Growing investment across Scotland
City Region and Regional Growth Deals invest in projects that drive regional economic growth and help create new jobs. They build on the new ways we’ve already found to unlock economic investment – including the Growth Accelerator approach.
The innovative Growth Accelerator model allows borrowing costs to be offset by new income streams, subject to performance targets, while also enhancing the public realm package supporting a development.
We’ve already delivered two Growth Accelerator projects, including one with Dundee City Council, where we’ve invested £60 million to support the wider £1 billion Waterfront Development, which includes the iconic V&A design museum.
In Edinburgh, we’ve unlocked around £1 billion of new development in the city centre’s St James’ Quarter. Here our partnership with Scottish Futures Trust, City of Edinburgh Council and private sector developers APG and TH Real Estate, is helping to deliver a major mixed-use scheme on the site of the rundown former St James Centre.
The largest development of its type currently underway in the UK, the shopping centre will comprise 850,000 sq ft of retail space, 152 apartments, 30 food and beverage businesses, a five-screen cinema complex and the 214-room W Hotel.
It will support around 1,000 full-time equivalent jobs and a net increase in the gross value added of Scotland of approximately £45 million per annum.