Quartermile boost to city’s office supply shortage
Three floors of refurbished offices in central Edinburgh have been released to the market in expectation they will ease the current shortage of Grade A space.
More than 38,000 sq ft is now available at Quartermile One, part of the glass and steel Fosters + Partners designed complex near the Meadows.
It comes amid frequent reports of a critical shortage of top quality space in the city which has seen new build activity.
Property consultancies say there continues to be strong demand for prime space which is outstripping supply.
This is causing a log-jam and prompting more refurbishment, including upgrades to lower standard offices to meet more stringent demands from investors and occupiers.
Quartermile One’s current occupiers include Skyscanner, investment firm Investec, media regulator Ofcom and wealth management software provider Addepar.
The release of more space in the city centre follows approval last month of an 18-acre office campus in the west of Edinburgh.
The Edinburgh Green project at Edinburgh Park will have space for 6,387 employees as well as a new public park, a 516-space multi-storey car park with electric vehicle (EV) charging, a cafe and event space, sport and leisure facilities and a transport mobility hub.
Shelborn Asset Management purchased the site and existing buildings from the NatWest Group in 2021. One office building on the site, Drummond House, has already been demolished, but another, the Younger Building, has been retained and refurbished. The plans involve construction of six office buildings.
Edinburgh Green is designed by Edinburgh-based practice 7N Architects with planning consultants Montagu Evans.
Councillors disagreed over provision of car parking space which exceeds the council’s guidelines. However, planning officials said the proposals would mean a significant reduction in the existing parking provision of 930 spaces and would also reduce overall traffic generation from the site. Planning convener Hal Osler said there was good public transport access.
Shelborn director Brian Rabinowitz said: “Our proposals will see a state-of-the-art office campus built at Edinburgh Park, addressing the current shortage that Edinburgh faces for Grade-A, future-proof office space.”
Flexible office operator, Cubo, has acquired about 20,000 sq. ft of Grade A workspace in Glasgow.
Agreement has been reached with the landlord, Forma Real Estate Fund for the entire second floor of Aurora at 120 Bothwell Street. Cubo offering will provide about 350 desks.
Aurora has been developed by Forma and development partner HFD Group.
Cubo’s offices open in April and will be its second venture in Scotland, with Cubo Edinburgh opening last year at 40 Princes Street.
Argyle Street boost
A £5.82m contract has been awarded to the Argyle Street West Avenue development in Glasgow.
It is part of thee Glasgow City Region City Deal Avenues programme and Rainton Construction was successful among five submissions.
Improvements will be made to the stretch of Argyle Street from the Kingston Bridge and the Union Street junction.
These include re-paving, a cycleway, trees and ‘raingardens’. Critics say these are superficial changes that will not tackle underlying issues and that priority should be given to tackling high business rates and car parking.