The gap site that used to house the McEwan’s brewery in Edinburgh is to be transformed into a complex of offices and apartments.
Property investor BNP Paribas Real Estate has bought the 1.7 acre Fountainbridge site, known as Freer Street, for Fountainbridge Holdings, a newly formed joint venture between Amco Developments and Omni Developments.
The land, which was once home to McEwan’s Fountain Brewery, was acquired from Royal Bank of Scotland’s Real Estate Solutions division. BNP Paribas said the site benefits from planning permission in principle to provide 78 private apartments and 140,000 square feet of Grade A office space.
Sitting next to the Union Canal and the existing mixed-use Edinburgh Quay development, the masterplan has been designed by Michael Laird Architects.
Fountainbridge Holdings director Paul Heap said: “This site has been a labour of love for us, but now following over three years of hard work, together with our investment partners, we are hugely excited to have completed our purchase. We’ll now re-double our efforts and expect work to start on site during 2016.”
Cushman & Wakefield acted on behalf of RBS, while DougraySmith has been retained by Fountainbridge Holdings, acting as joint disposal agents.
Liam Fennell of RBS Real Estate Solutions said: “Working with Fountainbridge Holdings, we have developed a market facing scheme which will regenerate this gap site. With vibrant canal side frontage it will help expand the business district and stimulate further investment in the surrounding area.”
Nadir Khan-Juhoor, director at BNP Paribas Real Estate, said: “The purchase of this well-located city centre development site to create a major mixed-use scheme has been a long time in the making and we are delighted to have worked with client and the professional team to secure it. The site has been cleared following the demolition of the former brewery and it will be exciting to watch the location transform as the masterplan becomes a reality.”