Phase 1 complete
New Fountainbridge offices ready for first tenants
Neil Deprez of 3DReid , Chris Cuthbert of CuthbertWhite, Chris Jetten, Gijs Vermeulen of Vastint (pic: Terry Murden)
A new office development on the site of a former Scottish & Newcastle brewery in Edinburgh is close to securing its first tenants.
No2 Freer Street is a seven-storey block in the first phase of the New Fountainbridge scheme and is due for completion within weeks.
The development, by Vastint Hospitality, will be linked to the nearby Union Canal by town houses, apartments and green space.
It has been designed by 3DReid with McLaughlin & Harvey as the main contractor and HD Property Consultants as project managers. The offices are adjacent to a newly-opened Moxy hotel.
Chris Cuthbert, director of letting agent CuthbertWhite, told Daily Business that there had been almost a dozen viewings at No2 Freer Street in the past three weeks as interest in office space picks up following a downturn during the pandemic.
Chris Jetten examines a plan of how the completed scheme will look (pic: Terry Murden)
He said enquiries had come from the UK, Europe and the US and were mainly financial, professional services and tech focused.
“I would say Edinburgh is bouncing back quickly, far more so than Glasgow. Rents have stabilised and even growing slightly,” he said.
Chris Jetten, development manager at Vastint, said there had been a deliberate decision not to pre-let the 59,554 sq ft of grade A offices and instead wait until the building was ready to view.
The rooftop terrace at the neighbouring Moxy Hotel (pic: Terry Murden)
“This project represents the regeneration of an important city centre brownfield site which has sat vacant for ten years,” he said.
Phase 2 – the residential development – is due to start for this summer.
Gijs Vermeulen, Vastint’s project manager, added: “Building during a pandemic hasn’t come without its challenges.
Changing street scene
“Our vision for the overall development is starting to come to life and there is a buzz to the area which will only grow as the plans progress and we add more elements to the site.”
Floor plates range from 2,000 sq ft to 9,500 sq ft and there will be 13 car parking and 46 cycle spaces allocated to the building which also has a 3,500 sq ft roof terrace.