invest edinburgh (april-june 2015)
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APRIL TO JUNE 2015
ALSO IN ISSUE 52 » FESTIVALS PREVIEW » 10 QUESTIONS FOR MARSHALL DALLAS (EICC) » INGENIOUS AUDIO SET TO ROCK » EDINBURGH GOES HIGH-FIBRE » HOTEL OPPORTUNITIES
A WORLD-CLASS DESTINATION
WELCOME TO EDINBURGH
IN THIS ISSUE
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THE FIRST WORDWelcome to the latest issue of Invest Edinburgh.
2015 is shaping up to be an exciting year for the city. The Edinburgh International Conference Centre (EICC) is expanding its offering and the contract for the Edinburgh Gateway Station has been awarded. Office uptake is at its highest in a decade and filming in Edinburgh saw a seven per cent rise in 2014.
This issue’s Capital Focus looks at Capital Square, a new grade ‘A’ office development in Edinburgh’s Exchange District.
In our cover feature, we launch the new Edinburgh Hotel Prospectus and look at tourism in the city. Edinburgh Airport has experienced exponential growth in passenger numbers and new flight routes, which has expanded Edinburgh’s reach and international profile. This issue will also explore Edinburgh’s attraction as a filming destination and offer a 2015 festivals preview.
Round Table has key figures talking about leisure tourism, business conferencing and Edinburgh as an investment destination, while this issue’s 10 Questions is with the new chief executive of the EICC, Marshall Dallas, who has recently overseen the opening of the new Lennox Suite, part of the EICC’s £30m expansion.
Edinburgh-based Bubbal is the focus of One to Watch. The latest lifestyle app to emerge from Edinburgh’s booming technology sector is aiming to generate annual turnover exceeding £1m within three years. Made in Edinburgh looks at music tech start-up Ingenious Audio which has successfully completed a £20,000 Kickstarter campaign for its wireless audio device ‘Jack’.
New Arrivals covers Overcast Labs, a company which builds data centre solutions to improve productivity and efficiency. We will also be exploring the office market uptake in Edinburgh, which is at a ten year high, and Added Extras will explore what type of services consulates in Edinburgh have to offer. Finally in this issue we will highlight some of the services the Council offers to new investors coming into the city.
I’d like to close by inviting you to watch an update on Edinburgh’s Strategy for Jobs at www.edinburgh.gov.uk/economicstrategy
Thank you for reading.
COUNCILLOR FRANK ROSS,Convenor of the Economy CommitteeThe City of Edinburgh [email protected]
To find out more about how we can help you, please contact the Investor Support team at [email protected] or on +44 (0)131 529 6600.
04 SNAPSHOTS The major news from the city’s economy
07 NEW ARRIVALS Overcast Labs launches in Edinburgh
08 10 QUESTIONS FOR… Marshall Dallas, chief executive of the Edinburgh International Conference Centre
10 (cover story) WELCOME TO EDINBURGH A world-class destination
14 ROUND TABLE Maintaining Edinburgh’s appeal
16 MAKING IT HAPPEN Edinburgh goes high-fibre
17 ADDED EXTRAS Consulates in Edinburgh
18 INVESTMENT OPPORTUNITY Hotel development opportunities in the city
07
06
05
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The Capital Square office development will provide 11,400m2 of grade ‘A’ office space over eight storeys, with floorplates ranging from 1,000m2 to 1,600m2. A 224-space car park will be situated beneath the development, which will also benefit from nine surface parking places and 96 cycle racks. Designed to achieve BREEAM ‘excellent’ standard, the development will be equipped with solar panels and heat pumps.
“[Capital Square] reaffirms our commitment to Edinburgh as we aim to bring forward a new flagship scheme with our partners in the heart of the Exchange District,” said Ian Cody of Hermes Real Estate. “The availability of world-class office space in Edinburgh city centre is key to the economic wellbeing of the city and is needed to attract new organisations to the capital.”
The development site comprises a surface car park, surplus land purchased from the nearby Sheraton Grand Hotel and a disused multi-storey car park, which is to be demolished. Hermes Real Estate has appointed Parlison Properties as development manager and CBRE and Montagu Evans as letting agents.
The development will include a new pedestrian deck connecting Festival Square and Conference Square. Chuckie Pend will also be improved, providing additional pedestrian access from Morrison Street.
Hermes Real Estate hasunveiled plans for CapitalSquare, a major grade ‘A’office development on a gapsite at 62 Morrison Street.
FLAGSHIP OFFICES FOR THE EXCHANGE DISTRICT
AMERICAN CLOUD COMPUTING FIRM EMC HAS OPENED AN OFFICE ON QUEEN STREET PROVIDING CONSULTANCY SERVICES.
www.hermes-investment.com
Capital Square will occupy a strategic location within the Exchange District, Edinburgh’s financial and professional services hub. The site is opposite the headquarters of Scottish Widows and next to both Edinburgh One, the home of Aberdeen Asset Management, and Atria, home to tenants including Aon, PWC, Brewin Dolphin, the Alliance Trust and the UK Green Investment Bank.
Haymarket rail station and the tram interchange lie around 700 metres to the west.
Capital Square is the latest major office development on Morrison Street following on from Atria and 145 Morrison Street, both of which launched in the last two years.
“We very much look forward to working with Hermes Real Estate to bring forward much needed grade ‘A’ office space”, said Councillor Frank Ross, Convener of the Economy Committee of the City of Edinburgh Council.
“This proposed new office development and public car park will further enhance the reputation of Edinburgh’s Exchange District as a premier business location.”
“THIS PROPOSED NEW OFFICE DEVELOPMENT AND PUBLIC CAR PARK WILL FURTHER ENHANCE THE REPUTATION OF EDINBURGH’S EXCHANGE DISTRICT AS A PREMIER BUSINESS LOCATION.”
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An artist’s impression of the new film studio complex.
FRENCH TECHNOLOGY COMPANY PRICEMATCH, A SUPPLIER OF REVENUE MANAGEMENT PLATFORMS TO THE HOTEL INDUSTRY, HAS LAUNCHED A SATELLITE OFFICE IN EDINBURGH.
EDINBURGH’S SOFTWARE SECTORConstruction of a 150 km gigabit fibre network will bring ultrafast broadband to Edinburgh and could boost the city’s economy by more than £200m a year (see page 16).
Undoubtedly a key support for Edinburgh companies as they aim to break into international markets and compete for funding, the announcement has been spurring on the city’s software sector to lead the charge.
Spoonfed, a cloud-based catering management system, and Parkure, which is seeking to develop a cure for Parkinson’s disease, have both been involved in recent rounds of fundraising.
Spoonfed was launched in 2013 as a management system for catering companies. Companies use its software for online ordering, production planning, route planning and invoicing. It is currently pursuing international expansion after receiving interest in its business idea from
LIGHTS, CAMERAS... ACTION!
2014 saw a continued rise in the number of film and television shoots in the capital. 361 productions spent a total of 1,076 days filming on location in the Edinburgh area last year – a seven per cent increase on 2013. Among the productions were Murder, a new BBC Two drama directed by Birger Larsen (The Killing), and the American sci-fi series Outlander.
