Ocean Terminal has entered a new chapter in its waterfront evolution, as Ambassador Group establishes 100% ownership of the Centre via a refinancing arrangement and the ongoing backing of an institutional funder.
The move marks a decisive step forward and reinforces the Group’s long-term commitment to the area, providing renewed momentum for the Centre’s reimagination.
The Centre has undergone significant transformation, supported by a £17m investment in the reconfiguration of the Centre, enhanced customer facilities, sustainability upgrades, as well as attracting a leisure-led tenant mix to the Centre.
Works completed by the Group include the demolition of the former multi-storey car park and Debenhams unit, a new footbridge for The Royal Yacht Britannia and a new glass-fronted entrance to the Centre. Sustainability upgrades across the Centre include new EV charging stations in partnership with SSE and a site-wide transition to LED lighting – supporting a more energy-efficient operation as the Centre enters its next chapter.
OT now emerges from this development phase as a refreshed and future-focused Centre, ready to welcome a new generation of leisure, retail and lifestyle operators.
Chris Richardson, Managing Director of AIM, Ambassador Group’s Investment Management division said: “The significant investment that has been made in the Centre, combined with the long-term leases not only our existing tenants have committed to, but also new tenants coming in, reflects confidence in OT as a revived leisure, retail and community hub as well as Leith waterfront as a thriving destination.”
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OT is currently anchored by a 12-screen Vue cinema, The Royal Yacht Britannia – one of Scotland’s leading visitor attractions drawing guests from across the UK and around the world – Club 3000 Bingo, PureGym and a wide mix of established retail and F&B brands. Tesco Express opened in 2025, while the NHS Vaccine Centre has operated from the site since 2020, reinforcing its role as a key community amenity.
Amongst other developments, the immersive entertainment venue Gutterball is preparing to open before the Summer, bringing a family-friendly destination that will broaden the Centre’s leisure offer and extend dwell time across the daytime and evening economies.
Mr Richardson continued: “Our newly established ownership of the Centre allows us to deliver on our ambitious vision, establishing OT as a vibrant, pedestrian-focused waterfront destination that brings together a significant new housing provision alongside the Centre’s leisure, community, F&B and retail spaces for everyone to enjoy. We are excited to lead this next chapter of growth and create a Centre that truly anchors the Leith community and local economy.”
