edinburgh - cushman & wakefield
TRANSCRIPT
0Cushman & Wakefield | Edinburgh | 2019
EDINBURGHCushman & Wakefield
Global Cities Retail Guide
1Cushman & Wakefield | Edinburgh | 2019
As the capital of Scotland,
Edinburgh is the country’s second
largest city, with a population of
approximately 507,000 and a larger
catchment of over 1.4 million
inhabitants.
The resident population of Edinburgh is generally
affluent and well educated, with average gross
annual earnings and average gross disposable
income per resident being the second highest out of
the major UK cities (behind only London).
Edinburgh is the political, administrative, legal and
financial capital of Scotland. In particular, the city is
widely recognised as a global financial centre, with
several major financial organisations locating their
headquarters in the city, including Royal Bank of
Scotland, Lloyds Banking Group and Aberdeen
Standard Investments. Other major financial
organisations located in the city include Tesco Bank,
Virgin Money, Baillie Gifford and Blackrock.
The city is home to four major Universities with a
total of 61,000 students, and a further 33,000 at the
major colleges. The city is also a world recognised
tourist destination with over 8.6 million total nights
spent each year, the second most visited city in the
UK after London.
Within the city, Princes Street provides the principal
retailing thoroughfare. The street offers a unique
one-sided retailing destination with stunning views
over Princes Street Gardens towards Edinburgh
Castle.
EDINBURGH
OVERVIEW
2Cushman & Wakefield | Edinburgh | 2019
EDINBURGHKEY RETAIL STREETS & AREAS
PRINCES STREET
Princes Street is the prime retailing destination within the
city centre, with an annual footfall of circa 13.5 million
people. It is home to a number of major high street
retailers and department stores such as Jenner’s
department store, Debenhams, Marks & Spencer, Next,
H&M, Topshop/Topman and Primark.
GEORGE STREET
George Street provides a unique blend of retail and
leisure offerings. In recent years the street has become
established as a home to high quality retailers, along
with trendy bars and restaurants. Retailers located on
George Street include Karen Millen, Jigsaw, Jack Wills,
Hollister, Jo Malone and Anthropologie. The bars and
restaurants are operated by a mixture of good quality
local Scottish businesses, including Le Monde, Contini
and Tigerlily and various national/ international chains
such as Hard Rock Café, Gusto, Las Iguanas and
Browns.
MULTREES WALK
Multrees Walk is home to up-market and luxury brands
including Louis Vuitton, Mulberry, Hugo Boss, Burberry,
Links of London, Kurt Geiger, Reiss and Max Mara.
Adjacent to Multrees Walk and anchoring this part of the
city centre is Scotland’s only Harvey Nichols store.
Multrees Walk also provides a retailing and pedestrian link
to St James Centre from George Street and St Andrews
Square.
3Cushman & Wakefield | Edinburgh | 2019
EDINBURGHMARKET OVERVIEW
KEY AREAS / STREETS CONSUMER PROFILE MAJOR RETAILERS PRESENT TYPICAL RENT FOR UNIT
OF 2,000 SQFT
RANGE OF UNIT
SIZES
SQFT
Princes Street Mass market, TouristsJenner’s Department Store, Debenhams,
Marks & Spencer, Next, New Look, Apple£275,000 pa 500 - 30,000 sq ft
George Street Mid/Upper Market
Jigsaw, Hobbs, The White Company,
Whitestuff, Space NK, Karen Millen, Hackett,
Fat Face, Hollister, Rox, Kiehl’s
£175,000 pa 500 - 7,500 sq ft
Multrees Walk Premium and Luxury MarketLouis Vuitton, Reiss, Mulberry, Hugo Boss,
Michael Kors, Max Mara, Burberry.£150,000 pa 500 - 4,000 sq ft
4Cushman & Wakefield | Edinburgh | 2019
EDINBURGHSHOPPING CENTRES
ST JAMES CENTRE
Nuveen Real Estate are progressing with the
redevelopment of the St James Centre to provide a new
1.8 million sq ft development with 850,000 sq ft of retail
space. As well as four floors of shopping, dining, leisure
and entertainment, the new development will include a
state of the art Everyman cinema, luxury W Hotel, up to
250 new homes and 1,650 car park spaces.
Situated at the heart of the city centre, linking Princes
Street with George Street via Multrees Walk, Edinburgh St
James will sit at the retail apex of the city at the eastern
end of the city centre.
St James has recently signed four of the Inditex brands.
Zara will open a 37,000 sq ft store over three floors,
Bershka, Stradivarius and Pull & Bear will take stores of
9,300 sq ft, 6,000 sq ft and 8,000 sq ft, all located within
the main multi-level shopping galleria.
Construction is underway with a completion date set for
September 2020 for the retail and leisure element, with full
scheme completion scheduled for early 2021.
