Interserve to offload stake in Edinburgh Haymarket scheme

Aaron Morby 1 week ago

Interserve has put its stake in the £200m Haymarket development in Edinburgh up for sale as it seeks to reduce its near £600m debts.

Plans for the Haymarket site in Edinburgh

Interserve had been working with Tiger Developments to build offices, hotels and retail outlets on the former goods yard next to Haymarket Station.

The huge site development plan was hit by a series of delays after problems with strengthening railway tunnels which run underneath the site. Now the work is complete the project has been substantially derisked and several investors are said to be interested.

Plans of the sale emerged as shares in Interserve rose almost 50% last Thursday as continuing meetings with the group’s bankers were said to be progressing towards an announcement shortly.

Last weekend an investment fund started by one of the founders of Punch Taverns bought £140m of Interserve’s bank debt and was ready to support the firm’s restructuring.

The four-acre Haymarket site in the heart of Edinburgh’s city centre business district has planning consent for a mixed-use, office, hotel and leisure development extending to over 650,000 sq ft.


Latest news

Plans in for Cheesegrater’s big brother in London

Tapering skyscraper at 100 Leadenhall will tower over the Cheesegrater
3 days ago

RSK buys ground investigation specialist

Central Alliance is latest deal in acquisition spree by consultant
2 days ago

Vast £1.6bn South London estate rebuild approved

Clapham Park to be built out with 2,500 homes in mid-rise blocks
3 days ago

BESA appoints David Frise as new chief executive

Former submariner takes the helm at the Building Engineering Services Association
2 days ago

ISG clinches £17.5m Bradford leisure centre

Sedbergh sports and leisure facility will contain a 25m pool, gym
2 days ago

Boost your online presence with the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
3 weeks ago

Berkeley unable to boost construction of new homes

Housing giant blames market conditions as it predicts £3.3bn profit in five years to 2021
3 days ago

Balfour Beatty tipped for £200m London student/office scheme

Landmark Vine Street project could become Balfour's second major contract with Urbanest
3 days ago

VolkerWessels UK margins edge up to 3.2%

Profits and order book grow by 7% on back of rising infrastructure spend
3 days ago

Weston Homes submits 1.2m sq ft Norwich scheme

Anglia Square scheme will provide over 1,000 homes, 40 shops and a 200-bed hotel
3 days ago

Network Rail seeks two geotechnical firms for £190m north deal

Scottish and North East earthworks delivery places up for grabs
3 days ago

Search to start for £400m Southend regen partner

Council searching for development partner to build 1,300 homes
3 days ago

Kier lifted by McNicholas deal in first half

Kier says claims and final account still to be settled on challenging Mersey Gateway project
4 days ago

Betting Spy: Man City can win Champions League

City look a good bet at 3/1 to go all the way
3 days ago

Buckingham to build giant fridge at Dover port

Contractor wins race for £15m Refrigerated Cargo Terminal
3 days ago

Hydrock places remediation arm into administration

Up to 95 jobs at risk as Bristol-based QDS Contracting collapses
4 days ago

Balfour supplier hit by Hinkley contract delays

Engineering specialist Redhall hampered by delays to nuclear deal
4 days ago

£120m Glasgow police HQ to flats scheme approved

Moda Living is planning over 400 private rented flats
4 days ago

Worker loses finger at builders merchant

Welsh firm fined after glove gets caught in table saw
4 days ago

Hill secures £200m finance to deliver 5-year plan

House builder on recruitment drive as it plans to raise revenue to £1bn by 2023
4 days ago

Alumasc sounds profit warning over project delays

Shares slump 20% as commercial new build demand dips
4 days ago

Balfour Beatty UK construction arm returns to profit

Contractor continues turnaround despite Aberdeen bypass problems
5 days ago

Race to start for £5bn trio of 10-year trackwork deals

Network Rail to hold trackwork suppliers day in London next month
5 days ago

Lendlease and Morgan Sindall left in chase for £4bn Peabody scheme

Preferred bidder for Thamesmead new town to be named this summer
5 days ago

Forterra to build new brickworks to meet demand

Owner of London Brick brand is looking at new sites for its 10th brickworks
5 days ago

Lagan firm scoops £15m Bridgwater road and bridge job

Somerset County Council awards Colley Lane project to Whitemountain Quarries
5 days ago

CITB call centre chaos leaves builders on hold for hours

Skills card bosses promise extra resources as angry operatives cut off
5 days ago

Graham lands £24m private school sports centre

Oundle School in Northamptonshire to upgrade sport facilities
5 days ago

L&G takes control of Cala Homes for £315m

Deal puts insurance giant on track to become a major house builder
6 days ago

Four shortlisted for £90m Edinburgh tram extension deal

Quartet picked to tender for main infrastructure work
5 days ago

Contractor services