Refurbishment project in Edinburgh offers occupiers a 3D virtual view of options for floorspace. By Bob Serafini

Dominance of the Edinburgh commercial property market by the Technology, Media and Telecoms (TMT) sector reached new frontiers at a launch to mark completion of a £5.5million office refurbishment project in the city’s business district.

A touch of virtual reality, and a downloadable app that allows potential occupiers to see in 3D a range of options demonstrating how their new business layout could look, sparked a lot of interest among the capital office agents.

With the rapid expansion of the technology, media and telecoms industry in the city, attracted by Edinburgh University’s expertise in this field and success of firms like Fanduel and Skyscanner, people might be forgiven for thinking the property at 40 Torphichen Street was aimed specifically at this audience.

But in the real world, the fact is that 80 per cent of deals in the market are for less than 5,000 sq ft, so the potential availability of 12 new suites in that range broadens the appeal to a wide range of companies.

Cameron Stott, offices director at JLL said: "This is the first time the virtual reality app has been used in Scotland, so we are really being cutting edge in that respect and are receiving great feedback.

"But the floor plan images also show how the space would work well not just for TMT companies but conventional office users and for professional occupiers."

New office openings here are a rarity since the economic crash, but Stewart Taylor, senior director of CBRE, was able to recall being at the building’s previous refurbishment party 17 years beforehand, when erstwhile chairman of then owners, Scottish property company Kilmartin stole the show.

The boss of the now defunct firm allegedly emerged from the lift riding a moped – the prize on that occasion – with a lady on the back and accelerated across the floor, almost ending up crashing into one of the windows.

How office openings have changed over the years.

This time round, dimmed lights, chill music, quality canapés and buffet, bubbly, and the prospect of winning an iPad was enough to lure the agents who hold the key to finding tenants.

The now Grade A building is as good as it gets other than new-build. It has been taken right back to the concrete frame, re-roofed, a double height glazed reception added, with new ceilings, raised floors, air conditioning, showers on each floor plus the inevitable cycle racks.

For any geometrician readers, the Herald can reveal that the re-design by Michael Laird Architects means that any previously flat or horizontal surface has been replaced, any vertical surface has not.

The 54,369 sq ft offices, well located just minutes from the Exchange District and Haymarket transport interchange, are attractively priced from £22 to £26.50 per sq ft.

Nick Taylor, director of owners, German real estate firm TRIUVA (Triuv Kapitalverwaltungsgesellschaft mbh) said: "Offering flexible floor plates designed to accommodate single or dual occupancy in both wings, along with high quality finishes throughout, the building represents a great opportunity to secure highly competitive Grade A space in the city’s core business district.

"We believe that demonstrating possible space plans by virtual reality will speed up the decision making process for interested companies, who often rely on others to prepare suggested layouts. Initial signs are good and we are talking to three or four parties."

Mike Irvine, partner with joint letting agents Montagu Evans, said: "Improvements around Haymarket have improved accessibility of this area, with expansion of The Exchange office district down Morrison Street bringing significant improvements."

Craig Watson of JLL said the suite sizes catered for the vast majority of demand in a tightening market, with Triuva delivering "best in class" open plan office space which set it apart from any competing stock.

IN BRIEF

New UWS campus on target

The Herald:

WHILE final approval rests with the University of the West of Scotland’s court in June, plans are understood to be progressing well with its proposed move to Hamilton International Park.

After selecting the EcoCampus as its preferred option, UWS is working closely with developers HFD Group and South Lanarkshire Council to secure approval for what it is hoped will be world class university campus in Lanarkshire.

The proposals, which extend to 224,000 sq ft across three buildings, would be one of the largest ever lettings in the Central Belt.

The site is 15 miles south east of Glasgow at a business park already home to 80 companies, including John Lewis, Scottish Power, HSBC, Babcock Rail training centre, Carillion, Scottish Gas academy, and Europa Bilfinger. UWS hopes to develop mutually beneficial relationships with the businesses.

HFD has previous success working with Motherwell and Coatbridge colleges to provide accommodation at Strathclyde Business Park.

Matt Bellshaw of HFD said: "UWS have a bold and clear vision for education in Lanarkshire. EcoCampus and Hamilton International are a natural fit for
their requirements."

The complete facility is scheduled to open to students by September 2017.