WAVERLEY MALL
Waverley Mall is a purpose-built shopping centre, with
retail and F&B over three levels and with a total of 35
units. The centre is strategically located in central
Edinburgh on Princes Street, with a busy transport
network of bus stops, tram links, tourist buses and taxi
ranks all surrounding the scheme. The centre is
immediately adjacent Edinburgh Waverley train station
which serves over 29 million passengers per annum.
Waverley Mall provides two levels of accommodation
below ground level and provides a niche retailing
destination as well as a large food court. It is home to a
number of national multiples including Superdry, New
Look, Warehouse, Sainsbury’s, McDonald’s, The Post
Office, Starbuck’s, Costa and a new food court.
The owners, Moorgarth, are currently redeveloping the
scheme to create a new entrance, rooftop gardens and a
European piazza style area as part of their substantial
investment into the 1980’s style shopping centre. The
building will be increased by a level, with space for a
restaurant, offering views across Princes Street gardens
and the old town. The development is expected to be
complete by the end of 2020.
5Cushman & Wakefield | Edinburgh | 2019
EDINBURGHMARKET OVERVIEW
KEY SHOPPING CENTRES CONSUMER PROFILE MAJOR RETAILERS
PRESENT
NEW ENTRANTS TYPICAL RENT
FOR UNIT OF 2000
SQFT (P.A)
RANGE OF UNIT
SIZES
SQFT
St James Centre Mass market John Lewis, NextBoots, Bershka, Pull &
Bear, Stradivarius, Zara£275,000 pa 500 – 160,000 sq ft
Waverley Mall Young Fashion New Look, Superdry, Warehouse £100,000 pa 500 - 5,000 sq ft
6Cushman & Wakefield | Edinburgh | 2019
Edinburgh has a vibrant nightlife
and in particular, a large and very
diverse food and beverage market,
driven by the affluent local
population, students and tourists.
Although a number of the national restaurant chains
are represented in the city, Edinburgh also has a
strong offering of good quality, well established local
food and beverage businesses such as Montpelier
Group (Tiger Lily, Candy Bar, etc), G1 Group (Ghillie
Dhu) and Mario Gizzi (Amarone and Café Andaluz), to
name a few.
The main F&B destination is based around George
Street and the redevelopment of St Andrews Square,
which has proven very successful, operated by both
local businesses and national chains, recent entrants
include; The Ivy, The Refinery, Dishoom, Wahaca,
Gaucho and Wagamama.
There are further leisure destinations on Lothian Road
and the Omni Centre, which are both home to the
main city centre cinemas Odeon and Vue. Both
destinations are generally occupied by the, national
chain occupiers, including Nando’s, The Restaurant
Group and JD Wetherspoon.
New entrants to the city in 2019 will include Franco
Manca and Tattu, with Hawksmoor having opened in
Summer 2018, all taking space in St Andrews Square.
EDINBURGHFOOD & BEVERAGE
The area surrounding the Royal Mile is very
popular for food and beverage, driven mainly
by the tourist footfall. This area is also popular
with locals and students due to its atmosphere
and diverse mix of eating and drinking venues.
Generally, the best restaurants in Edinburgh
are located in off-pitch, quirky locations. There
are a total of four Michelin-starred restaurants
in the city, it is the only city in Scotland to have
any starred restaurants. Many of the highest
quality restaurants are located in the waterside
location of Leith.
Overall, there continues to be good demand
from F&B occupiers for representation in the
city.
7Cushman & Wakefield | Edinburgh | 2019
EDINBURGHMARKET OVERVIEW - FOOD & BEVERAGE
KEY AREAS CONSUMER PROFILE FOOD & BEVERAGE
OPERATOR INCLUDING
RENT FOR 3500
SQFT UNIT (P.A)
St Andrews SquareMixed, tourists, students,
locals, office workers
The Ivy, Dishoom, Wahaca,
Wagamama, The Refinery,
Gaucho
£225,000
George StreetAffluent locals, students,
tourists
All Bar One, Living Room,
Browns, Tiger Lily, Candy Bar,
Café Andaluz, Centotre,
Gusto, Jamie’s Italian
£165,000
Lothian RoadOffice workers, young locals,
Cinema/Theatre trade
Wagamama, Nando’s, All Bar
One, Brew Dog£125,000
OmniFamily market, cinema/theatre
trade
Nando’s The Filling Station,
Cosmo, The Glasshouse, Tony
Macaroni, Slug & Lettuce,
Lloyds, Frankie & Benny’s.
£125,000
Leith Affluent locals
Pizza Express, The Kitchin,
Martin Wishart, Malmaison,
The Ship on the Shore
£70,000
Royal Mile/Old
Town/GrassmarketTourists, locals, Students
Pizza Express, Nando’s,
Revolution, The Filling Station,
The Outsider, Vittoria’s
£150,000
8Cushman & Wakefield | Edinburgh | 2019
FORT KINNAIRD
Fort Kinnaird is a large retail and leisure park located off
the A1 in the south-east of Edinburgh and is easily
accessed by car and public transport. The Park totals over
600,000 sq ft, with over 70 units.
