Be INspired, Be IN Edinburgh A development prospectus for the City of Edinburgh
The Scottish Parliament Edinburgh is the administrative and legislative centre for Scotland
IN Edinburgh | Introduction | Top Ten Reasons to Invest
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| Case Studies - Harvey Nichols
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- Virgin Money
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- The Marriott Residence Inn
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- White Stuff
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- Hotel Missoni
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- The Balmoral Hotel
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| Development Zone - City Centre
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| Development Zone - West Edinburgh
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| Development Zone - South and East Edinburgh
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| Development Zone - Waterfront
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| Development Hotspots
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| Frequently Asked Questions
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| Transport and Accessibility
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| Support Services
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03 IN Edinburgh | Contents
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Inspiring capital for investors We’re proud of our city. Edinburgh offers an unrivalled quality of life and is the perfect place to live, invest and do business. A UNESCO World Heritage site, Edinburgh is Scotland’s fastest growing city, recognised as “Best Large City” in fDi’s European Cities and Regions of the Future 2012/13 and as “Top Location for Economic Potential” in 2010/11. Readily acknowledged as the most attractive location for international investment into the UK after London, the city’s competitive cost structure, unparalleled academic, financial and
business support services and international transport links make it a vibrant commercial hub. The City of Edinburgh Council’s dedicated Economic Development Service is committed to increasing the international awareness of Edinburgh as an investment location and encouraging companies to choose the city as a base for business expansion. We work closely with clients to get them to market quickly and efficiently with strong partnerships and networks to welcome businesses to Scotland’s capital.
Sue Bruce - Chief Executive City of Edinburgh Council
As global competition increases, we continue to build on our successes, communicating Edinburgh’s unique asset base and recognised quality of life to businesses worldwide. Intelligence, analysis and insight are key to delivering that message.
Continued investment in the capital’s infrastructure and the sustained improvement of workforce skills are among our essential commitments for retaining and attracting companies. We hope that you find this guide useful and share our excitement at the many opportunities Edinburgh has to offer.
05 IN Edinburgh | Introduction
This document outlines current investment and property development opportunities, identifies current and future projects within four strategic zones across the city and addresses key questions asked by those considering Edinburgh as an investment location.
Top Ten Reasons to Invest Edinburgh is one of the top ten most competitive financial centres in Europe
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coming 9th in the Z/Yen Global Financial Centres Index and is also Europe’s 16th leading city in terms of foreign direct investments (2011).
There are more FTSE 100 companies in Edinburgh than in any other UK city outside London.
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Almost half (46.6%) of the city’s working age population is educated to degree-level or above, placing Edinburgh’s workforce among the most qualified in Europe. There are four universities and four colleges in the city; with the University of Edinburgh ranked as the seventh top university in Europe by Times Higher Education in 2011.
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Edinburgh’s workforce is one of the most productive in the UK. Gross Value
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Added (GVA) per employee in Edinburgh was £54,900, compared to the British average of £46,100 in 2009.
Edinburgh is a popular European tourist destination,
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receiving 1.3 million visitors from overseas in 2010 and boasting the second highest hotel occupancy levels of any city in Europe after London. Edinburgh has won 15 best city and short break awards since 2000, including The Guardian/Observer Best City award for 12 years running.
Edinburgh is recognised as offering an excellent quality of life, with the highest satisfaction among residents of any UK city surveyed by Ipsos MORI. In the 2011 European Cities Monitor, a survey of senior executives from over 500 European companies, Edinburgh was named the 11th best city in Europe for quality of life.
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Edinburgh is a connected capital with Edinburgh Airport serving over 100 destinations and 9 million passengers in 2011. Located 20 minutes from the city centre, there are over 90 flights a day between Edinburgh and London with a 1 hour 25 minute flight time.
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Edinburgh is growing. With a city region population of 1.61 million, Edinburgh is growing; currently increasing by around 7,000 people each year.
lower operating costs in comparison with London.
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Edinburgh is host to the largest arts festival in the world, and its year-round programme of festivals establish the city on a world stage, developing revenue from private and business tourism.
