Stockland Halladale has agreed to buy 3-8 St Andrew Square in Edinburgh for £21.25m from ING Real Estate.

The building, which has planning consent for 92,000 sq ft of offices and 65,000 sq ft of retail, was bought by Stockland Halladale after a previous deal fell out of bed.

Earlier this month Property Week exclusively revealed that Australian firm Valad had pulled out of its joint venture bid for the site with the EDI.

Rare development opportunities

‘The historical nature of much of Edinburgh’s city centre and the strong conservation ethos means that development opportunities of this scale are almost unique within the city centre core, and Stockland Halladale are delighted to have secured such an exciting opportunity,’ said David Lockhart, executive chairman of Stockland Halladale.

Stockland Halladale was formed last year when Australian developer and investor Stockland bought the UK-based Halladale Group.

DTZ and Culverwell advised ING.