The mood has lightened in Edinburgh as the office market experiences a stronger performance. As a result there is a growing appetite for new developments, as shown by Gladedale seeking a funding partner for the next stage of its £450 million Quartermile project at the 19acres of the former Edinburgh Royal Infirmary site.
When completed, it will have 900 homes, two hotels, retailing, leisure, 7 acres of landscaped gardens and 35,515 sq.metres (350,000 sq.ft.) of offices. Another major site has come onto the market with Lloyds Bank putting the 13 acres of the former Scottish & Newcastle Brewery next to Edinburgh’s Exchange District on the market. It has planning permission for a mixed use scheme of residential, leisure, student accommodation and retailing.
Jasper Masters of CBRE, who is reviewing funding options, said: “A lot of investors will want a trophy site within the UK.” The difficulty of finding suitable investments in London means “it makes sense to look further to places that are still internationally recognised and doing well, such as Edinburgh.” Stewart Taylor, also of CBRE, said of the Edinburgh office market that “despite the largely unchanged levels of new build stock, the indicators are encouraging following a good first quarter in terms of take up and an increasingly tangible schedule of demand.”
“The availability of mid market large floor plates, good quality accommodation on flexible terms has proved attractive to occupiers such as Amazon.”
No comments:
Post a Comment