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07 IN Edinburgh | Top Ten Reasons to Invest
Edinburgh’s cost structure is highly competitive, with 30%
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Multrees Walk Harvey Nichols stands at the entry of Multrees Walk, a modern avenue of luxury brand retail
Investor Case Study Harvey Nichols Why did you choose Edinburgh? Edinburgh was the natural choice for Harvey Nichols with its strong international identity, vibrant tourism market and established finance and business sectors.
Tell us something unique you’ve discovered about doing business in Edinburgh: The loyalty and warmth of relationships with our customers has been key to building up the business. The ‘village’ aspect of Edinburgh means that stories of customer service are spread quickly – good or bad – which keeps us on our toes!
09 IN Edinburgh | Case Studies
Why has it worked for you? Harvey Nichols has tapped into a strong demand for luxury shopping. Customers have enthusiastically taken to our offering and found enjoyment in fashion retail therapy. The Forth Floor Restaurant, Brasserie and Bar have seen tremendous success and our fine-dining experience competes alongside the best in Edinburgh.
The Virgin Money Lounge creates a place where customers can unwind and local community groups can meet – experiencing first-hand Virgin’s ambition to make everyone better off
Investor Case Study Virgin Money Why did you choose Edinburgh? Edinburgh was the natural choice for Virgin Money’s headquarters north of the border, given the city’s established financial services industry and the associated talent pool. Edinburgh is also home to a significant number of Virgin Money’s four million customers.
Tell us something unique you’ve discovered about doing business in Edinburgh: The passion of our team to build a better kind of bank, the loyalty, generosity and warmth of our customers, and the welcome we’ve received from the local community.
11 IN Edinburgh | Case Studies
Why has it worked for you? Virgin Money has been able to recruit a talented and loyal team locally, and our Virgin Money Lounge on the First Floor of 28 St Andrew Square - the first of its kind in the UK - has been a tremendous success since it opened in 2011, both with our Edinburgh-based customers and with the wider local community. Its success has encouraged us to open a further four Virgin Money Lounges across the UK.
Investor Case Study The Marriott Residence Inn Why did you choose Edinburgh? The Marriott Residence Inn at Quartermile is the first Residence Inn branded property in the UK and the second overall in Europe. With a vibrant economy and the second highest hotel occupancy rates in the UK, Edinburgh was a natural choice. Why has it worked for you? We have a completely new and unique offering for the in-bound Edinburgh travel market and understand that guests who travel here for longer periods of time want to feel at home. Synonymous with the highest standards of hospitality, our brand and the city’s warm welcome allow our guests to enjoy a healthy work/life balance. Tell us something unique you’ve discovered about doing business in Edinburgh: A wide range of leading businesses, combined with a festival calendar which runs year-round make Edinburgh a vibrant and fast-paced city. Life can be hectic, so we have created a little piece of home where guests can slow down, even if just for a short while!
13 IN Edinburgh | Case Studies
Investor Case Study White Stuff Why was Edinburgh the right location for you? Our Edinburgh shop was very small and over performing with a density far above company average. We found the perfect site for our new shop in the Gray’s building on George Street - a location with real architectural importance and a strong retail history and wanted to restore it to its former glory.
How have things been going since you opened? The Emporium opened in November 2010 and exceeded expectations immediately in terms of sales and footfall - sales have been an incredible 36% above our targets for the financial year ending 2011. White Stuff has created something unique in a crowded marketplace, bringing theatre and drama back to the High Street. We were very proud to win the Drapers Award for “Best New Store” in November 2011.
15 IN Edinburgh | Case Studies
What unique opportunities does Edinburgh offer? Edinburgh is the UK’s most important tourist destination after London, making it the perfect location for White Stuff’s first Emporium. We’re very proud to be in Scotland’s capital particularly as we have such heritage in Edinburgh - one of our first shops was on Hanover Street back in the late nineties.
Investor Case Study Hotel Missoni
Why has it worked for you? Edinburgh is a stunning city, focused on culture and fashion, which fits well with the Missoni brand. As a designer hotel, we were unique in the city at the time we opened and in a prime
location right in the heart of Edinburgh’s Old Town. Edinburgh is a very popular destination throughout the year for tourists, especially during August’s Fringe Festival. It’s good news that the demand for high quality accommodation is growing and people are investing in the city. Tell us something unique you’ve discovered about doing business in Edinburgh: Edinburgh has a strong business community and everyone in the industry has a warm, welcoming attitude and a friendly and helpful approach to visitors. Local businesses work very closely with one another and support each other.
