Hermes Investment Management is to embark on Capital Square, a new office development in Edinburgh’s Exchange financial district which it believes will attract major employers.
It has been granted planning consent for 150,000 square feet of offices over eight floors, which it says represents “the last opportunity for occupiers with large requirements to obtain floor space in the highly sought-after area”.
It will include a three-storey car park underneath the offices, on the site off Morrison Street, close to transport links at Haymarket.
The plans also include the creation of a new pedestrian route linking Conference Square with Festival Square.
The building will have a private courtyard, a full-height atrium, a south-facing landscaped garden, and roof terraces with panoramic views of the city. As well as 96 cycle racks, there will be a dedicated shower and changing facility with drying areas on the ground floor, for cyclists and runners
The ‘floorplates’ are designed to maximise efficiency and “thus lead to occupiers requiring less space than in other similar buildings”, the developer says.
Ian Cody, asset manager at Hermes which manages £29billion, said: “It is excellent news that we’ve achieved planning permission for this fantastic project. It is a crucial time in the Edinburgh property market with very little development currently underway despite a strong demand for new and high quality space. We therefore believe Capital Square will be key for Edinburgh in addressing this problem.”
Mr Cody added: “We are very proud of the development and are confident it will be well received by the market - not just because of the high quality of the space and the flexibility it offers, but also for its excellent sustainability, design credentials and public transport links.”
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