“On average, we had around three productions filming every day in the Edinburgh region last year,” said Rosie Ellison of Film Edinburgh. “We’re delighted that the message that Edinburgh is a ‘film-friendly’ city is being taken on board by production companies.”
The news comes as developers announced plans to begin work later this year on the UK’s first purpose-built film studio complex at New Pentland on the southern outskirts of Edinburgh. The privately-funded project – spearheaded by industry veterans Jim O’Donnell (Warner Bros) and Jeremy Pelzer (Ealing Studios) – aims to build three soundstages, workshops, a data centre, a combined heat and power plant and a backlot by early 2017. Further phases would deliver additional soundstages (including a water stage), a 180-bedroom hotel and a film academy with capacity for 500 students. > Find out more:
www.filmedinburgh.org www.scottishinternationalstudios.com
the US, Australia and Asia. In February, it secured £250,000 of investment from Equity Gap. The Scottish Investment Bank has also provided finance.
Parkure, a University of Edinburgh spin out, secured significant investment through its crowdfunding campaign. In February, it raised £75,000 on ShareIn, an Edinburgh-based funding site for technology companies, which was matched by the Scottish Government.
With clients throughout the UK, Kuwait and Australia, Aridhia has been supported by another Edinburgh-based company, Craneware, which is already a US market leader in the healthcare sector, and bases all its development activity in Edinburgh. Aridhia is seeking to bring AnalytiXagility to the US market, a cloud-hosted service that addresses the data management and analytics challenges facing companies in healthcare and life sciences.
> Find out more: www.aridhia.com www.craneware.com www.getspoonfed.com www.parkure.co.uk
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The Lord Provost of Edinburgh meets with dignitaries in the United Arab Emirates.
A number of emerging business and cultural links with the Middle East and China are helping to create closer relationships between these geographies and Edinburgh.
In 2014, Qatar Airways launched its first non-stop Edinburgh-Doha flight, which will fly daily from May 2015. In June 2015, Etihad Airways will launch the first non-stop daily flight to Abu Dhabi. Both routes offer businesses, tourists and students a direct link into the Middle East.
One of the companies set to benefit is Thomas & Adamson, an international construction and property consultancy. T&A has
its UK headquarters in Edinburgh and established its first Middle East office in Abu Dhabi in early 2009. This was followed by the opening of a Dubai office 12 months ago. T&A is a market leader and is strategically positioned to support the recovering United Arab Emirates’ construction market. The launch of Etihad’s non-stop daily flight to Abu Dhabi will make it more convenient for T&A staff travelling between offices.
T&A have been appointed on a number of Etihad’s projects and Les Banks, partner and director for UAE, says the new flights and relationship with Etihad have “benefited T&A’s UK business, where we are appointed as cost manager on the temporary immigration facilities now under construction at Edinburgh Airport.”
In March, Edinburgh’s Lord Provost attended the Ajman International Urban Planning Conference and met with the Ajman Chamber of Commerce. The visit
DIRECT LINKS EAST
PAYROLL SOLUTIONS PROVIDER ACTIVPAYROLL HAS EXPANDED INTO EDINBURGH WITH THE OPENING OF AN OFFICE IN ST ANDREW SQUARE.
enhanced Edinburgh’s profile in the UAE and promoted investment opportunities in the city. With Etihad’s new direct link, investors will soon find Edinburgh even more accessible.
Edinburgh’s relationship with China is also strengthening. One of the world’s fastest growing economies, with an increasing appetite to invest overseas, it is also a key export market for creative industry products and services. The City of Edinburgh Council saw the opportunity in promoting trade and investment links for the creative sector and established a unique agreement with the Municipality of Shenzhen, in southern China, establishing Creative Industry Incubators in both cities.
Shenzhen is China’s first UNESCO City of Design – its Silicon Valley – and a maker city. This exciting project will provide free incubation space and support to companies interested in exploring the market opportunities in the other city. The incubator in Shenzhen will be based in F518 Creative Industry Park and will be opened on 15 May 2015, offering plenty of desk spaces to all Edinburgh-based creative and digital technology companies with a wish to establish a presence in China. At the launch, an Edinburgh Creative Showcase is planned at the incubator, to demonstrate Edinburgh’s innovation and creativity.
> Find out more: [email protected] The City of Edinburgh [email protected]
The New York Times has ranked the University of Edinburgh 18th in the world for graduate employability. Alumni of the university can expect to earn an average of £48,500 within five years of graduating.
Property developer S Harrison has begun construction of 226 student flats on Leith Walk. The £23m scheme will also deliver 1,000m2 of retail and leisure space.
14 life-sized animatronic dinosaur statues have been installed at Edinburgh Zoo. The Dinosaurs Return! exhibition, which runs until November 2015, includes a Stegosaurus, a Velociraptor and a 14m-long Tyrannosaurus Rex.
The 25,200m2 Port Hamilton office building in the Exchange District – fully-let to Lloyds Bank – has been sold for a record £105m, while the 238-bedroom Radisson Blu hotel on the Royal Mile has been purchased for more than £59m.
Two Edinburgh eateries – The Caffeine Drip in the West of Edinburgh and Indaba in Fountainbridge – have been ranked in the UK’s top 10 African restaurants.
Edinburgh-based travel search engine firm Skyscanner has been valued at $1 billion. The search engine has 30 million users worldwide.
Standard Life has acquired Pearson Jones, the wealth management arm of the Skipton Building Society, increasing its assets under management by £1.1 billion.
Two students at the University of Edinburgh’s School of Informatics, Karolis Greblikas and Marijonas Petrauskas, have won the global CodeVita coding competition, defeating 49,000 other teams.
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MADE in EDINBURGH
AMERICAN COMPUTER TECHNOLOGY FIRM DELL HAS OPENED A NEW OFFICE IN THE TANFIELD OFFICE DEVELOPMENT ON INVERLEITH ROW.
Edinburgh-based Ingenious Audio look set to make some serious commercial noise in 2015 with the retail launch of its groundbreaking ‘Jack’ wireless guitar cable. The innovative device, which connects guitars to amplifiers, PCs or tablets via Wi-Fi – avoiding the need for cumbersome and costly cables – looks set to revolutionise the $4 billion/year global guitar-related retail market.
Ingenious founder, John Crawford, has put to good use knowledge gained as a product manager at audio specialist Wolfson Microelectronics. Recipients of a Scottish Enterprise SMART Award in 2011, and supported by Glasgow-based angel syndicate Kelvin Capital, Ingenious Audio has been developing the Jack Wi-Fi system in collaboration with the University of Glasgow and contract manufacturing partner WideBlue throughout proof of concept.
The appeal of the technology was demonstrated through a recent Kickstarter campaign, which saw its sales
INGENIOUS AUDIO SET TO ROCK THE WORLD
1 TO WATCH BUBBAL
WHAT DO THEY DO?Bubbal is a location-based app that notifies smartphone users of events and offers nearby that may interest them, such as live performances or sales promotions. An algorithm filters alerts based on users’ interests, meaning they only receive notifications relevant to them. Retailers, restaurateurs and other businesses can use Bubbal as a platform to present potential customers with special offers targeted at their tastes and interests, helping drive footfall. App users can also ‘follow’ places (such as shops, museums, restaurants and venues) to receive personalised updates on offers and events.
