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Speculative office projects in Edinburgh

Castle StreetKnight Property Group is refurbishing two Edinburgh office buildings as speculative developments in a sign of increased confidence in the market.

The Aberdeen based firm acquired 110 George Street and 2 Castle Terrace (pictured) in early 2015. They will provide a total of 18,312 sq ft of Grade A city centre workspace.

Managing Director James Barrack said: “Expanding within the Central Belt is an exciting move for the company. Both Castle Terrace and George Street properties are key purchases for Knight Property Group within the city centre.

‘With the prestigious location of the properties and opportunity for refurbishment, we are confident we can create space that will fit the needs of the occupier market.”

JLL acted on behalf of Knight Property Group to acquire the two properties for an undisclosed price, adding to the developer’s Edinburgh portfolio which includes 3-11 Melville Street, currently occupied by Johnston Carmichael and Eversheds, and restaurants in Queensferry Street and Castle Terrace.

Once completed, 110 George Street will offer five floors of period office accommodation totalling 7,317 sq ft within a typical Edinburgh Georgian townhouse.

No 2 Castle Terrace will offer four floors of high specification office accommodation behind a retained façade. The 10,995 sq ft property will undergo significant refurbishment to enhance the quality of internal space and common parts, and remain sympathetic to the traditional feel of the property.

Bruce Robertson, Chartered Surveyor at JLL said: “Recently we have seen a lack of high-specification office developments of this size coming to market, especially in such sought after city centre locations.

“With office supply diminishing, the addition of two quality offices within Edinburgh city centre is a significant boost for the corporate occupier market. It is worth noting that 70% of requirements in Edinburgh in 2015 were for accommodation under 3,000 sq ft.”

JLL are sole letting agents for 110 George Street whilst JLL are joint letting agents with Montagu Evans on 2 Castle Terrace.



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