17 IN Edinburgh | Case Studies
Why did you choose Edinburgh? When the Missoni family decided to open their first hotel, they loved the idea of it being in Edinburgh; a beautiful city which they always admired since visiting one summer to design costumes for a concert in the Edinburgh Fringe Festival. The location of the hotel, next to the Royal Mile, full of tourist attractions and beautiful architecture was the perfect site to welcome a five star designer hotel.
Investor Case Study The Balmoral Hotel How does Edinburgh work for you in terms of your business? Edinburgh is extremely accessible with daily flights from global destinations making it attractive for both corporate and leisure clients. Investment, education and many centres of excellence create a strong economy and attract international visitors. Edinburgh offers all the facilities expected of a world-class destination, yet the cost of running a business here is below that of other capital cities such as London. What, in your opinion, are Edinburgh’s Unique Selling Points? Firstly the Scottish people - recognised internationally for their warmth of character, innovation, passion, friendliness and hospitality. Edinburgh’s excellence in gastronomy is remarkable; the city boasts more Michelin starred restaurants than any UK city apart from London. Vibrant and compact, Edinburgh offers authentic culture and heritage set within an unrivalled landscape. The year-round programme of exhibitions, international festivals and theatre, combined with its status as both UNESCO’s first City of Literature and as a World Heritage Site all make Edinburgh a world-renowned location for leisure.
19 IN Edinburgh | Case Studies
St Andrew Square Beautifully remodelled, old meets new in one of Edinburgh’s best loved public spaces
Edinburgh’s Development Zones City Centre
With hotels providing world class accommodation, the nearby facilities of the Edinburgh International
Conference Centre and a rich cultural life which draws hundreds of thousands of guests to Hogmanay and the city’s famed festivals - it’s little wonder that Edinburgh has the second highest hotel occupancy rate in the UK. The city’s large student population feeds into a highly skilled workforce supporting leading blue chip companies and world-leading centres for research.
21 IN Edinburgh | City Centre
Edinburgh City Centre, with its iconic castle, gardens and monuments is one of the UK’s most visited tourist destinations. The biggest financial centre outside the City of London, it is host to headquarters for a number of organisations including: Standard Life, Virgin Money and Scottish Widows.
City Centre Facts and Figures
Waverley Gate Flagship commercial space in the heart of the city centre, Waverley Gate houses stunning modern design within a traditional exterior
Office Supply
Example Deals
Total office supply in Edinburgh – 265,056 m2
Retail: Primark, Apple, Hollister, North Face, White Stuff, Urban Outfitters, New Look
City Centre Grade A supply 48,207 m2 Prime Rents in the city centre circa £290/m2 Prime Yield 6.25% Office incentives for a 10 year lease – 30-36 years rent subject to covenant
Offices: Amazon, Craneware, Avaloq, Brewin Dolphin, Mercer, H&M, NHS, Virgin Money, Tesco Bank, FNZ Hotels: Marriott Residence Inn, Motel One, Accor, Travelodge, Premier Inn, Tune Hotels
Developments Underway
Development Opportunities
Caltongate
Donaldsons School (Cala Homes)
Haymarket Goods Yard site
Fountain Quay
St James Quarter
Torphichen Street
26-31 Charlotte Square
Skyparks
Atria Office Development & EICC Additional Function Space
Dewar Place (Scottish Power)
Springside
Atria Development (Investment sale)
Quartermile
Market Street
King’s Stables Road
Development Hot Spots Fountain Quay, Caltongate, Quartermile, St James Quarter, The Exchange
23 IN Edinburgh | Commercial Office Floorspace
City Centre office supply – 89,125 m2
One Lochside View The striking BT building in West Edinburgh, showcases innovative design and an intelligent building management system
Edinburgh’s Development Zones West Edinburgh
Lloyds Banking Group, Tesco Bank, HSBC, JP Morgan, Aegon and British Telecom have all recognised the advantages of West Edinburgh as a connected location for flagship offices, benefitting from Edinburgh’s skilled workforce and superb commuter connections across Scotland. 25 IN Edinburgh | West Edinburgh
Home to Heriot Watt University and its Research Park, Napier University, The Royal Bank of Scotland and the famous Royal Highland Centre, West Edinburgh is an important and connected hub for the city. West Edinburgh is at the intersection of arterial road routes across Scotland and on the doorstep of Europe with frequent national and international services from over 40 airlines to 100-plus destinations.
