APRIL TO JUNE 2014

ALSO INSIDE ISSUE 48 » NEW £150 MILLION MIXED-USE QUARTER » ATLANTIS RESOURCES ARRIVES » 10 QUESTIONS FOR SAINSBURY’S BANK » SKOOG HITS THE RIGHT NOTE » CANAL LIVING

WORLD-CLASS OPPORTUNITIES

THE EDINBURGH 12:

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IN THIS ISSUE

16

04 10

04 SNAPSHOTS The latest news, from salmon to Skoogs

07 NEW ARRIVALS Atlantis Resources follows the tide to Edinburgh

08 10 QUESTIONS FOR… Peter Griffiths, chief executive of Sainsbury’s Bank

10 (cover story) THE EDINBURGH 12: World-class opportunities

14 ROUND TABLE What makes Edinburgh an attractive proposition for developers?

16 MAKING IT HAPPEN Canal living in Edinburgh

17 ADDED EXTRAS The Royal Commonwealth Pool prepares to

welcome its third Commonwealth Games

18 THE STATISTICS The latest key indicators for the Edinburgh economy

For a free quarterly subscription to Invest Edinburgh, or to obtain additional copies, please contact editor@investedinburgh.com

Invest Edinburgh is created in a partnership between Marketing Edinburgh Ltd and the City of Edinburgh Council. It is published by Resolve Creative, Suite 104, 47 Timber Bush, Edinburgh EH6 6QHt. +44(0)131 555 7585 w. resolve-creative.co.uk

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THE FIRST WORDHello and welcome to the latest issue of Invest Edinburgh.

I’d like to begin by sharing the news that Edinburgh has been named Europe’s best mid-sized ‘city of the future’ by the Financial Times’ publication fDi. The award was based on the city’s performance against a wide range of factors, including human capital and lifestyle, cost effectiveness and economic potential. Winning this award reinforces Edinburgh’s reputation as a world-leading place to do business.

Capital Focus looks at a £150 million development in Edinburgh’s Old Town by Artisan Real Estate Investors, which is scheduled to begin this summer. This development will regenerate a two hectare gap site in Edinburgh’s Old Town, providing 20,400m2 of floor-space across a broad range of use classes.

This issue’s One to Watch is Exova, a rapidly growing testing, calibration and advisory services provider that is preparing for a £750-£800 million flotation this spring. Made in Edinburgh looks at the Skoog, an innovative new musical instrument, while Atlantis Resources’ new engineering hub is featured in New Arrivals.

One of the UK’s fastest growing banks, Sainsbury’s Bank recently relocated its headquarters to a 7,900m2 office in Edinburgh Park in the city’s largest letting in close to a decade. Chief executive Peter Griffiths OBE discusses what the bank has to offer consumers and his future plans for the bank in this issue’s 10 Questions.

In our cover feature, we look at the ‘Edinburgh 12’: a dozen prime development sites in central Edinburgh that will be unlocked over the next few years. The City of Edinburgh Council and its partners are working with the global investment community to bring sites such as these to fruition, delivering much needed homes and commercial properties and thousands of new jobs.

The impressive range of recreational and educational opportunities offered by Edinburgh’s Union Canal is examined in Making it Happen, while Added Extras continues the aquatic theme with a look at the Royal Commonwealth Pool.

Finally, in this issue we highlight the prime office space available for rent at Atria Edinburgh, a landmark new development in Edinburgh’s central business district.

Thank you for reading,

COUNCILLOR FRANK ROSSConvenor of the Economy Committee The City of Edinburgh Councileditor@investedinburgh.com

To find out more about how we can help you, please contact the Investor Support team at invest@edinburgh-inspiringcapital.com or on +44 (0)131 529 6600.

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The landmark development will transform a two hectare gap site adjacent to Edinburgh’s historic Royal Mile into a pedestrian-friendly urban quarter that mixes open public spaces with shops, restaurants, hotels, offices and residential units. The finished development is expected to support over 1,700 new jobs, while more than 700 people will be employed during construction.

The development incorporates a broad range of uses. 28 new retail units – including boutique shops and a grocery store – will enhance the offer of the Royal Mile for shoppers, while new eateries, leisure facilities and hotels will appeal to a broad range of visitors. A stronger sense of community will be fostered by the provision of 185 new homes (including 40 affordable units), helping create an area that remains vibrant into the evening.

“It is great news that we finally have a decision on a development that I believe will breathe new life into a long standing vacant site in the heart of the city,” said Councillor Ian Perry, convenor of the City of Edinburgh Council’s planning committee. “As the development has a mix of uses it will attract many more people to the area…it will bring a real boost to the Old Town community.”

Centred on a £6.5 million civic square, the development will include a new viewing area enabling residents and visitors to enjoy northward views to Calton Hill. The façade of the Old Sailors’ Ark building on the Royal Mile will be preserved as part of a new hotel, while the disused Canongate Venture building will be retained and refurbished. The Jeffrey Street Arches – currently used for storage – will be adapted for a range of intriguing new uses, including artists’ studios.

Artisan, a global property developer and investor with backers in South Africa and the Isle of Man, acquired interests in the site after the original developer entered administration in 2009.

“Our proposals are the result of an 18-month consultation process bringing together local people, businesses,

civic partners and heritage bodies,” said Lukas Nakos, Artisan’s managing director. “This has led to many facets of the area’s unique Old Town setting being retained to preserve the character of the development. We now have the opportunity to create, in the very heart of Edinburgh, one of Europe’s most exciting and vibrant mixed-use communities which will set an international benchmark for sensitive and innovative development.”

Reflecting the sensitive location of the development within Edinburgh’s historical UNESCO World Heritage Site, the vision is for new buildings and public spaces that preserve and reinforce the existing historic and landscape context while reinvigorating the area. The development was master-planned by local practice Allan Murray Architects, which has considerable experience of designing contemporary buildings that mesh with their historical surroundings.

By transforming vacant land and disused buildings into a vibrant new mixed-use quarter, the development will help maintain the appeal of Edinburgh’s Old Town to residents and visitors alike.

www.artisanrei.com

“WE NOW HAVE THE OPPORTUNITY TO CREATE, IN THE VERY HEART OF EDINBURGH, ONE OF EUROPE’S MOST EXCITING AND VIBRANT MIXED-USE COMMUNITIES.”

A NEW VISION FOR THE OLD TOWN

Artisan Real Estate Investors begins work on a £150 million, 20,400m2 mixed-usedevelopment at Edinburgh’s Old Town this summer, with the first buildings set to be completed by the end of 2015.

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The Roslin Institute – a world leading animal bioscience research centre at the University of Edinburgh – has entered into a three year research collaboration with the global poultry breeder Cobb-Vantress. The partnership aims to improve understanding of chicken genetics, enabling the breeding of healthier, more robust birds with greater disease resistance and tolerance.