The current retail line up includes: Boots, Marks &
Spencer, New Look, H&M, River Island, Primark, Fat
Face, TK Maxx and HomeSense.
There is also a strong leisure offering alongside this, with
a seven screen Odeon Cinema and a restaurant offer
including Five Guys, Pizza Express, Nando’s, Frankie &
Benny’s, Chiquito, TGI Friday’s and Caffe Nero.
EDINBURGHOUT OF TOWN RETAIL / LEISURE
THE GYLE SHOPPING CENTRE
The Gyle Shopping Centre is located in the South Gyle
area of Edinburgh. The Centre is anchored by Marks &
Spencer and Morrisons.
The current retail tenant line up includes WH Smith, Next,
Boots, Holland & Barrett, Schuh and River Island. The
food offering includes Burger King, Pizza Hut, Chopstix
and Frankie & Benny’s.
The Landlord is currently reviewing options for a new
extension to include a cinema and F&B offering. Planning
is expected to be submitted in summer 2019.
9Cushman & Wakefield | Edinburgh | 2019
EDINBURGHMARKET OVERVIEW – OUT OF TOWN RETAIL / LEISURE
CENTRE CONSUMER
PROFILE
RETAILERS
PRESENT
F&B AND
LEISURE
TENANTS
TYPICAL
RENT FOR
UNIT OF
2,000 SQFT
(P.A)
RANGE OF
UNIT SIZES
SQFT
Fort Kinnaird Mass market M&S, Primark, TK
Maxx, Next, ScS, H&M,
Oak Furniture land,
Argos Extra
Greggs, McDonalds,
Nandos, Five Guys,
Chiquito, TGI Fridays
£160,000 875 – 50,000 sq ft
The Gyle Shopping
Centre
Mass market M&S, Morrisons,
Holland & Barrett,
Schuh,WH Smith, Boots
Pizza Hut, Burger
King, Subway,
Chopstix
£125,000 500 – 120,000 sq ft
10Cushman & Wakefield | Edinburgh | 2019
EDINBURGHRETAIL WAREHOUSING
HERMISTON GAIT RETAIL PARK
Hermiston Gait Retail park totals approximately 300,000
sq ft and has12 units. It is anchored by a B&Q
Warehouse and Tesco. It is well positioned on the west
side of Edinburgh at city bypass (A720)., M8 – Junction
1 and is accessible also by public transport.
Other tenants within the park include TK Maxx, Halfords,
Decathlon, Krispy Kreme and KFC.
STRAITON RETAIL PARK
Located just outside the city of Edinburgh Straiton Retail
Park is circa 240,000 sq ft. It has 24 units let to a mixture
of homeware, fashion, food and lifestyle brands. It is
anchored by TK Maxx, Next and M&S Simply Food.
CRAIGLEITH RETAIL PARK
Craigleith Shopping Park is situated 3 miles from
Edinburgh City Centre. The park totals approximately
185,000 sq ft and comprises 16 units.
Occupiers include M&S, Nike, Homebase with Garden
Centre, TK Maxx, Bargain Buys, Pets at Home. Boots,
Card Factory, Starbucks, KFC, Currys/PCWorld/
Carphone Warehouse, Trespass, Costa and Clarks.
11Cushman & Wakefield | Edinburgh | 2019
EDINBURGHMARKET OVERVIEW - RETAIL WAREHOUSING
CENTRE CONSUMER
PROFILE
RETAILERS
PRESENT
F&B AND
LEISURE
TENANTS
TYPICAL
RENT FOR
UNIT OF
10,000 SQFT
(P.A)
RANGE OF
UNIT SIZES,
SQFT
Craigleith Shopping
Park
Mass market M&S, Homebase, TK
Maxx, Currys/PC
Worldcarphone ,
Homestore & more,
Argos Extra
KFC Drive Thru ,
Costa, Starbucks
£300,000 2,000 – 35,000 sq ft
Hermiston Gait Retail
Park
Mass market B&Q, Tk Maxx,
Halfords, Carpetright,
Wren Kitchens,
Decathlon, Tesco
Krispy Kreme,
KFC
£175,000 7,500 -102,500 sq ft
Straiton Retail Park Mass market Carpetright, Halfords,
Matalan, Outfit, ScS,
Furniture, Oak
Furnitureland, Harveys,
Nike, N&M
Costa, M&S
Foodhall, Frankie
and Benny’s
£350,000 7,500 – 102,500 sq ft
No warranty or representation, express or implied, is made to the
accuracy or completeness of the information contained herein, and the
same is submitted subject to errors, omissions, change of price, rental
or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
© 2019 Cushman & Wakefield LLP. All rights reserved.
PETER HUTTON
Partner
National Retail & Occupier Services – Scotland
Direct: +44 (0) 141 304 3210
Mobile: +44 (0) 7585 509 466