West Edinburgh Facts and Figures
Office Supply
Example Deals
Total office supply in Edinburgh – 265,056 m2
Retail: Primark
Peripheral office supply – 104,947 m2
Offices: Tesco Bank
Peripheral Grade A supply – 38,891 m2 (mainly Edinburgh Park)
Hotels: Holiday Inn Express
Prime Rents in the west of the city centre £161 per m2 Other lettings in area around £130 per m2 Office incentives for a 10 year lease – 30-36 years rent subject to covenant
Developments Underway
Development Opportunities
Citywest
Sale of Edinburgh Airport (investment sale)
Gyle extension
International Business Gateway Arena / Multi-use venue
Tram line
Royal Highland Centre Edinburgh Park – Phase 2 Heriot Watt Research Park Newbridge distribution estates
27 IN Edinburgh | West Edinburgh
Hermiston Gait retail park enhancements
The Bio-Incubator Building Situated in Edinburgh’s BioQuarter, this versatile building provides laboratory and office space
The heart of Scotland’s life sciences industry, South East Edinburgh’s BioQuarter is a showcase for the city’s world class scientific research, offering unique opportunities for biotech, pharmaceutical and research companies. Not only does South East Edinburgh boast the teaching facilities of Edinburgh University’s Medical School and the city’s premier hospital, it is also home to Fort Kinnaird.
‘The Fort’ remains one of the top retail shopping parks in the country, while enjoyment of the great outdoors is readily on hand at Craigmillar Country Park. A short drive along arterial transport routes leads to the Scottish Borders and the North of England.
29 IN Edinburgh | South and East Edinburgh
Edinburgh’s Development Zones South and East Edinburgh
South and East Edinburgh Facts and Figures
Edinburgh Royal Infirmary The city’s leading hospital is a centre of excellence for medical education, providing facilities for the University of Edinburgh Medical School
Example Deals Office: Shawfair Park 15 year lease of 3,934 m2 at £156/ m2 per annum Tower Mains Studios 20 year lease of 400 m2 “Mill House” at £60,242 per annum, equating to £150.61 per m2
Retail: Fort Kinnaird 2,160 m2 let on a 10-year lease to Sports Direct at £1,278,750 pa, equating to £592.01 per m2
4 year lease of 87.14 m2 for £14,070 per annum, equating to £161.46 per m2
Strategic planning for the BioQuarter is designed to promote growth into a centre which will rank alongside Kobe in Japan, Mission Bay in San Francisco, Novum BioCity in Stockholm and Cambridge in the UK.
The industrial market in the South East of Edinburgh is particularly active with large numbers of smaller lettings which support and encourage small businesses in the Edinburgh area. There is capacity for further small terraced industrial development.
31 IN Edinburgh | South and East Edinburgh
Developments Underway and Opportunities
Malmaison Providing luxurious accommodation by the Shore, Malmaison is popular with business and leisure visitors
The £1 billion redevelopment of Edinburgh Waterfront, one of the largest and most ambitious urban regeneration projects in Europe today, creates unprecedented new commercial, industrial, residential and recreational development opportunities. Strong investment from a range of partners is transforming the Waterfront into a world-class, thriving urban quarter; building
on the area’s emerging reputation as a magnet for creative industries. Already home to world-leading manufacturers in the field of offshore renewable energy, the deep water port at Leith offers opportunities for further expansion of this sector. The regeneration of Edinburgh’s Waterfront has the potential to deliver more than 26,000 new homes and 450,000 m2 of new commercial and retail space for the city.