WHY ARE THEY WORTH WATCHING?Since launching last year, the Bubbal app has attracted considerable interest, with Forbes magazine naming it one of 2015’s “hottest lifestyle startup trends”. The company is currently in talks with OUTFRONT Media, America’s leading out-of-home advertising company, about integrating its technology into OUTFRONT Media’s billboards, meaning all passers-by with the Bubbal app installed would receive personalised notifications about offers relevant to them.
WHERE HAVE THEY COME FROM?Bubbal was founded in 2013 by Jussi Jääskeläinen, Mark Sorsa-Leslie, and Tapio Hämeen-Anttila, three veterans of Finland’s technology scene. After receiving a £5,000 First Step Award from Scottish Enterprise, Bubbal partnered
with Dr Alistair Morrison of the University of Glasgow to develop a predictive content algorithm to determine which content will be of interest to app users. The Bubbal app launched on the App Store and Google Play last year.
WHAT DOES IT MEAN FOR THE AREA?Bubbal is the latest lifestyle app to emerge from Edinburgh, reflecting the city’s booming technology sector. The company has ambitious growth plans, aiming to generate annual turnover of more than £1m within three years and create around 20 new jobs. Bubbal will be attending the EIE technology expo in Edinburgh this May, to pitch its product to investors.
> Find out more: www.bubb.al
target of £20,000 smashed by more than 150 per cent. “Kickstarter has been important as it allowed us to plant a flag. We received orders from Dubai, Scandinavia, South America and Japan – so we know there’s a global market,” explains John.
Jack delivers uncompressed, real time, 24-bit quality audio, making it the natural successor to any Bluetooth application involving audio transmission.
The first units are set to ship in May 2015. “For now, we’re focused on the guitar retail market, specifically North America – a market worth approximately $2 billion each year,” adds John. “More or less all manufacturing will be Scottish-based, which delivers a wide choice of specialist contract manufacturers with the expertise we need. Having that capability on our doorstep is a big advantage.”
John adds: “Potential partners are keen to see how this technology can be put to good use in other spaces.”
> Find out more: www.wifi-guitar.com
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NEWARRIVALSOVERCAST LABS
WHAT DO THEY DO?Overcast Labs is creating the intelligent data centre of the future: developing innovative technology to improve the efficiency of data centres that drive mobile communications and the Internet.
The company’s product replaces separate cloud-hosting infrastructure with a fully integrated enclosure, reducing complexity, power consumption and incident response time.
Over the next 12 months, continued product development will deliver savings and allow flexibility beyond anything currently available on the market.
WHY THE MOVE?Founded in 2013, Overcast Labs is an early-stage company that sees Edinburgh as the ideal place to launch its exciting new product, due to the city’s vibrant business community, which welcomes and supports innovative technology.
The co-founders of Overcast Labs are brothers Tyler and Scott Foster along with Martin Lind. The team is composed of world-class engineers with decades of combined experience in leadership and
product delivery for top technology companies. This means the team has an impressive array of skills and is delivering an ambitious vision, soon to come to fruition.
WHY EDINBURGH?“Edinburgh is a fantastic city, with a lot of interesting companies and great talent doing exciting things,” says Tyler.
“We’re delighted to be part of that and grateful for the support given to us by [venture capital firm] Par Equity, the High-Growth Support Unit at Scottish Enterprise and the City of Edinburgh Council.
“We’re looking forward to being part of the community here, while making an impact across the UK and beyond.”
> Find out more: www.overcastlabs.com
THE INSURANCE PRICE COMPARISON WEBSITE RIGHT PRICE INSURANCE HAS OPENED AN OFFICE IN EDINBURGH.
As the world’s leading festival city, Edinburgh is gearing up for a packed programme of internationally acclaimed events in 2015, collectively expected to draw more than four million visitors from around the world. A look at this year’s festival programme reveals more shows, more venues and more choice than ever before.
The annual Edinburgh International Science Festival begins on 4 April. Highlights include GastroFest, a mini-festival on the
science of food and drink, and an appearance from Nobel laureate Professor Peter Higgs.
Hot on its heels comes Imaginate (11 to 17 May), the performing arts festival dedicated to children and young people, before the red carpet is rolled out on 17 June for the 69th Edinburgh International Film Festival. More than 1,400 industry movers and shakers are expected.
Running from 17 to 26 July, the Edinburgh Jazz and Blues Festival includes a free open air Mardi Gras and 140 gigs across the city
centre. It serves as the perfect musical bridge to the world-renowned cultural programme that is the Edinburgh International Festival.
Following record ticket sales at last year’s Edinburgh Festival Fringe – the world’s largest arts festival – 2015 will again be packed with theatre, comedy, cabaret, dance, street performances and a festival ambience that continues to set Edinburgh apart. The Edinburgh International Book Festival (15 to 31 August) remains another bestseller in the annual festival programme, as does the 66th Royal Edinburgh Military Tattoo, which continues to be oversubscribed. This year it celebrates an ‘East meets West’ theme, and performances will again be broadcast in more than 30 countries, reaching an estimated 100 million viewers.
The Edinburgh International Storytelling Festival, in October, and Christmas festivities from 21 November lead up to Edinburgh’s famed Hogmanay, ensuring 2015 is another memorable year for the world’s leading festival city.
> Find out more: www.edinburghfestivalcity.com
FESTIVAL CITY SPRINGS TO LIFE
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IE> EICC was the first venue in its class to be awarded ISO14001 Environmental Standard. How does the EICC help organisers to manage the environmental footprint of their events?MD> We continue to lead the industry through the application of our award winning Plan-it green™ sustainable events programme. It helps organisers to reduce, reuse and recycle to achieve low carbon events. Clients can then offset measured event-specific emissions to a carbon sink of native Scottish woodland. Judged alongside major corporates in a recent Europe-wide sustainability competition, EICC finished in second place.
IE> EICC has always been ahead of the times in terms of the innovation and flexibility of its offering. What did the recent expansion add?
IE> In the past 20 years, the EICC has hosted almost 3,000 events, welcomed more than one million delegates and generated an economic impact in excess of £443m. What’s next?MD> Our prime directive will not change. We exist to attract international conferences and events to Edinburgh. Business tourism is worth an estimated £782m annually to the Scottish economy, with Edinburgh delivering a major slice of this total. By continuing to invest in world-beating facilities EICC has cemented its position in the first rank of global conferencing venues.
IE> The EICC recently launched an initiative called InnovationNation. What does this entail?MD> In January, HRH The Princess Royal officially opened our new Lennox Suite.
On the same evening we launched InnovationNation. It’s a free public lecture series designed to share our enthusiasm for great speakers on our stages. Talks on innovations in energy, health and technology are prominent. (Visit: www.eicc.co.uk/innovationnation to sign-up to upcoming events.)
“EDINBURGH STANDS OUT AS A NATIONAL CAPITAL, WITH A WORLD HERITAGE SITE AT ITS HEART THAT IS BOTH WALKABLE AND SAFE.”
