Work starts to create Grade A space
West end block gets £5.5 million makeover
IVG Institutional Funds GMBh has begun work at 40 Torphichen Street in the west end. It will provide 54,369 sq. ft. of top level open plan office space with rents around £25 per sq ft.
The building is undergoing a comprehensive refurbishment over its ground and six upper floors. There will be new toilets and shower facilities; new ceilings, new lighting, and new raised floors across all office accommodation. It will include 27 car parking spaces.
JLL and Montagu Evans have been jointly appointed to market the property.
Craig Watson, director, JLL, said: “By the end of 2015 Edinburgh will be facing a critical shortage of quality open plan space in the city centre so 40 Torphichen Street will be well placed to take advantage of this.
“With 80% of activity in Edinburgh stemming from occupiers seeking 5,000 sq.ft. or below, the individual suites in 40 Torphichen Street, which range from 3,500-4,200 sq ft, are ideally suited to accommodate the majority of demand.”
Mike Irvine, Partner, Montagu Evans, said: “IVG Institutional Funds is undertaking a high quality refurbishment of 40 Torphichen Street that will significantly improve the building both externally and internally allowing it to capitalise upon both an improving market and a dramatically improving location.”
The refurbishment has been designed by Michael Laird Architects. Robertson Group has been appointed as the contractor.