Consultation into future of Edinburgh retail centre - commercial mortgages

14 February 2007

Edinburgh City Council is to launch a consultation into the future of Edinburgh''s St James Shopping Centre, with a view to redeveloping the area.

Speaking on an issue which may interest those considering commercial mortgages, Ewan Aitken, leader of the council, told BBC One Scotland''s Reporting Scotland programme that public opinion is important to the plans for redevelopment.

"We''ve the first chance in a generation to actually make the change that we would like to make," he said.

Myles White of Henderson Global Investors, the owner of the site, lent his support to the regeneration scheme and stated that there is also potential for the vacant office building located nearby to be redeveloped.

Proposals already put forward include the construction of 200 residential apartments in the area and the creation of the St James Quarter, which would see an increase in the number of retail properties, the Herald reports.

The project is expected to cost in the region of £200 million.