Marshall DallasChief Executive, Edinburgh International Conference Centre
SPECIALIST SOFTWARE AND ELECTRONICS RECRUITMENT CONSULTANCY OHO HAS ANNOUNCED PLANS TO OPEN AN OFFICE IN EDINBURGH LATER THIS YEAR.
Twenty years ago, the Edinburgh International Conference Centre (EICC) became an engine for urban regeneration when the conference centre anchored the newly-built Exchange District. Today, investment on its doorstep is bringing new corporate offices and additional hotel bed stock. We ask Marshall Dallas, the new chief executive of EICC, why this can only be good news...
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Over the course of a hotel industry career spanning almost 25 years, Marshall Dallas has held senior management roles with Macdonald Hotels, QMH, Gleneagles Hotel and Trusthouse Forte. His most recent roles have been in the private healthcare sector, latterly at BMI Healthcare and Nuffield Health.
MD> We have doubled in size and by clever design we have redefined city centre conference and event space for the new era. No other venue worldwide can offer the flexible space options that we can.
We led with revolving auditoria in our foundation building and we are leading again with a hall-wide moving floor system. It transforms from flat-floored exhibition space to tiered theatre and arena set-ups in a fraction of the time required in conventional halls. Clients can pack more into conferences and events at EICC as a result.
IE> Edinburgh Airport has recently announced new direct flights to New York. How important is international connectivity for conference locations?MD> Integrated transport systems are highly prized and well used by international
conference delegates who want to make the most of their time in a capital city that many will be visiting for the first time. Edinburgh’s trams are proving particularly popular with our business tourists. It is a great step forward that Edinburgh is served by daily direct flights from 85 European cities and from New York, Chicago and Philadelphia in the United States. Middle Eastern routes include daily services from the Qatari capital, Doha and, from this year, Abu Dhabi in the United Arab Emirates.
IE> The ability now to run two congresses side-by-side means EICC can considerably increase both the number of people you attract to Edinburgh and the economic impact for the city. What is your target market?MD> At the end of last year we hosted two world congress events, simultaneously, for the first time: the World Congress on Cancers of the Skin and the World Congress of Reproductive Biology. Our expansion made this possible. The economic impact generated for Edinburgh from these two events is estimated to total £2.7m. Together they brought 1,500 delegates to the city from 60 countries. However, our target market is not just international events, as the UK corporate event market is also very important to us.
IE> How does the conference market relate to the wider tourism market?MD> Most research highlights that business tourists spend significantly more in the local economy than leisure visitors – on average 1.5 times greater. Business tourists coming to Edinburgh and Scotland are also highly likely to make a return visit for leisure purposes.
IE> The EICC is now a venue for the Edinburgh Festival Fringe. What prompted this?MD> National and international conferences and events tend to take a break during August, which gives us an opportunity to open our doors to another audience. 2015 will be our ninth year on the Edinburgh Fringe and last year we had four stages in constant use across 25 days and 160 performances.
IE> What other ingredients does a city need in order to stand out as a conference location?MD> Successful conference cities provide a welcome that exceeds the expectations of seasoned international delegates. They must have transport, accommodation and entertainment providers ready and willing to work together to deliver a world-class business tourism product across multiple price points. Edinburgh stands out as a national capital, with a World Heritage Site at its heart that is both walkable and safe.
IE> Scotland was in the spotlight in 2014, with the Ryder Cup, Commonwealth Games and the independence referendum. How do your team plan to capitalise on that level of awareness?MD> Research for London 2012 estimates that the UK economy will ultimately receive a net tourism gain of £1.24 billion from the Olympics. Three quarters of this Olympic legacy benefit is forecast to arrive after the event through 2017. Scotland’s high profile year in 2014 has strengthened the city’s brand and we will exploit this position at trade shows and overseas sales missions for several years to come.
“NO OTHER VENUE WORLDWIDE CAN OFFER THE FLEXIBLE SPACE OPTIONS THAT WE CAN.”
RESTAURANT CHAIN PINTO HAS OPENED A SECOND BURRITO BAR IN EDINBURGH ON SHANDWICK PLACE.
www.eicc.co.uk
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SUPERMARKET CHAIN ALDI HAS OPENED A BRANCH IN THE SUBURB OF GILMERTON, ITS SECOND IN EDINBURGH.
“It’s a staggering success story,” reflects John Donnelly, chief executive of Marketing Edinburgh, the body charged with attracting more visitors to Edinburgh.
“2014 was the first year that we exceeded two million ticket sales for the Fringe alone. Today, the number of tickets sold for Edinburgh’s festival events are only exceeded by the Olympics and the World Cup.”
It’s a position that the founding fathers of Edinburgh’s festivals would not have dared to dream of when they decided to stage the first Edinburgh International Festival, in 1947. (Coincidently, the same year the Edinburgh International Film Festival was launched – making it the world’s longest running film festival.)
Since then, Edinburgh has become acknowledged as the world’s ‘Festival City’, and success has become a year-round phenomenon.
LET’S BEGIN BY REFLECTINGON A FEW NUMBERS ...
“In 2014, our Hogmanay and Winter Festivals also set new records and overall footfall and spend over the Christmas period helped demonstrate the year-round attractiveness of the city,” says Pete Irvine, artistic director, Edinburgh’s Hogmanay.
12 festivals alone bring around £245m of economic impact to the city each year, which is supplemented by a buoyant programme of conventions, and business tourism. Edinburgh’s cross-sectoral strengths – spanning life sciences, financial services, and software, not to mention its world-class universities – helped secure more than 190 conventions last year, bringing an additional £90m of expenditure to the city.
Consultancy HVS London has identified Edinburgh as the UK’s most popular conference destination after London and business tourism has dual benefits: “Delegates tend to spend more per head than
2.2 MILLIONEDINBURGH FESTIVAL FRINGE TICKETS SOLD IN 2014 – THE WORLD’S LARGEST ARTS FESTIVAL
4THMOST BEAUTIFUL CITY IN THE WORLDROUGH GUIDE
AVERAGE HOTEL OCCUPANCY OF
80%
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AMERICAN AEROSPACE AND DEFENCE GIANT LOCKHEED MARTIN HAS EXPANDED ITS INFORMATION SYSTEMS OFFICE IN EDINBURGH PARK.
leisure visitors, but research also shows that around a third of business visitors intend to return again as leisure visitors, bringing friends or family back with them,” says Marshall Dallas, chief executive of the Edinburgh International Conference Centre.
Those who do visit become fantastic ambassadors for the city’s appeal; Edinburgh Castle – one of the UK’s most popular paid visitor attractions – has become one of the most popular spots in the world for a ‘selfie’; readers of The Guardian have voted Edinburgh their ‘Favourite UK City’ on an unparalleled 13 consecutive occasions; and in 2012, the city was heralded as Europe’s leading tourist destination in the World Travel Awards.
A CITY TRANSFORMEDThe recent investment in Edinburgh Airport by its new owner, Global Infrastructure Partners, has undoubtedly been transformational.
In 2014, the airport recorded 10 million annual passengers for the first time, and announced new direct routes including Doha, Abu Dhabi, Philadelphia, Chicago, Istanbul and Toronto. It is now undergoing a £150m five-year expansion programme that will increase capacity and improve passengers’ experiences.