33 IN Edinburgh | Waterfront
Edinburgh’s Development Zones Waterfront
Waterfront Facts and Figures
Regeneration
Example Deals
Regeneration initiatives have created: 2,270 new homes
Ocean Terminal (30,019 m2) sold by Forth Ports Limited for just under £95m reflecting a yield of 7%. Prime rents within the centre are £646 per m2 Zone A
43,000 m2 of office space A 44.5 ha new public park at Granton Commercial/Industrial floor space available: 3 million m2 of land available for mixed-use development
Waterfront Edinburgh Limited recently sold a site of 6,070 m2 approx in Granton for care home/ residential use for £950,000 (subject to a satisfactory planning consent)
Occupier breakdown
Developments underway
Scottish Gas HQ
Two residential schemes are on site which will provide mid-market rental housing; 52 units at Ocean Drive West in Leith are being developed by Port of Leith Housing Association and in Granton 62 units at Waterfront Avenue are being developed by Places for People.
Scottish Government at Victoria Quay Telford College (27,871 m2 /20,000 students/600 staff) Occupiers at Ocean Terminal include: Debenhams, M&S Food, Superdry, Sofa Workshop and Ligne Roset as well as Ocean Kitchen (a Conran restaurant), Pure Gym and a 12-screen Vue cinema The Royal Yacht Britannia (500,000 visitors per annum) Malmaison Hotel
Required infrastructure at Leith Docks will be part funded using the UK’s first approved Tax Increment Finance project. The Scottish Government has approved £84m of expenditure, the first project being an access road which will facilitate development within the docks area and start on site in late 2012.
35 IN Edinburgh | Waterfront
47,000 m2 of retail space including the Ocean Terminal centre at Leith
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37 IN Edinburgh | Development Hotspots
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(c) Allan Murray Architects
Development Hotspots
Fountain Quay Fountain Quay commands a strategic location on the south side of Edinburgh’s financial district; home to almost 93,000 m2 of headquarter offices and only 500 metres away from the EICC, one of Europe’s leading conference centres.
4.65 ha site owned by City of Edinburgh Council Outline planning consent in place for office, hotel, retail and leisure opportunities
Adjacent to the successful mixed-use Edinburgh Quay development Beside the vibrant Fountainpark leisure complex
Extensive frontage onto the Union Canal
The Exchange The Exchange is the focal point of the Capital’s financial centre and is home to the headquarters of Standard Life, Scottish Widows, Clydesdale Bank, leading law firms and energy companies. Conference Square and Festival Square accommodate over 15,000 office staff and house the luxurious Sheraton Grand Hotel and Spa.
New developments and opportunities include: Atria – due for completion in Q1 2013 and directly adjacent to EICC will both expand the Centre and provide 17,280 m2 of Grade A office space with larger floorplates than currently available in any existing city centre building.
Two smaller floorplates totalling 1,254 m2 can also be provided. Opportunities exist for pre-letting of office space, contact: hugh.rutherford@montagu-evans.co.uk or ben.reed@eu.jll.com Torphichen Street – is a 1,214 m2 vacant site with detailed planning for 3,902 m2 of offices, but presents opportunities for alternative use such as hotels or serviced apartments. The site will be marketed from Q2 2012, contact: stuart.seaton@edinburgh.gov.uk or alastair.ross@edinburgh.gov.uk
Caltongate Development has full planning consent for: 5 star hotel 200 residential units 23,226 m2 of Grade A office space Retail/leisure and car parking
Development is due to start on site Q2 2012. Opportunities exist for pre-letting or pre-sale of office, hotel, retail, leisure or residential space. Contact: stuart.seaton@ edinburgh.gov.uk
(c) Allan Murray Architects
A major regeneration project located in the historic Old Town; Caltongate is at the east end of the city centre, just off the famous Royal Mile, and 5 minutes walk from both Waverley Station and the Scottish Parliament.
Edinburgh International will transform a substantial area of west Edinburgh into a global hub beside the UK’s fifth largest (and Scotland’s busiest) international airport. It will establish a new business quarter in a location which will become a major growth zone, enhancing the city’s global connectivity: www.scotlandsglobalhub.com Part of a long term vision for the commercial development of west Edinburgh, the project will unlock investment and accommodate high quality, high value international business developments.
