The planned development on the south west corner of St Andrew Square in the Scottish capital has been resurrected after Standard Life Investments agreed to inject cash into the scheme.
Standard Life Investments Pooled Property Fund has entered into a joint venture agreement with B&K’s property arm Peveril Securities to acquire and develop 3-8 St Andrew Square.
The partners now plan a speculative £75m development, including 100,000 sq ft of offices, 55,000 sq ft of retail and 10,000 sq ft of flats.
Peveril Securities bought the prominent existing building back in March 2012 for around £20m, with plans for a 200-bed hotel.
Demolition consent to make way for work to start was granted last month.