At the east end of the city centre, work is set to commence on an £850m regeneration of the St James Quarter by TIAA Henderson Real Estate. One of the UK’s largest speculative property developments, the project will deliver more than 96,000m2 of shops, hotels and leisure space, along with hundreds of new homes. It is just one of a dozen key developments that will see close to £1 billion of new investment in the city centre by 2020.
Many city centre hotels already operate at 90 per cent occupancy throughout the
NUMBER ONEVISITOR ATTRACTION IN THE UK (ROYAL YACHT BRITANNIA)TRIPADVISOR
FIVEMICHELIN STARRED RESTAURANTS (SECOND IN UK AFTER LONDON)
1.3 MILLIONOVERSEAS VISITORS IN 2013 (SECOND IN UK AFTER LONDON)
... AND
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FIRE AND SAFETY ENGINEERING SPECIALIST OTEAC HAS OPENED AN OFFICE IN LEITH.
year and it is estimated by the Edinburgh Tourism Action Group that as many as 9,000 beds will be needed by 2021 to cope with demand.
“Operators are keen to increase their representation of existing
hotels or showcase new concepts in Edinburgh,” says Keith McBain,
Director, JLL Hotels & Hospitality. Edinburgh is a highly attractive
market for hotel operators, with occupancy, revenue per available room
and average daily rates all rising in 2014, with further growth expected in 2015. The market has already seen many international brands expand into the city, among them Accor, Crowne Plaza, Marriott, Hilton and Waldorf Astoria. Openings this year-to-date include the Village Urban Resort, a 120-bedroom hotel, leisure complex and conference centre developed by the De Vere Group.
The market responds well to quality. Chinese tourists have recently voted luxury apart-hotel the Old Town Chambers the best place to stay in Scotland in a survey by Booking.com, while the Chester Residence in the West End has been named the best luxury hotel in the UK by TripAdvisor.
APRIL Edinburgh International Science Festival
MAY Imaginate Festival
JUNE Edinburgh International Film Festival
JULY Edinburgh Jazz and Blues Festival
AUGUST Edinburgh Art Festival Royal Edinburgh Military Tattoo Edinburgh International Festival Edinburgh Festival Fringe Edinburgh International Book Festival Edinburgh Mela
OCTOBER Scottish International Storytelling Festival
DECEMBER Edinburgh Hogmanay
www.edinburghfestivalcity.com
The booming tourism sector has seen a number of Edinburgh’s most acclaimed eateries announce plans to expand. The Balmoral’s Michelin-starred restaurant, Number One, has increased the capacity of the restaurant, following a full refurbishment, while Michelin-starred chef Tom Kitchin has undertaken a £1m investment in his eponymous restaurant, increasing the number of covers by a third and adding a private dining room.
Opportunities in Edinburgh for hotel developers, operators and investors are showcased in the newly-launched Edinburgh Hotel Prospectus, a fully-interactive app providing a regularly-updated listing of current opportunities in the city. The app has been developed by the City of Edinburgh Council in conjunction with Scottish Enterprise.
“This is an effective and innovative promotional tool which can be shared worldwide amongst the funding and investment market,” said Councillor Frank Ross, Convener of the Council’s Economy Committee. “Users will have access to the most up-to-date investment opportunities for hoteliers.”
“WE NOW GET UP TO THREE PRODUCTION TEAMS FILMING IN THE CITY EACH DAY.”
(Above) The Real Mary King’s CloseContinuum Attractions has announced a £500,000 investment in The Real Mary King’s Close, a subterranean attraction that lets visitors explore the lost streets of 17th century Edinburgh. The investment will open up new underground spaces and create an entrance directly from the Royal Mile.
(Background) Edinburgh Castle Attracting 1.4 million visitors a year, Edinburgh Castle is now among the most popular spots in the world to take a ‘selfie’, according to new research from AttractionTix.
12 INVEST EDINBURGH | APRIL TO JUNE 2015 |
PROPERTY MANAGEMENT CONSULTANCY COBBS HAS OPENED AN OFFICE IN EDINBURGH’S MARCHMONT NEIGHBOURHOOD.
COLLECTIVE APPEALThe importance of Edinburgh’s festivals is recognised by all the stakeholders in the city’s success, but it is far from the city’s only appeal.
Research by VisitBritain shows the importance of ‘jet-setting’ to tourism today: 40 per cent of visitors say their decision of where to visit is influenced by seeing the destination on film. Film Edinburgh, an arm of Marketing Edinburgh, works with production companies interested in filming in Edinburgh. “We now get up to three production teams filming in the city each day,” observes John Donnelly.
Film Edinburgh also helps scout locations, and with the recent international hit, Sunshine on Leith, the city was undoubtedly one of the ‘stars’. “We couldn’t afford advertising like that!” smiles John.
Other recent major releases include Filth, starring James McAvoy, and The Railway Man, starring Colin Firth and Nicole Kidman.
Edinburgh’s stunning architecture and natural settings, vibrant culture and enviable quality of life also appeal to the creative talents behind companies like
Skyscanner and FanDuel, just two of the burgeoning tech companies transforming the city’s economic landscape. The hub these companies have created, close to the University of Edinburgh’s world-renowned School of Informatics, is creating a much wider business buzz.
“Cities like Edinburgh appeal to world-wide investors because they bring together a cluster of attractive factors,” says Alasdair Humphery of JLL, which in October 2014 handled the investment sale of Port Hamilton, the headquarters of Scottish Widows. The record-breaking £100m plus sale came in the wake of figures that reveal Edinburgh enjoyed its strongest office take-up for a decade in 2014.
“We had strong international interest in Port Hamilton, with some continents showing interest in Edinburgh for the first time,” adds Alasdair. “Global capital is looking for proven, liquid and transparent investment homes.”
“Edinburgh has proved itself to be very resilient,” confirms JohnDonnelly. “In the midst of the challenges recently affecting RBS and Lloyds Banking Group, the city’s financial services talent pool has attracted the challenger banks, with Tesco, Sainsbury’s and Virgin all setting up offices here, along with the UK Green Investment Bank, founded in Edinburgh in 2013.”
Within the UK, Edinburgh is second only to London in relation to foreign direct investment, receiving over 40 investments in 2014.
With its unique assets, it’s no surprise that Edinburgh is a destination of choice for tourists and investors alike.
“CITIES LIKE EDINBURGH APPEAL TO WORLD-WIDE INVESTORS BECAUSE THEY BRING TOGETHER A CLUSTER OF ATTRACTIVE FACTORS.”
Download the Edinburgh Hotel Prospectus 2015 at http://goo.gl/ycAFQN or search for EdinHotelProsp on Apple App Store / Play Store.
Edinburgh has recorded its strongest office take-up levels for a decade.
Figures published by real estate agency JLL show that 83,000m2 of office floorspace was leased or bought in 2014, up 13 per cent on the prior year. This represents the highest level of activity since 2004.
Edinburgh benefited from rising demand from the technology sector, which is anticipated to continue through 2015. The financial services sector remains a key source of occupier demand, with the pre-letting of 10,000m2 at 3-8 St Andrew Square, to Standard Life Investments, marking the largest deal of its kind in over a decade.