At the heart of the Edinburgh International project are: Proposals for International Business Gateway (IBG), an 85 ha site located between Edinburgh Airport and RBS’s Headquarters at Gogar offer business, hotel and conference facilities and scope for a multi-use venue or concert arena facility near The Royal Highland Centre, Scotland’s National Showground offering opportunities for investment in hotel, conference and office space. For further information, contact: fionna.kell@edinburgh.gov.uk
39 IN Edinburgh | Development Hotspots
Edinburgh International
Development Hotspots Quartermile
(c) Foster and Partners
A flagship mixed-use scheme in the heart of Edinburgh’s World Heritage Site; Quartermile has reinvented the 19 acre site of the original Edinburgh Royal Infirmary into one of Europe’s premier business, residential and leisure quarters.
To date: 2 Grade A office buildings (14,726 m2)
By completion: Over 900 modern and conversion apartments
65% of residential space built out with impressive sales in a difficult market
Over 36,687 m2 of premium Grade A office space
3,530 m2 of retail & leisure space (2,728 m2 sold or let) Occupiers on site include Morton Fraser solicitors, Maclay Murray & Spens solicitors, Mercer, Sainsbury’s Local, Starbucks, Peter’s Yard, Pure Gym, a 107 bed Marriott Residence Inn and a 450 space underground car park for residents and tenants.
Over 6,503 m2 of retail and leisure space 2 hotels 174 mainly mid market affordable residential units 2.83 ha of green landscaping 760 secure car parking spaces For more information: www.qmile.co.uk
St James Quarter
(c) Allan Murray Architects
The 5.2 hectare, £850m mixed-use development by Henderson Global Investors will double the amount of retail space and transform the site of the existing St James Shopping Centre at the East End of Princes Street into a landmark development:
New shopping centre 250 residential flats with stunning roof gardens 2 hotels, one a 5/6 star brand 15,000 m2 of Grade A office space Cafés, restaurants and a high quality public realm 1,800 car parking spaces John Lewis will remain open throughout the project HGI target development to begin by 2013, with a completion in 2018 www.stjamesquarter.info
The Haymarket 40,877 m2 of Grade A office space 5,110 m2 of retail A 245 bed hotel 381 car parking spaces close to Haymarket Station The scheme by Tiger Developments is due to start on site Q2 2012, with opportunities available for pre-letting of office, hotel or retail space. For more information visit www.thehaymarketedinburgh.com or contact cameron.stott@eu.jll.com or don.young@bnpparibas.com
41 IN Edinburgh | Development Hotspots
At the west end of Edinburgh city centre, the Haymarket area is a gateway into the city from the airport and the west, and will benefit from a £25m refurbishment of busy Haymarket Rail Station (scheduled for completion in 2014). “The Haymarket” will establish a new prime commercial location in Edinburgh’s city centre, situated between the station and the EICC. It is one of Edinburgh’s prime development sites, and will consist of:
Frequently Asked Questions What are the attractions of Edinburgh for property investment/development? The administrative and legislative centre for Scotland, Edinburgh hosts more FTSE 100 companies than any UK city outside London and is the UK’s second largest financial centre. The city has a diversity of occupiers and uses including: financial services, professional, public sector, biosciences and technology as well as considerable potential in renewables and the creative industries. What are the demographics like for organisations which locate in the city or are wishing to expand? The city’s pool of highly-trained staff has attracted banks like Virgin Money and Tesco Bank to establish headquarters in the city. Asset servicing functions as provided by State Street, JP Morgan, Citi and Franklin Templeton are expanding with Edinburgh regarded as an International hub for such activities. In fund management, the city is second only to London in terms of assets under management. A very high proportion of the working population are educated to degree or degree equivalent status and with Glasgow only 45 minutes away, the central belt
of Scotland offers a catchment of around 3 million people. What commercial property sectors are active at the moment? Edinburgh’s diverse economy is well placed to benefit from the upturn. A developing shortage of Grade A office space will result in rental growth as a significant number of companies need to relocate over the next five years. Period townhouses converted to office use have remained popular in the city centre throughout the downturn and sites close to transport nodes will be in strong demand. The completion of the new tram system in 2014 will open up interesting development opportunities within and around the airport, west Edinburgh and the city centre. Hotel occupancy, despite the downturn, reflects Edinburgh’s strong tourism market, assisted by the strong impact of the Edinburgh International Conference Centre. With the second highest occupancy rates in the UK, a number of 5 star plus international hotel groups are keen to obtain a presence in the city with further demand at both the upper and budget end of the market.