The collaboration will give The Roslin Institute access to Cobb-Vantress’ extensive chicken gene pool, along with around £600,000 of research funding.

“The joint partnership with Cobb is an excellent example of the kind of industrial interactions that allow The Roslin Institute’s research to drive sustainable improvements in animal health and livestock productivity,” said Professor David Hume, director of The Roslin Institute.

The Roslin Institute is home to the National Avian Research Facility, the UK’s national centre for research into avian biology and genetics. Established in 2013, the NARF’s successes to date include breeding chickens incapable of spreading bird flu.

Meanwhile, The Roslin Institute has also developed a tool that will

improve the health of Atlantic salmon, boosting production yields. Working in conjunction with the biotech companies Affymetrix and Landcatch Natural Selection and the universities of Glasgow and Stirling, the Institute has produced a microarray (a ‘lab on a chip’) that breeders can use to pinpoint the genes linked to traits in salmon.

The microarray lets breeders analyse a small tissue sample taken from a salmon to identify trait associated single-nucleotide polymorphisms – variations in the salmon’s genetic code linked to specific traits. This helps breeders to optimise breeding programmes to produce salmon with desired traits, such as improved disease resistance. Similar tools are widely used in livestock breeding, but until now have been unavailable for Atlantic salmon.

“This new technology will allow the best breeding fish to be selected more efficiently and accurately, particularly those with characteristics that are difficult to measure such as resistance to disease,” said Dr Ross Houston of The Roslin Institute.

> Find out more: www.roslin.ed.ac.uk

GENETIC BREAKTHROUGHS AT THE ROSLIN INSTITUTE

WHAT DO THEY DO?Edinburgh-based Exova is a global testing, calibration and advisory services provider with a network of 117 facilities in 22 countries. Its 25,000 customers include some of the world’s leading manufacturers, among them Airbus, Thales, Rolls-Royce, Nokia and Boeing. The company has seen strong growth in recent years, with operating income rising 14% to £61.1 million in 2013.

WHY ARE THEY WORTH WATCHING?Exova is to float on the London Stock Exchange this spring, with an expected valuation of £750–£800 million. The current owner, private equity fund Clayton, Dubilier & Rice, will offer existing and new shares to institutional investors, giving the company a free float of at least 30%.

The announcement comes as Exova significantly expands its global footprint and technical capabilities with the addition of two new business units, Exova Defiance and Exova Catalyst. In late 2013, Exova acquired Defiance Testing & Engineering Services. Based on the outskirts of Detroit – the heart of the American automobile industry – Defiance provides testing services to some of the world’s largest automobile manufacturers. In a separate deal earlier this year, Exova purchased Catalyst Environment, the UK’s market leading stack emissions testing provider. The acquisitions expand Exova’s technical capabilities, enhance the range of services the firm can deliver, and position the firm as a market leader in two rapidly growing specialist markets.

WHAT DOES IT MEAN FOR THE COMPANY?Floatation will provide Exova with a new source of capital, with the IPO expected to raise approximately £110 million from the issue of new shares. This, coupled with a new £170 million loan facility, will be used by Exova to pay down outstanding debt.

“Our teams around the world have built a strategically focused, financially successful company with a sustainable business model,” said Exova chair Fred Kindle. “Becoming a public company is a natural next step.”

> Find out more: www.exova.com

EXOVA

The University of Edinburgh has unveiled concept images of a planned £6.3 million redevelopment of St Cecilia’s Hall, a concert hall and museum of music in the Cowgate.

St Cecilia’s Hall hosted its first concert in 1763, making it one of the oldest concert halls in the UK. It continues to host regular concerts, as well as being a popular venue for the Edinburgh International Festival. The Hall’s Museum of Musical Instruments is home to a world-leading collection of around 4,000 musical instruments ranging from the 16th century to the 20th century.

The redevelopment will radically improve the appearance, accessibility and functionality of the St Cecilia’s Hall. The original Georgian frontage of the building will be restored, while a new public entrance will be created facing the Royal Mile. The concert hall itself will be improved with the addition of tiered seating and stages, while a fourth museum gallery will be added, enabling the addition of another 1,000 historical musical instruments.

“The St Cecilia’s Hall Redevelopment will restore and transform this unique building and make its internationally recognised collection available to the wider public from Scotland and beyond,” said Dr John Scally of the University of Edinburgh.

Meanwhile, a £2.7 million refurbishment of the Surgeons’

SHOWCASING SURGERY AND SONG

24 residents of Edinburgh have been named in the New Year’s Honours list, among them geneticist Professor Sir Adrian Bird and Jayne-Anne Gadhia CBE, chief executive of Virgin Money.

Edinburgh has been voted one of the 10 best destinations in the world in a poll by the travel magazine Wanderlust.

Residential properties in Edinburgh are to be showcased to Hong Kong investors at an exhibition being organised by the property agency D.J. Alexander.

Edinburgh Molecular Imaging, a medical technology company spun-out from the University of Edinburgh, has secured £4 million of equity investment from venture capital firm Epidarex Capital.

Edinburgh-based Genius Foods, the UK’s leading gluten-free company, has signed a deal that will see its products sold in close to 100 Waitrose and Spinneys supermarkets across the United Arab Emirates.

Sciennes, Edinburgh’s largest primary school, has been named one of the UK’s top 10 state-run primary schools by Tatler.

A new distillery, Pickering’s Gin, has opened in Summerhall. Freshly distilled gin will be available on tap at the nearby Dick Bar.

Edinburgh-based travel search engine Skyscanner has reported record turnover of £65.8 million in 2013, up 96%.

AXA Real Estate has purchased 3-5 Morrison Street, a 7,600m2 mixed-use development in Edinburgh’s Exchange District, for £30 million, while ÆRIUM has paid £62 million for the 17,700m2 New Uberior House and Princes Exchange office block.

The Chester Residence, an apart-hotel in Edinburgh’s New Town, has been named the world’s third best luxury hotel in the TripAdvisor Travellers’ Choice Awards.

ELECTRONIC CIGARETTE MANUFACTURER SKYCIG – PART OF THE AMERICAN TOBACCO GIANT LORILLARD – HAS LEASED INDUSTRIAL PREMISES ON THE WESTERN OUTSKIRTS OF EDINBURGH.

Hall Museum will deliver a modern museum devoted to the history of medicine.

Part of the Royal College of Surgeons of Edinburgh, the Surgeons’ Hall Museum is home to the UK’s largest and most historic collection of surgical pathology artefacts, including anatomical specimens, surgical instruments and a pocketbook made from the skin of the infamous grave robber and murderer William Burke.