Other major lettings over the course of the year included videogame developer Rockstar North taking 7,000m2 at 108 Holyrood Road, point-of-sale software specialist Zonal letting 1,900m2 at Tanfield and CodeBase taking 2,500m2 at Argyll House, for a technology incubator.
Prime rents in the city centre are now averaging £320/m2, while JLL is predicting increased interest in West Edinburgh over the next few years. The vacancy rate now stands at 6.3 per cent.
Work commenced on three major speculative offices schemes last year – Quartermile 4, The Haymarket Edinburgh and 3-8 St Andrew Square – with a number scheduled to begin in 2015.
Office investments over the year totalled £305m, with an average yield of 5.5 per cent.
“Edinburgh is punching above its weight in attracting real estate investment,” said Alasdair Humphery, the Scottish head of JLL. “Edinburgh still offers slightly softer pricing when compared to other cities, making it an attractive investment.”
Highlights in 2014 included the sale of Port Hamilton, the head office of insurance and pensions giant Scottish Widows, for more than £100m.
Characteristics that help the city maintain its competitive advantage include its vibrant technology sector and appealing quality of life.
“These qualities are increasingly factored into investment decisions,” adds Alasdair. “Investors also value the robust regulatory and legal framework, fair transaction processes, and good quality market intelligence.”
RECORD FIGURES SEEN IN COMMERCIAL PROPERTY
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| APRIL TO JUNE 2015 | INVEST EDINBURGH 13www.investedinburgh.com
THE CO-OPERATIVE GROUP IS TO OPEN A CONVENIENCE STORE AT ATRIA ON MORRISON STREET.
What are the priorities for Edinburgh in order to remain anattractive investment destination?
ROUND TABLE:Charlotte Swanson, area asset manager (Scotland), Corona Real Estate Partners First and foremost, maintain the supply of grade
‘A’ office space to keep up with current requirements. We need to continue to support major transformational developments, whilst preserving the ‘uniqueness’ that makes Edinburgh such an attractive destination.
We are finding that office occupiers want the unique benefits of city centre locations – such as a mix of leisure, culture, and retail opportunities – linked to efficient and accessible transport hubs.
Research shows that the city’s East End, with its more varied mix of city centre life, is now matching more established business sectors, such as the Exchange District, for commercial occupiers. This is why big players like Rockstar North, Baillie Gifford, Glenmorangie, Microsoft, Aberdeen Asset Management and Creative Scotland have all moved there.
In short, Edinburgh needs to continue to invest in its heart, maintaining and expanding its sensitive city centre dynamic. We need to maintain transport hubs and networks and encourage commercial and leisure expansion – but not at the expense of a vibrant, independent and eclectic city centre.
Alasdair Humphery,lead director, Scotland, JLLScotland is the biggest regional market in the UK for commercial property,
seeing £3.2 billion of sales in 2014, up 82 per cent on 2013. We find that more than half the investors interested in Edinburgh are now from overseas.
Cities like Edinburgh do well because of their accolades for connectivity; world heritage status; youthful, well-educated population; lower unemployment; and existing foreign direct investment. Edinburgh has a proactive private sector and professional groupings such as lawyers, surveyors and even consulates.
The city’s economy has proved to be resilient. Its traditional strength in the banking sector attracted new players such as Sainsbury’s Bank, Tesco Bank, Virgin Bank and the UK Green Investment Bank, even when traditional players were experiencing real challenges. Overseas players such as State Street and JP Morgan have also grown their operations here.
Global capital is looking for good investment homes and property is one medium. Investment projects such as the trams are bold statements and the city’s growing technology sector appeals to investors.
Quality of life is important, as are the city’s skills base and broad appeal. We need to make sure we plan now to secure a strong future. Edinburgh has a tight footprint, and while its unique character must be maintained, we need to find areas for expansion in planning terms and balance conservation with development. The residential piece is also important and we need land re-designated to let the city grow.
Kerr Young,director, JLL, Hotels & Hospitality GroupLast year’s sale of the Radisson Blu hotel on the Royal Mile – for in excess of the asking
price – demonstrates Edinburgh’s ongoing appeal to investors.
Edinburgh has a wide range of buoyant sectors generating year-round demand. Where previously the corporate demand relied on financial services, it is now
supplemented by life sciences, technology and software as well as others.
The leisure market also generates year-round demand, meaning Edinburgh has some of the highest hotel occupancy figures in Europe, and saw growth of around 4 per cent in 2014, attracting national and international investors.
The city’s hotels have benefited from investment in infrastructure including the new tram route, which is now operational between the airport and the city centre, the ongoing extension of the airport itself, the new Queensferry Crossing (opening in 2016), and the new Borders rail link that will open later this year.
The extension of the Edinburgh International Conference Centre will attract major conventions, however the city could benefit from additional venues.
The development of Edinburgh St James will be a significant addition to the city, providing the best new-build hotel site. With many other developments underway; such as The Haymarket, 3-8 St Andrew Square and Quartermile, the city has a clear business case to support investment.
Gordon Dewar,chief executive, Edinburgh AirportEdinburgh sells itself. It’s a vibrant, cosmopolitan city, boasting hundreds
of years of fascinating history and one of the world’s most recognisable skylines. Over the last decade, Edinburgh has proven itself to be one of the most popular places in the world for investment in education, life sciences, tourism and financial services. We just need to make sure this continues. We can’t be complacent. We have to work hard to secure more investment and this can only be done by working closely with our colleagues at government, council, tourism and trade level.
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LAW FIRM KENNEDYS HAS OPENED AN OFFICE IN THE EXCHANGE DISTRICT.
For Edinburgh to remain such an attractive destination for investment we must look at ways of strengthening our relationships with our city partners to make sure we communicate all we know is good about Edinburgh. For us, it’s using this information when we talk to airlines and try to persuade them to come here. It’s been working.
Over the last two years we’ve delivered more passengers and more new routes than ever before. Our owners, GIP, have invested £150m in our facilities. They understand our vision for growth and they understand the need for change. We’re now delivering an ambitious capital investment plan to give passengers the best experience and grow our capacity for long-haul aircraft. Thanks to new routes introduced last year to places like Doha, Chicago and Philadelphia, our long-haul passenger traffic has increased by almost 90 per cent and Edinburgh’s connectivity has been markedly improved.
Our priority is to work collaboratively with our city partners to show that Edinburgh is open for business and that others can invest in confidence.
Joe Stather,information and intelligence manager EMEA, CBREEdinburgh is attractive to the hotel market because
of its trading fundamentals, which drive revenue and profit. Its excellent demand drivers have helped the city attain the second highest revenue per available room (RevPAR) in the UK, after London.
Testament to this has been its recovery, post recession, which has been incredibly good. Due to its varied source markets – with excellent leisure demand backed by strong corporate demand – Edinburgh has been one of the first cities to return to its mid-2000s peak.
Now, with the new direct routes at Edinburgh airport, the city appeals not
just to domestic or European visitors, but also to more US and long haul visitors. These routes will continue to increase visitor numbers, as we know these markets value destinations with strong historic and cultural influences.
Edinburgh is also the UK’s second city for financial services and has confirmed that position in the corporate market post-recession. Edinburgh Park, to the west of the city centre, is helping sell Edinburgh as the place to be, with Sainsbury’s Bank and others taking leases.
