performing asset with top end quality residential aspects and a best-in-class retail and leisure experience.”
Robert Stapleton, head of hotel capital markets at Savills added: “Edinburgh is one of Europe’s standout hotel markets, and benefits from both high barriers to entry and an enviable mix of both corporate and leisure demand drivers which have driven Edinburgh’s exceptional hotel performance over the past five years. The W Edinburgh is best-in-class in Edinburgh and requires no additional capital expenditure. We’re confident that the hotel will attract significant interest from global investors.”
Steve Wicks, head of retail, Europe at Nuveen Real Estate added: “Having spent the last eight years investing to develop the now iconic quarter in the heart of Edinburgh, the time has come for us to sell our interest in line with our wider business plan for the development. We have no doubt that the quarter will continue to flourish and benefit the local community. Both the hotel and shops will continue to operate as normal as we go through this process, with no impact to those working in, living in or visiting the space.”