PLANS to create an international financial and conference centre in
the heart of Edinburgh were boosted yesterday with the announcement that
Standard Life is to invest #100m in a new headquarters building at the
Lothian Road site.
The company's move follows confirmation last week that the District
Council and Lothian and Edinburgh Enterprise Limited (LEEL) are to forge
ahead with a joint venture, to be supported by Lothian Region, which
will see advance engineering work for the construction of the city's new
#30m conference centre start in the New Year.
The Standard Life announcement means that the 10-acre site near the
Western Approach Road will have an HQ building for Europe's largest
mutual assurance company at one end of it and Scotland's premier
conference centre at the other.
It was also good news for Edinburgh International Conference Centre
Limited (EICC), which was set up recently by the District Council and
LEEL to market the Lothian Road site and secure developers for it. EICC
played a major role in discussions with Standard Life.
Mr Bill Ross, a director of EICC, said last night that he was
delighted that they had secured this early investment in the financial
centre and he was confident it would act as a catalyst and help them
secure development of the rest of the site.
Councillor George Kerevan, convener of the District Council's economic
development and estates committee, described the Standard Life
announcement as a major breakthrough. ''I am convinced that we are now
well on the way to achieving our ultimate aim of providing a showcase
conference centre for Edinburgh and, at the same time, securing the
city's role in the international, financial community,'' he stated.
''This project has always been crucial to our blueprint for the city
and the news that we now have a major financial institution committed to
this location will stimulate activity and demonstrate to others that we
really mean business.''
Dr Des Bonnar, chief executive of LEEL, said the news represented a
real turning point. ''Perhaps now the doom and gloom merchants will
accept that despite the downturn in the property market in the south of
England there is indeed a latent demand for modern office accommodation
in Edinburgh,'' he stated.
Dr Bonnar said they were now on their way to delivering the 1200-seat
state of the art conference centre which the city deserved.
Subject to planning permission Standard Life hope to begin work on its
2.3-acre site in the spring with occupation in the autumn of 1995. The
building will be occupied by up to 2000 personnel currently housed
elsewhere in the city.
Mr Scott Bell, managing director of Standard Life, said the new
building would be a valuable investment as well as a further
demonstration of its commitment to Edinburgh as a major financial
centre.
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