New tenants for square

Two more cafes for Quartermile

quartermileQuartermile Developments has announced that Caffe Nero and Italian wine café Veeno will open at its development in Edinburgh. 

Caffè Nero will occupy a 1,960 sq ft unit and Veeno has taken a 1,440 sq ft space in Lister Square. and will open for business in early 2017.

Quartermile managing director, Paul Curran, who became chairman of the Scottish Property Federation in November, said: “We have worked hard to ensure that the development has its own sense of place and purpose so it is immensely satisfying to see our vision being fully realised.”

Turnover in the year to the end of December last year rose to £80m turnover and pre-tax profits to £19m.

Quartermile Developments secured Edinburgh’s two largest consecutive open market pre-lets for ten years with back-to-back deals within its £52m Quartermile 4 office building. These comprised 58,567 sq ft to FanDuel and 70,033 sq ft to Cirrus Logic.

The University of Edinburgh acquired the Category A-listed Surgical Hospital building in December last year. The building will provide a home for its new interdisciplinary hub that will unite business and public policy to address societal and environmental challenges. 

Construction also started this year on Quartermile 3, the final office building at the development, and is progressing at pace. Currently the only speculative Grade A office development under way in Edinburgh, the £35m six-storey building will provide a further 72,991 sq ft of Grade A office accommodation and is scheduled to be finished in the fourth quarter of 2017.

Mr Curran continued: “We have maintained our momentum over the course of the past 11 months. This is evidenced by achieving record sales from plan, selling out the last three buildings in advance of practical completion and our lettings to Caffè Nero and Veeno as we approach the end of the year.”

Quartermile is expected to be completed in 2018 and will provide Edinburgh with more than 1,000 apartments – of which more than 650 are already occupied and another 176 under construction.

Mr Curran said the company was looking to progress a number of projects.

“We are actively pursuing a number of high profile development opportunities within Scotland, some of which are purely residential whilst others are mixed-use.

“In addition, we are also actively looking for sites which we believe have the required combination of location and potential for us to develop. We’re hoping to make announcements regarding our next projects in the near future.”

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