Hugh Rutherford - Partner, Montagu Evans Chair, Edinburgh Business Forum
If you had to sum up Edinburgh in a few words, what would these words be? With excellent schools, universities and colleges, a robust economy and an amazing array of festivals and events throughout the year, Edinburgh is an outward-looking international city which provides an attractive place to live, work and play.
Why should I invest in commercial property in Edinburgh? Edinburgh is a strong growth economy with all the benefits of capital city status. There are significant shortages of product in certain areas with strong or forecast strong demand. Leases are generally long and the tax environment is generally benign. How do I go about obtaining advice on the opportunities? There are a host of commercial property and residential consultants in the city with the City Council and Scottish Enterprise providing valuable assistance. A useful list of support services is provided at the back of this prospectus. Opportunities exist for investors and developers at all levels within the market with capital values from around £500,000 to £100 million plus. Edinburgh is regarded as a prime location for national and international investors and developers, a number of whom are purchasing strategic sites key to Edinburgh’s future, providing sustainable development within the compact city centre.
43 IN Edinburgh | Frequently Asked Questions
How has Edinburgh managed to avoid the worst effects of the economic downturn? A diverse city, Edinburgh has strengths in terms of critical mass in several important economic areas. Excellent international links, ever-improving accessibility and four universities producing quality graduates all help to ensure Edinburgh has a capable workforce attractive to both existing companies and inward investing organisations. This creates the energy and momentum which has helped the city avoid the worst excesses of the recent recession, while close partnership between the city and the private sector has developed a growth strategy to sustain the economy and create more jobs.
Transport & Accessibility Over 100 destinations can be accessed from Edinburgh Airport and the number is rising due to strong demand. The city is a focal point for local and national rail services and has direct access to arterial roads across Scotland. These factors combine to bring other population centres like Glasgow within easy reach. Extensive work to expand and develop the city’s two central railway stations is well underway, increasing capacity for the future and enhancing the travel experience. Further stations at Edinburgh Park (and soon at Edinburgh International Gateway) provide easy access to business locations in the West of the city, while park and ride facilities encourage swift commuter journeys. Pedestrian friendly, Edinburgh’s safe streets are easily explored on foot, with high quality public spaces creating places to linger and enjoy city life. For cyclists, pedal power is actively encouraged along the city’s many cycle routes. Further public transport connections are provided by the city’s multi-award winning bus services, soon to be complemented by a state of the art, environmentally friendly tram system, linking the city centre and airport.
The Western Approach Road Seen here between the headquarters of Clydesdale Bank and Standard Life, the Western Approach road is a vital connection between the city centre and the West
45 IN Edinburgh | Transport and Accessibility
Support Services Information, incentives and support for companies seeking to expand or invest in the Edinburgh City Region are available from a number of agencies: Invest Edinburgh www.investinedinburgh.com Edinburgh Chamber of Commerce www.edinburghchamber.co.uk Edinburgh Marketing www.marketing-edinburgh.co.uk The Entrepreneurial Exchange www.entrepreneurial-exchange.co.uk Scottish Development International www.sdi.co.uk Scottish Enterprise www.scottish-enterprise.com
Images in this publication remain the copyright property of their respective owners and are used with kind permission from a variety of agencies and partners including: Marketing Edinburgh, Virgin Money, Marriott Hotels, Allan Murray Architects, Foster & Partners, Prettybright, Missoni, The City of Edinburgh Council and Scottish Enterprise.
47 IN Edinburgh | Support Services
Talent Scotland www.talentscotland.com
For more information about living, working or investing in Scotland’s capital city, visit: www.investinedinburgh.com
produced by prettybright.co.uk
Provided by the City of Edinburgh Council’s Economic Development Service.