The figure, published today in a Development Activity Bulletin produced by the City of Edinburgh Council in partnership with property consultants Ryden, relates to large scale developments and includes planning applications, consents, sites under construction and recent completions.
If you take out the student housing value, which was included for the first time in 2010 due to its increasing importance in the sector, the major development figure has fallen by 4% since 2009. This is an improvement on the year before as the decline from 2008 to 2009 was 8%.
There was significant variation across the property sectors. Development value in the leisure, hotel and retail sector increased while the office, industry and housing sectors declined in value in 2010.
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Other significant points to note from report are: The value of planning applications increased from £1.59 billion to £2.32 billion; Developments under construction fell from £1.38 billion to £1.11 billion and consents from £6.23 billion to £6.06 billion; The total volume of consents increased. Consents accounts for 61% of the total value and some significant developments approved in 2010 include mixed use development at Morrison Street, industrial development at RAF Turnhouse and a 120 bed hotel at Edinburgh Park; Reduction of 27% in the value of development under construction or completed; Housing accounted for half of all developments; The city centre has regained its position as the development area with the highest value of current and potential developments after the Waterfront edged ahead in 2009.
Councillor Jim Lowrie, Convener of the Planning Committee, said: "It is extremely encouraging to see developer confidence increasing in Edinburgh evidenced in such a comprehensive report on the sector. A huge amount of effort has gone into attracting investment to certain areas of the city which has paid dividends as almost two thirds of development took place in the Council's four priority areas: Edinburgh City Centre, Edinburgh Waterfront, West Edinburgh and South East Edinburgh.
"Although the investment figure is slightly down from last year, the overall trend for development is on the increase and the Council will continue to work with business community to ensure that continues to move in the right direction."
(GK/KMcA)