The Museum first opened in its current location on Nicolson Street in 1832. Supported by the Heritage Lottery Fund, the Lister project – named for Sir Joseph Lister, who radically improved the safety of surgery by pioneering the use of antiseptic – marks the first large-scale alteration of the building in over a century. The result will create entirely new displays and galleries, double the number of items on display and showcase the collection using innovative audiovisual and interactive elements. Other features will include a new glass atrium, a dedicated education suite and a fully-recreated 17th century dissecting theatre.

“The Lister project will take the Surgeons’ Hall Museum to a world-class level, commensurate with its outstanding collections,” said Colin McLean of the Heritage Lottery Fund.

> Find out more: www.stcecilias.ed.ac.uk www.museum.rcsed.ac.uk

1 TO WATCH Antique guitars on display at St Cecilia’s Hall

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NEWARRIVALS

WHO IS MOVING TO EDINBURGH?The tidal power company Atlantis Resources is establishing an engineering and project management hub in Edinburgh, creating 20 jobs. Headquartered in Singapore, Atlantis made a £12 million initial public offering on the UK’s Alternative Investment Market in February.

WHAT DO THEY DO?Atlantis Resources is a vertically integrated tidal power company with operations in China, India, Canada, Australia and Scotland. In partnership with Lockheed Martin, the company is currently developing the 1.5 megawatt AR1500 turbine.

ATLANTIS RESOURCES

MADE in EDINBURGH

The Skoog is a soft tactile cube that plugs into any home computer or laptop via a USB connection. By touching, pressing, squashing, twisting or tapping its five colour-coded sides, users can play a wide selection of instruments or sounds they have recorded themselves.

The Skoog’s accompanying software allows users to create unique musical compositions using its sampling, looping and layering features. In addition to being a standalone instrument, the Skoog is fully compatible with the Apple music software packages GarageBand and Logic.

The technology mimics the behaviour of conventional musical instruments by providing a direct correlation between the gestures a user makes and the sounds produced.

SKOOG

Adjustable sensitivity delivers a powerful and adaptable platform for creating and controlling sound.

The Skoog has not only been widely adopted in schools, as an accessible instrument, but also as a tool for professional musicians worldwide.

“The genius of the Skoog is that it provides a powerful tool for music creation, whilst also being intuitive,” enthuses renowned composer Nigel Osborne MBE. “It is genuinely expressive.”

The Skoog was originally developed by the University of Edinburgh and the National Endowment for Science, Technology and the Arts, which together set out to create a musical instrument that could empower anyone to play music, regardless of ability. In 2008, with a working prototype and interest from music teachers,

co-inventors Dr David Skulina and Dr Ben Schogler formed a spin-out company, Skoogmusic, to bring their groundbreaking instrument to market. They have since secured equity investment from Daedalus Capital, Barwell and Scottish Enterprise.

The market potential of the Skoog was recognised in November 2013 when the Apple Store began retailing it in Europe and the Middle East.

“Our goal has always been to make music-making as accessible as possible,” said Dr Benjamin Schogler. “We want to help everyone to free the musician inside.”

> Find out more: www.skoogmusic.com

A must-have for Christmas 2014, the Skoog is agroundbreaking electronic instrument that is alreadyorchestrating considerable attention.

The company’s flagship project is the MeyGen tidal stream project in Scotland’s Pentland Firth. By 2020, Atlantis hopes to install up to 86 megawatts of capacity (enough to power 42,000 homes) in the Pentland Firth, making it the largest project of its kind in Europe. Working with the University of Edinburgh and the engineering consultancies DHI and Royal HaskoningDHV, the company will initially install a demonstration array of four AR1500 turbines by mid-2015.

WHY HAVE THEY CHOSEN EDINBURGH?Scotland possesses an estimated 25% of Europe’s tidal potential, with the University of Edinburgh calculating that the Pentland Firth alone could potentially power half of Scotland.

Tidal energy companies in Scotland benefit from a hugely supportive climate: the strike price for tidal power has been set at £305 per megawatt hour, while the Scottish Government is providing £2 million of support for the hub.

“This £2 million of investment is clearly a serious vote in confidence in Atlantis’s plans,” said chief executive Tim Cornelius. “It will not only create Scottish jobs here today, but also help create new foreign markets to export Scottish skills to tomorrow, putting Scotland at the forefront of the fast-growing global tidal energy sector.”

> Find out more: www.atlantisresourcesltd.com

A new grant scheme is helping small and medium-sized businesses in Edinburgh upgrade to superfast broadband connections, supporting some of the city’s most dynamic companies.

The Connection Voucher Scheme provides capital grants of up to £3,000 to small and medium-sized businesses in Edinburgh who want to upgrade to a broadband connection with average speeds of 30 megabits per second or faster. Self-employed people who work from home can claim grants to improve their home’s broadband connection. The grants can be used to meet the up-front costs of the improvements, including connection fees, excess construction charges and equipment costs.

BETTER CONNECTED

To apply for a grant, businesses need a minimum of two quotes from approved suppliers. To date, nearly 100 suppliers have registered to take part in the scheme.

The Connection Voucher Scheme is part of the Connected Capital programme, an initiative by the City of Edinburgh Council aimed at improving connectivity in Edinburgh. Other elements of the programme include offering free Wi-Fi in public spaces and on the city’s bus and tram network.

> Find out more: www.edinburgh.gov.uk/broadbandvouchers

The AR1500 tidal turbine

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AUSTRALIAN PACKAGING, FREIGHT AND COURIER SOLUTIONS PROVIDER PACK & SEND HAS REVEALED PLANS FOR AN OUTLET IN EDINBURGH CITY CENTRE ON ELM ROW.

IE> What do you see as being Sainsbury’s Bank’s USP? PG> We develop products and services designed specifically for Sainsbury’s customers. These include a Nectar credit card which gives extra points on Sainsbury’s purchases, and home and car insurance with preferential pricing for Nectar card holders.

Sainsbury’s customers are also rewarded for their ongoing loyalty, with a wide range of Bank products offering double Nectar points for two years. The more qualifying products customers have, the more points they can earn, the equivalent of up to 7% back on their Sainsbury’s shopping.

IE> In the largest office letting in Edinburgh for nearly a decade, you have just moved your head office to a 7,900m2 building in Edinburgh Park. What attracted you to this location?PG> We have been delivering strong, sustainable growth over the past few years and, as we enter a new phase in our history, it is appropriate that we have accommodation that can support our growth plans. The new building will provide the Bank with ample space in which to grow and innovate.

IE> Sainsbury’s Bank does not offer current accounts or mortgages. What has informed this strategic decision?PG> We continue to consider what our customers want and are therefore focused on providing quality products that meet our customers’ needs at a fair price. These

include household insurance products such as home, car, life and pet insurance and very competitive credit cards, loans and savings products, as well as travel money that can be purchased online and in store.