Hotels can be a risky asset, but the leisure market in the city pushes occupancy, while the corporate market drives value, so Edinburgh benefits from its strong footprint in both these fundamentals.
While Edinburgh’s room rates are steady, occupancy in hotels can fluctuate and that can present a challenge. More and more, extended stay rooms offer a way to balance performance over the year, which is why Edinburgh is a hot spot for apart-hotels. Edinburgh’s pipeline now includes long-stay serviced apartments, with operators such as Adagio Accor moving into the city.
The key thing aiding development of real estate in the UK at present is large-scale infrastructure investment. That attracts investment and channels hotel demand. With the airport’s expansion, new routes, the tram system and other investment in the city’s connectivity, there’s no doubt that there’s a strong growth story for hotel performance.
Keith Aitken,regional senior director, GVA James BarrEdinburgh continues to be a sought after
location within the UK by investors and property developers. The city is able to command prime rents and prices for all sectors in commercial and residential. In 2015, the main issue of concern is the lack of quality sites that are ripe for redevelopment. Accordingly, when a prime site is brought to the market the demand is voracious, creating significant ‘competitive tension.’ An example of this is
THANKS TO NEW ROUTES INTRODUCED LAST YEAR TO PLACES LIKE DOHA, CHICAGO AND PHILADELPHIA, OUR LONG-HAUL PASSENGER TRAFFIC HAS INCREASED BY ALMOST 90% AND EDINBURGH’S CONNECTIVITY HAS BEEN MARKEDLY IMPROVED.
the ongoing disposal of the city’s surplus asset at King Stables Road. The City of Edinburgh has taken significant steps with its ‘Edinburgh 12’ initiative and now requires to focus on the next phases of development by merging prime assets with occupier demand.
The occupier remains critical to the success of real estate development. The financial services sector remains in good health in Edinburgh but is now supported by the emerging technology, media and telecoms (TMT) sector. For both to flourish the supply of human resource must increase. Therefore, the Council must continue to support employers and universities to enhance the supply of quality labour at all levels: that will drive further investment in the city.
Manuela Calchini, regional director, VisitScotlandEdinburgh is very successful in terms of attracting inward investment in the
hotel sector, either as part of a larger development or for individual projects. Recent hotel openings include the Motel Ones at Advocates Close and Princes Street and the Urban Village Resort on Crewe Road South. Marriott is set to open a Courtyard hotel on Baxter’s Place in early 2016, while a luxury hotel is planned for the site of the old Royal High School.
The city has seen considerable investment in visitor attractions, such as the £50m refit of the National Museum of Scotland, while our cutting-edge conference centre, the EICC, now boasts the world’s first hall-wide moving floor system. But while our heritage, culture, and world-class attractions and accommodation encourage people to visit, we require a modern infrastructure to meet their expectations. To this end, we work with local authorities to develop the National Tourism Development Framework, capturing the requirements for investment in the wider visitor economy.
Edinburgh and the Lothians are competing on the global stage and visitor expectations are rising all the time. We are delighted to support City of Edinburgh Council in its conversations with potential investors through discussing insights and trends, as well as the quality of experience and the marketing opportunities that exist.
EDINBURGH HAS SOME OF THE HIGHEST HOTEL OCCUPANCY FIGURES IN EUROPE.
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PRINTING AND FULFILMENT FIRM PM SOLUTIONS PLANS TO RELOCATE TO A £1.2M PURPOSE-BUILT FACILITY IN EDINBURGH.
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<MAKINGITHAPPEN
CityFibre, a leading builder and operator of digital infrastructure, has announced plans to deploy a new, 150 km fibre network throughout Edinburgh. The pure fibre network will give business customers in Edinburgh access to broadband connections more than 100x faster than the UK average. Symmetrical download and upload speeds of more than one gigabit per second will elevate Edinburgh to one of the world’s best connected cities, on a par with digital leaders such as Seoul, South Korea.
The delivery of the infrastructure has been made possible by a new partnership between CityFibre and Commsworld, a telecommunications network service provider founded in Edinburgh in 1994. Commsworld has a large existing customer base within Edinburgh which it will partially migrate to the new infrastructure.
The new fibre infrastructure will initially be made available to businesses, the public sector and other corporate clients. In the longer term, however, the infrastructure could be used to roll-out fibre-to-the-home connections, giving households and small businesses access to fibre broadband. The infrastructure could also be used to improve the performance of the city’s mobile networks. Work is
set to begin this summer, with CityFibre initially deploying around 50 km of fibre covering an estimated 7,000 businesses. The network will be rolled-out in line with CityFibre’s ‘Well Planned City’ model, which looks at existing and future demand from businesses, the public sector, mobile networks, data centres, and households.
“We are delighted to be embarking on our biggest Gigabit City project yet, which underlines the scale of our ambition,” said Greg Mesch, chief executive officer of CityFibre. “With thriving financial, tech and media sectors, Edinburgh’s businesses are poised to take advantage of a digital head- start, providing them with a competitive advantage at home and abroad.”
CityFibre’s purpose-built fibre network will reduce entry costs for fibre connectivity for businesses in Edinburgh, where a proliferation of businesses in data-heavy sectors such as fund management, biotechnology, digital media and publishing ensures strong demand. The potential benefits for the city’s economy
www.cityfibre.com/gigabit-citieswww.commsworld.com
are substantial, with research by Ericsson indicating that doubling broadband speeds results in a 0.3 per cent increase in gross domestic product growth.
“I am delighted to welcome CityFibre’s substantial investment in Edinburgh’s digital infrastructure,” said John Swinney MSP, Deputy First Minister and Cabinet
Secretary for Finance, Constitution and Economy. “CityFibre’s partnership with Commsworld, a respected and established Scottish digital business,will support the growth of Edinburgh’s thriving business community as well as other bandwidth-hungry organisations in the city. As Scotland’s largest ‘Gigabit City’, Edinburgh will have a unique selling point as one of the foremost digitally connected locations anywhere in Europe.”
“AS SCOTLAND’S LARGEST ‘GIGABIT CITY’, EDINBURGH WILL HAVE A UNIQUE SELLING POINT AS ONE OF THE FOREMOST DIGITALLY CONNECTED LOCATIONS ANYWHERE IN EUROPE.”
A major investment in a new pure fibre network,by CityFibre, will transform Edinburgh into the UK’s largest ‘Gigabit City’.
EDINBURGH GOES HIGH-FIBRE
GROWTH AND INNOVATION CONSULTANCY MARKET GRAVITY HAS EXPANDED INTO EDINBURGH WITH THE OPENING OF AN OFFICE IN THE EXCHANGE DISTRICT.
The Edinburgh and Leith Consular Corps comprises a combined total of 37 Consulates and Honorary Consuls in the immediate region. As Scotland’s cultural and economic capital, Edinburgh is a natural location for countries to choose to base their foreign operations.
Edinburgh’s thriving tech sector and high calibre job market continue to attract many international workers.
The Turkish Consulate General is a recent addition to the city’s consular network: it is progressing an ambitious cultural programme and is already adding value to the cultural richness of Scotland through the events it is hosting.
