Developers of the new £500 million Edinburgh Marina have said the long-awaited project could be ready by next summer after securing a £10m funding boost.
Specialist property lender Octopus Property, part of the Octopus Group, has stumped up the cash to help move forward the transformation of Granton Waterfront, which developers Granton Central Developments Limited hope to finish by mid next year.
The first stage will see a marina office, community boat yard with dry dock and car parking built in what has been described as “the focal point” of the regeneration of Granton.
Kevin Fawcett, from Granton Central Developments Limited, said: “This short-term loan will positively impact the Edinburgh Marina development, ensuring this exciting development continues to move forward at pace.”
Construction would make the ten-year vision for a marina in Edinburgh a reality.
Mr Fawcett said: “Work is due to commence on the marina in early 2019 with completion expected in summer 2019.
“We are close to confirming our funding partner in order to proceed as a joint venture and we will be in a position to make this announcement in the near future.”
The short-term loan, over nine months, will allow the developers to buy back previously sold land.
Octopus head of commercial property Ludo Mackenzie said: “The next step for Granton Central Developments Limited is to enter into a joint venture with someone who can provide up to £200m of funding required to develop out the scheme. We would expect in the next nine months they select a partner and close out that funding deal.”
It is believed they have already seen considerable interest from major financial groups who are keen to invest in the city.
Mr Mackenzie said it was an exciting scheme and a very attractive opportunity for investors.
He said: “The Edinburgh Waterfront site is one of the most ambitious projects being undertaken in Europe and with the next phase generating significant interest from a range of financial institutions.
“It’s a scheme we are extremely comfortable being involved with.
“This is a significant transaction for Octopus Property as we continue to build our loan book exposure in and around Scotland’s largest cities.”
Permanent jobs created as a result of the waterside project have been predicted to exceed the figure previously estimated by Edinburgh Council in 2016.
As a result of phase one alone, the number of job opportunities available was previously expected to reach 300.
The latest details released by the developer show phase one will now produce more than 400 permanent jobs.
Attention will switch to wider plans for affordable housing, a retirement living complex, conference facilities and a medical centre in the area once the marina works are completed.