IE> Sainsbury’s Bank expanded its workforce by 20% last year. What sort of new roles have been created in Edinburgh?PG> Our recent increase in colleague numbers has been across all role types. We now employ 350 colleagues, with around 320 here in Edinburgh. We are growing permanent colleague numbers by around 20% year on year.

IE> How challenging has it been to recruit people with the skills you need in Edinburgh?PG> Edinburgh has a fantastic banking heritage - there is a great talent and skills pool here because of the well-established finance industry and because of the number of top universities in the city. During 2013, we were delighted by the calibre of applicants.

IE> What are your goals for Sainsbury’s Bank over the next year?PG> Taking full ownership provides opportunities for further integration with Sainsbury’s to offer even better value products to our customers.

The Bank has now delivered five consecutive years of profit growth and there is a significant opportunity to prudently grow as we enter the next chapter in our history.

IE> You’ve been in post for just over a year. What have been the milestones so far?PG> I’ve been focused on working with my team to write the next chapter in the Bank’s history. The Bank has delivered five consecutive years of profit growth and growing customer numbers. It has a massive opportunity for growth, as only around one in 20 Sainsbury’s shoppers currently have a Bank product. We have now finalised the purchase of the Bank, with Sainsbury’s taking full ownership of our business from Lloyd’s Banking Group.

IE> What are the implications of being 100% owned by one of the UK’s ‘big four’ retailers? PG> Sainsbury’s Bank has now reached a size where only sole ownership can unlock the potential growth Sainsbury’s wants to see from the Bank. This is a very exciting transaction for Sainsbury’s, which forms part of our overall strategy to grow sales and profits from complementary new business channels where we can leverage the Sainsbury’s brand. The acquisition will enable us to extend our financial services business over time, offering more choice and value to Sainsbury’s 23 million weekly shoppers.

IE> How important is the Sainsbury’s brand when marketing the Bank’s products? PG> Sainsbury’s was the first supermarket to open a bank back in 1997, and our proposition has never been stronger. Greater integration with the

supermarket business will enable the Bank to go even further in its drive to be fair and easy to do business with.

We recently commissioned research which indicates that 38% of people in Great Britain are considering taking out a new banking or insurance product from supermarket banks in the next 12 months.

IE> What is driving the emergence of ‘challenger banks’ in the UK? PG> We wouldn’t refer to ourselves as a challenger bank, as our focus is on delivering the very best value and quality we can for the Sainsbury’s shopper. However, in terms of supermarket banks, our research shows that the competitiveness of the products is the main driver. 69% of people considering supermarket bank products are doing so for this reason; 61% are attracted to the offers available, and 47% want to take advantage of loyalty schemes.

Sainsbury’s supermarket has 23 million weeklyshoppers in the UK and 1 in 20 currently have aproduct with Sainsbury’sBank. It’s a bright future for the UK’s oldest supermarket bank.

“EDINBURGH HAS A FANTASTIC BANKING HERITAGE - THERE IS A GREAT TALENT AND SKILLS POOL HERE BECAUSE OF THE WELL-ESTABLISHED FINANCE INDUSTRY AND BECAUSE OF THE NUMBER OF TOP UNIVERSITIES IN THE CITY.”

“38% OF PEOPLE IN GREAT BRITAIN ARE CONSIDERING TAKING OUT A NEW BANKING OR INSURANCE PRODUCT FROM SUPERMARKET BANKS IN THE NEXT 12 MONTHS.”

www.sainsburysbank.co.uk

Peter Griffiths OBE Chief executive of Sainsbury’s BankBetween 2002 and his appointment as chief executive of Sainsbury’s Bank in 2012, Peter Griffiths was group chief executive of the Principality Building Society. During his tenure, the society grew to become the seventh largest in the UK.

Awarded an OBE in 2010 in recognition of his support for the financial services industry, Peter is a former chair of the Building Societies Association. He is a fellow of both Cardiff Metropolitan University and the Chartered Management Institute.

The Bank’s new HQ at Edinburgh Park is the largest office letting in the city for nearly a decade.

OATCAKES MANUFACTURER NAIRN’S OATCAKES HAS OPENED A NEW FACILITY IN THE PRESTONFIELD SUBURB OF EDINBURGH FOR ITS GLUTEN-FREE PRODUCTS. THE 450M2 INDUSTRIAL UNIT WILL BE USED FOR CEREAL PRODUCTION AND STORAGE.

Peter GriffithsChief executive of Sainsbury’s Bank

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THE EDINBURGH 12: WORLD-CLASS OPPORTUNITIES

Prime opportunities such as the ‘Edinburgh 12’ make the city an attractive proposition for developers.

Edinburgh’s New Town – now recognised as a World Heritage Site by UNESCO – was master-planned by James Craig to address

overcrowding as the city expanded in the 18th century. The 19th century gave the city schools, bridges, townhouses and many other iconic examples of Victorian architecture and engineering. In the last decade of the 20th century, it was the growth of Edinburgh’s financial services sector that acted as the catalyst for the latest round of transformational changes.

Since then, the foundations laid in the Exchange District on the western edge of the city centre have carried through into the ‘Digital Southside’, now recognised as the heart of Edinburgh’s booming technology hub. Close to the University of Edinburgh’s School of Informatics, the former home of the city’s Royal Infirmary has been reborn as Quartermile, now a highly sought after business and residential address with occupants such as legal firm Morton Fraser and Skyscanner, one of Edinburgh’s fastest-rising technology stars.

Just 10 minutes walk away is the Atria development, which opened last year. This

*SPRUCE was established with Scottish Government and European Regional Development Fund money.

managing director of the Quartermile development. “They will challenge and push us to ensure a quality result, but our experience is that they have always been supportive once they understand our vision.”

One ongoing development, The Haymarket, is the latest example of this collaborative approach in action. Expected to create thousands of jobs, this £200 million office, hotel and retail project is being developed by Interserve and Tiger at the heart of one of the city’s transport hubs.

In January, the Scottish Partnership for Regeneration in Urban Centres* announced that it would provide £9.6m of loan finance for preparatory works at the 1.6 hectare city centre site, including the strengthening of two railway tunnels.

“This is one of the most significant regeneration schemes in the UK outside of London and that is reflected in the very strong interest shown by the business community already,” said David Westwater, development director with Interserve. “We are delighted that work has begun on site to prepare for construction above ground and the welcome contribution [of public funds] has been pivotal in helping the development to progress.”

The development sits immediately opposite Haymarket Station, which Network Rail redeveloped last year in a £25 million programme that enlarged the public space

prestigious building, offering 18,500m2 of grade A office space (see back cover), was brought to fruition using direct funding from the City of Edinburgh Council after banks froze their development capital during the recession. It is now home to the UK Green Investment Bank, PwC and investment house Brewin Dolphin.

The Council works closely with property firms who share its vision to create sustainable growth from investment in jobs. That was why it intervened when traditional sources of development capital temporarily dried up, delivering Atria at a time when it was the only grade A office development of its scale under construction in the UK outside of London.

