LaSalle Investment Management - Retail Development - Edinburgh, The Walk

Date: 01 Nov 2001

The opening of Edinburgh's long-awaited designer shopping street, The Walk, came a step closer today when the last concrete was placed on the roof of the new Harvey Nichols' building by the company's Chief Executive, Mr Joseph Wan.

Speaking at the 'topping out' ceremony, as it is traditionally called in the construction industry, Joseph Wan, Chief Executive of Harvey Nichols plc said, "Harvey Nichols represents a new fashion retail experience in Edinburgh and a first for Scotland, a piece of Knightsbridge comes to Edinburgh."

The Walk, with Harvey Nichols as its 'anchor' store, is due to open for business in August 2002. Once built, it will form one of the most exclusive shopping streets in Europe and the first new street to be built in New Town, Edinburgh in the last 100 years. It is expected to attract some of the world's leading retailers in what will be a unique collection of outstanding quality in one location.

Bryan Ellinthorpe, Deputy Managing Director at LaSalle Investment Management, acting on behalf of Coal Pension Properties Ltd, who own The Walk, said at the ceremony, "The Walk is part of a transformation taking place in the East end of the City.

"The development, which is close to the railway station, includes a new City bus station, which will be operated by City of Edinburgh Council to further stimulate retail growth in the area, " he adds. "We are already seeing Edinburgh's major stores investing in refurbishment and extensions to improve their retail offering - we believe there is a golden retail triangle forming between Jenners, John Lewis and Harvey Nichols."

The ceremony was attended by Councillor Lezley Cameron, Executive Member for Economic Development, City of Edinburgh Council; LaSalle Investment Management; letting agents John McGregor and Healey & Baker, together with the building's architect Comprehensive Design and Balfour Beatty Construction.

"We are delighted to be involved in the construction of this major development in the centre of Edinburgh," stated Dave Donaldson, Operations Director, Balfour Beatty Construction. "It is particularly pleasing to be selected as the main contractor to design and build the first Harvey Nichols store in Scotland. This project also allows us to continue to build on the existing long-term relationship with La Salle Investment Management."

The Edinburgh Harvey Nichols store will be the fourth to be opened in the UK following the company's flagship store in Knightsbridge, London and their second store in Leeds. A third store will be opened in Birmingham in the second half of next year.

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