The city’s consulates actively drive and support many bilateral projects, such as the restoration of the Great Polish Map of Scotland, which is supported by the Polish Consulate General. Consulates also promote trade and business cooperation, through assisting companies to invest and export. In 2014 the Swiss Consulate General was able to support Edelweiss, when the company launched its direct flights between Edinburgh and Zurich. The new route provides a valuable connection between these two important cities for business and leisure.
Consulates also provide a key link to each country’s London Foreign Embassy, and facilitate a wide range of Ambassadorial visits and events. In 2012, the Consulate General of the People’s Republic of China responded to the increased demand for Chinese visas in
Scotland by opening a Chinese visa centre in Edinburgh’s Exchange District.
Edinburgh is home to consulates from a wide range of countries, including India, Germany, Japan, Russia, the United States of America and Sweden. In addition, the city is home to the Office of the European Commission in Scotland.
The Consular Corps hosts regular events to foster cooperation and goodwill between all the countries represented in Scotland and The City of Edinburgh Council ensures that the Corps is briefed on current developments in the city. In February, the Council was delighted to host a briefing that included a tour of key development sites such as St Andrews Square, the Haymarket, the newly extended Edinburgh International Conference Centre and the Caledonian Hotel’s Waldorf Astoria investment. “It was a real eye opener as to what is going on [in Edinburgh] and much appreciated by us all,” said Norwegian Consul General, David Windmill.
Presentations were also given on the city’s tech sector, the StartEDIN initiative and by Professor James Smith, the new Vice Principal (International) of the University of Edinburgh.
CONSULATES IN EDINBURGH
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www.investedinburgh.com
EDINBURGH BIOQUARTER The BioQuarter is an internationally-recognised medical research hub in the southeast of Edinburgh, bringing together teaching hospitals, research institutes and the school of medicine of the University of Edinburgh. An opportunity exists for the development of a 120-bedroom four-star hotel with leisure, conferencing and restaurant facilities. Expressions of interest from developers are invited.
> Find out more: Max Gaunt, GVA E: [email protected] T: +44 (0)131 469 6022
OCEANPOINT HOTEL The OceanPoint Hotel is a hotel development opportunity on Edinburgh Waterfront. Planning consent has been granted for a 250-bedroom hotel with conferencing and restaurant facilities. The location benefits from close proximity to the Ocean Terminal shopping centre and to the Royal Yacht Britannia, voted the UK’s best visitor attraction in the 2014 TripAdvisor Travellers’ Choice Awards. Offers are invited for the freehold interest in the site.
> Find out more: Patrick Hannay, DTZ E: [email protected] T: +44 (0)131 222 4521
NATIONAL PERFORMANCE CENTRE FOR SPORTThe National Performance Centre for Sport is being developed at Heriot-Watt University’s campus on the edge of Edinburgh to provide world-class training facilities for Scotland’s leading sportspeople, with a projected opening date of 2016.
An opportunity has arisen to develop a 170-bedroom hotel to service the complex. Expressions of interest from developers are invited.
> Find out more: Andrew Renouf, GVA E: [email protected] T: +44 (0)131 469 6026
HOTEL DEVELOPMENT OPPORTUNITIESThe City of Edinburgh Council has launched a new digital Hotel Prospectus 2015, in partnership with Scottish Development International, to highlight the potential for future hotel development and investment in Edinburgh. This fully-interactive app can be downloaded from the Invest in Edinburgh website (http://goo.gl/ycAFQN) or via the Apple App Store (‘EdinHotelProsp’) or Google Play store (‘EdinHotelProsp2015’).
ENTERPRISE RENT-A-CAR HAS OPENED A BRANCH WITHIN EDINBURGH WAVERLEY RAIL STATION.
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EDINBURGH ST JAMES Edinburgh St James is an £850m retail-led development by TIAA Henderson Real Estate that will transform Edinburgh’s East End. The development – scheduled to complete in 2020 – will feature a 210-bedroom luxury hotel delivered to the very highest international standards. Expressions of interest from investors are invited.
> Find out more: Adam Wilson, JLL E: [email protected] T: +44 (0)207 399 5373
LONDON ROAD The Caledonian Trust is developing a 175-bedroom hotel at the eastern end of London Road, just minutes away from Meadowbank Sports Centre, Edinburgh’s principal multi-sports facility, and Holyrood Park, a royal park featuring some of Edinburgh’s most impressive scenery. Expressions of interest from purchasers and/or operators are invited.
> Find out more: David Edwards, Michael Laird Architects E: [email protected] T: +44 (0)131 226 6991
PENTLAND STUDIOS Pentland Studios has been established to deliver a world-class film studio complex at Straiton on the southern outskirts of Edinburgh. A unique opportunity has now arisen to purchase or let a 180-bedroom hotel being developed to service the complex, with a projected completion date of late-2017. Expressions of interest are invited.
> Find out more: Jim O’Donnell, Pentland Studios E: [email protected] T: +44 (0)7767 432 761
FOUNTAINBRIDGE Grosvenor is bringing to market the opportunity to develop a 181-bedroom four-star hotel with restaurant facilities at Fountainbridge, a vibrant extension of Edinburgh’s city centre.
The site benefits from planning consent subject to the conclusion of legal agreements. Offers are invited for the freehold interest in the site with a guide price of £6.5m.
> Find out more: Keith Dobson, Savills E: [email protected] T: +44 (0)131 247 3801
www.investedinburgh.com
CIVIL AND STRUCTURAL ENGINEERING PRACTICE BOOTH KING HAS OPENED AN OFFICE IN MARCHMONT.
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INVESTOR SUPPORT SERVICES For further information
please contact the Investor Support Team
[email protected] Tel: +44(0)131 529 6600 www.investinedinburgh.com
or see the Investor Support Packhttp://goo.gl/RqsmAI
Investor Support can connect new companies with other support services in the city, such as the Planning service, who provide advice on pre-applications and processing applications for planning consent; and the Business Partnerships team, who work closely with key private sector parties to provide advice on development and regeneration matters.
Investor Support can also link new companies in with Scottish Development International, Scottish Enterprise and the Edinburgh Chamber of Commerce.
Investor Support at the City of Edinburgh Council provides a soft landing service for international inward investors locating to Edinburgh. New businesses can take advantage of available incubation space while they search for permanent accommodation. Investor Support also provides a range of local knowledge advisory services, including:• advice on relocation and securing school
placements• support on how to set up a new business• assistance in searching for office space• market intelligence • access to networking opportunities.The services allow new investors to establish a network in one of Europe’s leading destinations for business.
ALL RIGHTS RESERVED. MATERIAL CONTAINED IN THIS PUBLICATION MAY NOT BE REPRODUCED, IN WHOLE OR IN PART, WITHOUT PRIOR PERMISSION OF THE CITY OF EDINBURGH COUNCIL (OR OTHER COPYRIGHT OWNERS). WHILST EVERY EFFORT IS MADE TO ENSURE THAT THE INFORMATION GIVEN HEREIN IS ACCURATE, NO LEGAL RESPONSIBILITY IS ACCEPTED FOR ANY ERRORS, OMISSIONS OR MISLEADING STATEMENTS.