This willingness to act is one example of the strength of Edinburgh’s strategic vision: to improve the economic standing, quality of life and competitiveness of the city. Atria reflects how, when they share a vision, the public and private sectors can collaborate to deliver developments that enhance the quality of life for those who live and work in the city.

“We’ve always found the Council to be a good partner,” says Paul Curran, the

“THIS IS ONE OF THE MOST SIGNIFICANT REGENERATION SCHEMES IN THE UK OUTSIDE OF LONDON AND THAT IS REFLECTED IN THE VERY STRONG INTEREST SHOWN BY THE BUSINESS COMMUNITY.”

Quartermile: a mixed-use development in Edinburgh’s Southside, home to blue

chip companies such as Skyscanner.

The Haymarket: a major private sector-led regeneration scheme unlocked by public sector financing.

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<FEATURE

approach is now being adopted across all 12 sites.

In February, Councillor Frank Ross, Convenor of the Council’s Economy Committee, highlighted the importance of these city centre developments. Addressing an audience of Edinburgh’s tourism business leaders, he underlined that the first phase of ‘Edinburgh 12’ will secure projects with a combined gross development value in excess of £2.14 billion.

“We believe that unlocking the potential of these 12 sites is critical to building momentum. They will create approximately 28,000 construction and up to 20,000 full-time equivalent jobs.”

Through a partnership model involving other city stakeholders,

1. CALTONGATE A £150 million leisure, retail and office development, covering a total area of 20,400m2 (see page 3)

2. DEWAR PLACE A soon-to-be decommissioned substation in the heart of the Exchange District

3. DONALDSON’S COLLEGE A historic A-listed former school with potential for high-quality residential or hotel uses

4. FOUNTAINBRIDGE A brownfield site bordering the Union Canal (see page 16)

5. THE HAYMARKET A £200 million development by Interserve and Tiger Developments next to Haymarket rail station that will deliver over 43,000m2 of new commercial and leisure space

6. INDIA BUILDINGS A site on the bohemian Victoria Street with potential for hotel development

7. KING’S STABLES ROAD A prime location next to Edinburgh Castle suitable for mixed-use development

8. QUARTERMILE An 8 hectare scheme overlooking the Meadows that will ultimately deliver 900 apartments, 22,300m2 of office space and 6,500m2 of shops and leisure space

9. ROYAL HIGH SCHOOL A neoclassical former school occupying a prominent position on Regent Road with potential to be brought into new use as a hotel or art gallery

10. 3-8 ST ANDREW SQUARE A £75 million development by Standard Life Investments and Peveril Securities that will deliver prime office suites, new retail units and rooftop appartments

11. ST JAMES QUARTER An £850 million project to redevelop the St James Shopping Centre and New St Andrew’s House, creating a landmark development delivering a world-class shopping offer, new homes, two new hotels, leisure facilities and a wide selection of cafés and restaurants

12. SHRUBHILL Two development sites alongside Leith Walk, one of the city’s most vibrant thoroughfares

Edinburgh’s trams will begin operation this spring, seeing a return of trams to the capital after a gap of almost 60 years.

The 14km tram route runs from Edinburgh Airport to York Place in the heart of the city centre. Travelling the full tram route will take just under 35 minutes.

Along the route there are 15 tram stops, each connecting passengers with bus and rail services and popular shopping and commuter destinations. These include the headquarters of the Royal Bank of Scotland at Ingliston, Edinburgh Park business park, Murrayfield Stadium, Haymarket interchange and Princes Street.

EDINBURGH TRAMStenfold and provided additional shops and amenities for passengers. The station’s main entrance now connects to the city tramline, providing a direct link between main line train services and Edinburgh Airport.

Both Haymarket and Quartermile form part of the ‘Edinburgh 12’ – an initiative that was launched by the City of Edinburgh Council in 2013 to help progress strategically important gap sites within the city centre (see box opposite). The dozen sites were identified for their short-term transformational potential. It’s anticipated they could each be completed within five years, jointly delivering:

The Council is now working with developers and other key stakeholders to progress each of the 12 sites.

The city’s economy has remained resilient throughout the recession and the Edinburgh 12 complement a swathe of infrastructure investments in and around the city. These include:

To work with developers more efficiently, the Council has established a cross-service pilot group for The Haymarket. This brought together planning, transport and finance professionals under a single programme manager reporting directly to the Council’s chief executive. The group acts as a conduit between the Council and the private sector to communicate mutual needs, overcome barriers and progress developments. Its visible success at The Haymarket means this

CHARDON TRADING HAS OPENED A 100-BEDROOM HOLIDAY INN EXPRESS AT EDINBURGH AIRPORT.

SWISS HOTEL MANAGEMENT CONSULTANCY HOTELPARTNER YIELD MANAGEMENT IS TO EXPAND INTO EDINBURGH.

A gross development value in excess of

Approximately full-time equivalent jobs

An estimated

140,000m2 of grade A office space

121,000m2 of retail and leisure space

1,600 hotel bedrooms

1,650 homes

£2.14billion

20,000

£1.45 billion for the new Queensferry Crossing between Edinburgh and Fife.

£27 million for additional enhancements to Haymarket Station (completing this year);

£294 million for the Borders Rail Link (due to be completed in 2015)

£37 million for the Edinburgh Gateway rail/tram interchange station (due to be completed in 2016).

including the Edinburgh Business Forum and Essential Edinburgh – the business improvement district for the city centre – the city is determined to enhance Edinburgh’s appeal for residents and visitors.“

“The Edinburgh 12 is a hugely exciting initiative which demonstrates the benefits which come from a strong partnership between the Council and the developer community,” says Steve McGavin, head of Business Partnerships at City of Edinburgh Council.

“Our role in the Council is to help bring these developments over the line and with the potential to create 20,000 new jobs over the next five years, it is a massive prize.

“The convenor of the Economy Committee and the chief executive are both fully committed to the Edinburgh 12 and my team will continue to work with the business community and all partners to realise this.”

The strength of Edinburgh’s strategic vision has been recognised through the award by the Financial Times’ publication fDi of the title ‘Best Mid-Sized European City of the Future’. The Council’s Investor Support team’s strategy for attracting inward investment to the city has also been recognised by fDi.

Having demonstrated through its direct funding of Atria its willingness to take firm action in support of its strategic vision, the City of Edinburgh Council continues to review additional funding models that can supplement traditional forms of finance. These include tax increment financing and, potentially, investment by the Lothian Pension Fund where this can leverage in additional private equity.

Hardly surprising then that, adept at transformation as always, Edinburgh remains an attractive city at the forefront of interest for UK and international investors.

“THE EDINBURGH 12 IS A HUGELY EXCITING INITIATIVE WHICH DEMONSTRATES THE BENEFITS WHICH COME FROM A STRONG PARTNERSHIP BETWEEN THE COUNCIL AND THE DEVELOPER. WITH THE POTENTIAL TO CREATE 20,000 NEW JOBS OVER THE NEXT FIVE YEARS, IT IS A MASSIVE PRIZE.”

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For enquiries about development opportunities in Edinburgh and support available for developers, please contact:Steve McGavinHead of Business Partnerships The City of Edinburgh Councilt: +44(0)131 529 6237Steve.McGavin@edinburgh.gov.uk

The City of Edinburgh Council wholly owns the public company that will operate the trams, which is run as an arm’s length business.

Since testing began late last year, Edinburgh trams have become a popular sight on the streets of Edinburgh thanks to their distinctive appearance. Each tram is 43 metres long and can carry up to 332 people.

The tram is expected to operate every seven-and-a-half minutes, running from 6:00 AM until midnight on Monday to Saturday and from 7:00 am to midnight on Sunday.

<FEATURE

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The potential of the 12 current development sites will transform Edinburgh’s city centre over the next five years. We ask some of those involved: what makes Edinburgh an attractive proposition for property development?

Phil Miller, Miller HomesEdinburgh’s rich economic base and the cultural communities around it offer investors two hugely attractive ingredients –

stability and growth. One of the world’s most beautiful cities, Edinburgh’s challenge has never been the need to generate growth, but rather to manage the pressure to grow, so as not to lose the distinctive qualities that make Edinburgh what it is.

While executing a property development in a World Heritage Site is never going to be anything other than challenging, that is exactly as it should be. It is the high standard expected of developers that protects the value of the investments already made and to be made in the city. The fact that the supply of suitable sites will always be constrained by the need to preserve the masterpieces that are the New and Old Towns is the very reason investors can feel confident investing in Edinburgh.

Yes, it will be more demanding to develop in Edinburgh than many other cities, not because the city is in any way anti-development – the opposite is true – but because such opportunities will always be limited, and expectations will be high. I am sure investors wouldn’t have it any other way.

Ben Reed, Jones Lang LaSalle The geography of UK office demand is shifting in response to demographic, economic and technological

change. In Edinburgh an increasing number of businesses wish to locate in or close to the city centre, and this ‘urban tendency’ will intensify over the coming decade. The rise of the knowledge economy has underlined the importance of business clusters in driving innovation and recruiting talented staff, many of whom live centrally. Employees are attracted by accessible environments that have good public transport links, cycle routes, retail and leisure facilities. Future developments at Haymarket, Caltongate, Fountainbridge and the success of Quartermile all illustrate the trend, with occupiers attracted to quality mixed use environments where office space is designed to be efficient, sustainable and attractive, enabling teams to work collaboratively.

Linda Urquhart, Morton Fraser We’ve been in Quartermile for four years and we’re delighted with the development as a tenant. Quartermile

was designed by Sir Norman Foster, so it’s very high quality and we’ve been able to work within a smaller overall footprint because of the incredibly smart design.

The development is well placed, being close to the city centre and the University and with good transport links and the open space of the Meadows on our doorstep. It’s a vibrant and popular quarter in which to work.

The city itself has a very good depth and spread of sectors making a resilient economy which, relative to other UK cities, has performed well throughout the recession. That ensured there remained an appetite for quality space in the available developments.

For employers, there is a good pipeline of skilled people here – from schools, colleges and the universities, as well as skilled and experienced people in key sectors. There’s everything you need.

The workforce is productive (gross value added per employee is the UK’s second highest, after London) and the city is well connected nationally and internationally, with more than 100 direct destinations served by Edinburgh Airport.

Hugh Rutherford, Edinburgh Business ForumThe first thing is that Edinburgh is seen as a great city in which to live, work and

invest. It appeals to companies such as Avaloq, which looked globally for where to base their operations. They recognised a knowledge-led economy, a fact also recognised by the Centre for Cities and others: there are four universities and two colleges here. That’s a fantastic asset.

It’s matched by the fact that 45% of the working population hold a degree-equivalent qualification, which is second only to Oxford and Cambridge in the UK.

That also puts us in a strong position. The diversity of Edinburgh’s economy is another strength, with renewables, finance, professional services, tourism, technology and life sciences all proving resilient and ensuring there are other strong areas to maintain the city’s overall economic performance if one suffers a dip.

A new strength is the entrepreneurial activity here and the rapidly expanding number of start-ups. We’re becoming a recognised European hub for technology and science start-ups.

The creative industries are also becoming a hub of activity, employing more than 10,000 people in the city already – a fact that led the Edinburgh Business Forum to restructure our activities, to better support this expanding sector.

When outsiders look at Edinburgh they like its size and the fact that it’s possible to have a lot of face-to-face contact when networking. It’s a very connected city at a personal level – and with equally good transport connections. Not to forget that our broadband connectivity beats that of every other UK city. Edinburgh’s officials and business leaders continue to work well together as a team, delivering a pipeline of new investments.

Keith Aitken, GVA James BarrWe’ve been involved in Edinburgh for many years now, and helped appraise the ‘Edinburgh 12’.

For investors, the city remains one of the most attractive in the UK, outside London. It is often described as a city of opportunity and many are looking to seize on those

opportunities right now: from international investors to UK corporate investors.

The completion of the tram works is a major benefit. With the improvements at Waverley and Haymarket it means that the city’s first impression is again at a peak.

Visitor numbers continue to grow year-on-year and retail requirements remain to be fulfilled, with the St James Quarter expected to be a crucial element in this. It will come through, in time, and pub and leisure tenants are always looking.

With growing numbers of students in the city there is also consistent demand for development of student accommodation, both halls of residence and private developments in certain parts of the city. Edinburgh’s residential demand is also strong, reflecting a diverse economy that supports demand.

There’s no doubt Edinburgh ticks all the boxes that investors look at when deciding to invest. The market here is demand-driven and we’re definitely entering the post-recession phase.

Paul Curran, QuartermileEdinburgh is resilient, with people recognising the quality the city offers, both in residential and commercial development

opportunities. There’s a highly skilled workforce, particularly in finance and technology and life sciences. That is reflected in average incomes and gross value added for business.

Edinburgh is a small city, which limits the good opportunities but makes them attractive to develop.

My experience is that the city authorities are very receptive and they have a clear

vision and will work with you, challenging and pushing to ensure a quality result.

Peter Millican, Parabola Capital We were delighted to recently complete on the acquisition of the remaining development

land and associated buildings at Edinburgh Park. This constitutes a significant investment for our business in Edinburgh, which is driven by our confidence in the city’s potential for economic growth and its attraction as a place to invest.

Edinburgh’s strengths are numerous: the city is recognised for banking, investment management and financial services and is home to a number of blue-chip financial institutions that cement Edinburgh’s reputation as a global financial centre. These are combined with the strong educational heritage and benefits that come from being the seat of Scottish Government. Edinburgh also provides an excellent quality of life with good connections acrosss the UK and Europe.

The Park itself is about to be transformed by the new tram system, which we are very excited about, and already benefits from a number of global occupiers who have chosen to locate there. Our development plans are still at an early stage but we hope to build on this success over the coming years.

We have found engagement from the Council and government to be very positive and we are looking forward to working with the city as we begin to take forward development at the Park.

ROUND TABLE:

“THERE’S NO DOUBT EDINBURGH TICKS ALL THE BOXES THAT INVESTORS LOOK AT WHEN DECIDING TO INVEST.”

“MY EXPERIENCE IS THAT THE CITY AUTHORITIES ARE VERY RECEPTIVE AND THEY HAVE A CLEAR VISION AND WILL WORK WITH YOU, CHALLENGING AND PUSHING TO ENSURE A QUALITY RESULT.”

GLOBAL FASHION RETAILER TOMMY HILFIGER IS OPENING A STORE ON MULTREES WALK, EDINBURGH’S LUXURY SHOPPING STREET.

<INSIGHTS

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At Fountainbridge, Edinburgh Printmakers is working to transform the disused former North British Rubber Company factory into a world-class arts space. The organisation is in the process of applying for support from the Heritage Lottery Fund for its plans, which include sculpture, textile and screenprint studios; offices for digital creative businesses; exhibition space; a café; and a retail outlet showcasing arts and crafts created by Edinburgh artists.

“We want to look at public realm and see how the space can interact with and engage local groups and schools in the heritage story of the surrounding community,” says Sarah Price, chief executive of Edinburgh Printmakers.

It is hoped that the building could be restored as a unique community asset by 2018.

Stretching 50 kilometres, this blue corridor runs from Fountainbridge in the heart of Edinburgh to Falkirk, where the modern engineering wonder that is the Falkirk Wheel connects the Union Canal to the Forth & Clyde Canal, providing a continuous waterway between Edinburgh and Glasgow.

The enhancement of the Union Canal as both a leisure destination and economic driver is a strategic goal of the City of Edinburgh Council. Developed in partnership between the Council and Scottish Canals, the Edinburgh Canal Strategy sets out an ambitious plan to enhance this unique resource and develop it as a vibrant new destination for the capital.

The canal already sees a steady flow of cyclists and pedestrians along its banks, whilst its waters support a range of aquatic activities such as rafting, canoeing and kayaking. The strategy aims to build upon this and generate greater momentum around canal related projects, attracting locals and visitors alike and adding new life to this 200 year-old waterway.

To support the Strategy, a new overarching brand has been developed. Created following an extensive

Years of preparation will culminate in just a few short days of sporting competition – a brief window in which to deliver a personal best performance. Raw talent is a prerequisite for success, but so too is experience.

Edinburgh’s Royal Commonwealth Pool (RCP), the satellite host venue for the Glasgow 2014 diving competitions, has more experience than most in hosting international sporting events. 2014 will see it become the only venue in the world to host three separate Commonwealth Games.

Originally designed by RMJM Architects for the Edinburgh 1970 Commonwealth Games, the A-listed building was used again in 1986, when the games returned to Scotland’s capital.

Today, the venue is a world-class facility, having reopened in March 2012 following a £37 million refurbishment. The venue is a regular feature on the FINA World Diving Series calendar, provided a training camp for Team GB prior to the London 2012 Olympic Games and hosts the annual Scottish Swimming Championships.

Equally importantly, ‘The Commie’ as the residents of Edinburgh affectionately know it, represents a community hub that is enjoyed by thousands of customers every day.

Featuring an eight lane, 50m pool that can be divided in two and boasting a state-of-the-art adjustable floor, the RCP also offers three fitness studios, a modern gym, a dedicated teaching pool, soft play centre for children and popular café.

It is the flagship venue for a city-wide aquatic sports offering that encompasses nine other venues, and The Commie plays a big role in helping Edinburgh’s young people learn to swim.

“The arrival of the world’s best divers and global media will provide a unique opportunity to showcase local talent and the success of our Pathway Diving Coaching Programme,” explains Graeme Gardiner of Edinburgh Leisure, operator of the Royal Commonwealth Pool.

“It also raises the profile of Edinburgh’s excellent aquatic sport offering, which is being enhanced through an ongoing lifecycle maintenance programme that

delivers continuous investment across our other wet sport sites.”

By 2015, four of Edinburgh’s swimming pools will each have benefited from a £1 million overhaul.

From a highly regarded and well established swimming development programme, capable of teaching children from six-months up to swim, to a range of aquatic pursuits including SCUBA diving and water polo, it’s no wonder Edinburgh’s pools have never been more popular.

www.scottishcanals.co.uk www.edinburghprintmakers.co.uk

MAKING A SPLASH

THE ROYAL COMMONWEALTH POOL ATTRACTS MORE THAN 2,000 VISITS PER DAY

The Royal Commonwealth Poolwww.edinburghleisure.co.uk

XX Commonwealth Gameswww.glasgow2014.com

Excitement is building as final preparations get underway for the opening ceremony of the XX CommonwealthGames in Glasgow on 23 July 2014. Thousands of eliteathletes from 70 nations and territories will soon becompeting for Gold.

SMG INSIGHT, THE SPORTS INDUSTRY ARM OF MARKET RESEARCH FIRM YOUGOV, HAS OPENED AN OFFICE IN EDINBURGH CITY CENTRE ON WALKER STREET.

CANAL LIVINGFloating homes, ‘boatels’,water sports enthusiasts, pleasure barges, flocks ofducks, a bevy of swans, and countless joggers,cyclists and walkers. Eachmakes a unique contributionto the vibrancy of Edinburgh’s Union Canal.

consultation process by Edinburgh-based design agency Studio LR, the brand unites a multitude of individual projects under a single banner and builds a cohesive identity for the canal.

The brand is a valuable new tool in efforts to promote greater use of the canal as an activity corridor, an educational resource and as a visitor destination.

The Strategy identifies seven ‘hubs’ within Edinburgh. These include Fountainbridge, (see box) where major new development is taking shape alongside the area’s industrial heritage. The vision for the area is to create a thriving, mixed-use ‘Canal Quarter’ where people can live, learn, work and relax in a cosmopolitan, canal-side environment. A major milestone in achieving this will be the start of work later this year on a £28 million replacement home for Boroughmuir High School.

Meanwhile, to the west, Ratho is transforming into Edinburgh’s ‘canal village’. New housing developments have embraced a new canal basin and residential moorings, while the Edinburgh Canal Centre, at the Bridge Inn, offers visitors the opportunity to eat and drink as they travel along the waterway onboard their two historic barges.

At the Calders, the Bridge 8 Hub is delivering a range of fun and challenging outdoor activities which enable visitors of all ages and abilities to engage with the canal. Together with the Waterways Trust’s Canal College and Edible Estates’s Community Orchard, they are helping create an exciting canal-focused destination, which embeds the canal into the local community.

These and other plans will help ensure the Canal continues to benefit the city for years to come.

www.investedinburgh.com16 INVEST EDINBURGH | APRIL TO JUNE 2014 | | APRIL TO JUNE 2014 | INVEST EDINBURGH 17

<MAKINGITHAPPEN <ADDEDEXTRAS

KEY DATAPOPULATION OF EDINBURGH BY AGE BRACKET (2012)

JOBS IN EDINBURGH BY INDUSTRY (2012)

ANNUAL STATISTICAL OVERVIEW

Indicator Number Date SourcePopulation 482,640 2012 General Register Office for Scotland

Households 224,322 2012 General Register Office for Scotland

Working age population 338,331 2012 General Register Office for Scotland

Average annual wage of workers £24,700 2012 Office for National Statistics

Average annual disposable income £24,600 2012 Office for National Statistics

Annual output per worker £54,300 2012 Office for National Statistics

Average annual office rent £290 per m2 2012 Ryden

Average residential property selling price £217,000 2012 Registers of Scotland

Annual airport passengers 9.2 million 2012 Civil Aviation Authority

Annual rail passengers 26.6 million 2012 Office of Rail Regulation

Annual tourist visits 3.73 million 2012 VisitScotland

Annual tourist expenditure £1.27 billion 2012 VisitScotland

EDINBURGH’S TOP COMPANIES BY PRE-TAX PROFITS (2012)*

Company Sector Pre-tax profits (£million)

Standard Life PLC Insurance and pensions £996.0

Scottish Widows Group Limited Insurance and pensions £441.0

HBOS PLC Banking £255.0

Diageo Scotland Limited Distilling £205.0

Tesco Personal Finance PLC Banking £124.6

TSB Bank PLC Banking £110.0

Walter Scott & Partners Limited Fund management £93.1

Wood Mackenzie Limited Consultancy £79.6

Sainsbury’s Bank PLC Banking £52.9

First State Investment Management (UK) Limited Fund management £51.0

Scottish Water Business Stream Limited** Water and sewage £35.3

BlackRock International Limited Fund management £32.8

John Menzies PLC Logistics £32.0

Artemis Asset Management Limited Fund management £23.2

Edinburgh Partners Limited Fund management £22.9

Heineken UK Limited Brewing £20.2

Petroleum Experts Limited Software development £19.4

Marine Harvest (Scotland) Limited Seafood £17.5

Concept Systems Holdings Limited Software development £16.3

Forth Ports Limited Port operation £15.7

Hunter Boot Ltd Footwear £13.6

The Glenmorangie Company Limited Distilling £13.1

Adam & Company Group Public Limited Company Banking £11.5

Cala Group Limited Property development £11.4

Skyscanner Limited Software development £11.0

* Excludes trusts ** Year ending March 2012

Professional, scientific and technical services (46,600)

Health and social work (45,200)

Financial services (38,000)

Wholesale and retail (36,700)

Education (27,900)

Accommodation and food services (25,400)

Administrative and support services (21,300)

Public administration and defence (17,500)

Information and communication (12,800)

Transportation and storage (10,400)

Arts, entertainment and recreation (10,000)

Construction (9,800)Manufacturing (7,200)

Other services (6,300)

Real estate (4,900) Primary industries and utilities (3,300)

100,000

80,000

60,000

40,000

20000

00-4 5-15 16-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

Age (years)

27,057

46,364

70,447

86,642

67,07263,688

50,482

36,069

24,693

10,126

TESCO PERSONAL FINANCE PLC

HUNTER BOOT LTD

CALA GROUP LIMITED

FIND OUT MORE: www.tescobank.com

FIND OUT MORE: www.hunter-boot.com

FIND OUT MORE: www.cala.co.uk

Customer numbers at Tesco Bank have surpassed five million for the first time. The supermarket bank now holds more than £5 billion of savings, with a loan book of over £6 billion and a 12% share of the UK’s credit card market. Tesco Bank began offering mortgages in 2012 – since amassing a £500 million mortgage book – and will launch current accounts later this year, marking its transition to a full service retail bank.

Hunter Boot – known worldwide for its iconic wellingtons – has launched its new ‘Hunter Original’ line at the London Fashion Week in February. The firm, which was established in 1856 and holds a Royal Warrant of Appointment to Queen Elizabeth II, has unveiled a new collection of stylish rainwear and knitwear. Creative director Alasdhair Willis – the husband of designer Stella McCartney – has revealed his ambition to “develop Hunter from a British heritage brand into a global lifestyle brand”.

The upmarket housebuilder CALA Group has announced plans to double in size by 2017, taking its annual output to 1,400 units. It has launched two new divisions covering the UK’s Home Counties that are projected to deliver new developments worth a total of £100 million each year from 2016 onwards.

AMERICAN TECHNOLOGY FIRM BELL GEOSPACE, A LEADING SUPPLIER OF GRAVITY GRADIOMETRY SOLUTIONS TO THE EXTRACTIVE INDUSTRIES, HAS OPENED AN OFFICE IN THE ONESIXTY BUILDING IN EDINBURGH’S FOUNTAINBRIDGE NEIGHBOURHOOD.

<THESTATISTICS

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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.

ATRIA EDINBURGHEDINBURGH CITY CENTRE: 144-148 MORRISON STREET, EDINBURGH, EH3 8EE

• Available suites ranging from 485m2 (5,224 sq ft) to 3,000m2 (32,000 sq ft), capable of subdivision.

• Just five minutes walk from Haymarket rail station.

• Nearby occupiers include Standard Life, Scottish Widows, BlackRock, Aon and BNY Mellon.

• 24 hour secure building access.

• BREEAM “excellent” rating.

• Existing tenants include PwC, Brewin Dolphin, IBM, Alliance Trust, the Lothian Pension Fund and the UK Green Investment Bank.

Prime office space available to let in Edinburgh’s central business districtwww.atria-edinburgh.co.uk

Interested parties are invited to make contact with the letting agents for more information.

FIND OUT MORE: Hugh RutherfordMontagu Evanst: +44 (0)131 229 3800e: hugh.rutherford@montagu-evans.co.uk

Atria Edinburgh is a landmark development in the heart of Edinburgh’s central business district. Completed in 2013, the development comprises two buildings, Atria One and Atria Two, collectively providing 18,500m2 (200,000 sq ft) of prime office space and 370m2 (4,000 sq ft) of retail space with active frontages.

Ben ReedJones Lang LaSallet: +44 (0)131 225 8344e: ben.reed@eu.jll.com