Knight Property Group has commenced the refurbishment of two city centre office buildings in Edinburgh.
The Aberdeen-based property developer acquired 110 George Street and 2 Castle Terrace in the Capital in early 2015 and will speculatively refurbish both sites to provide a total of 18,312 ft² of Grade A city centre workspace.
Knight Property Group Managing Director James Barrack commented:
“Expanding within the Central Belt is an exciting move for the company. Both Castle Terrace and George Street properties are key purchases for Knight Property Group within the city centre. With the prestigious location of the properties and opportunity for refurbishment, we are confident we can create space that will fit the needs of the occupier market. ”
Once completed, 110 George Street will offer five floors of high quality period office accommodation totalling 7,317 ft² within a typical Edinburgh Georgian townhouse.
No 2 Castle Terrace will undergo significant refurbishment to enhance the quality of internal space and common parts. The 10,995 ft² building will boost four floors of office space behind a retained facade.
Letting agents JLL acted on behalf of Knight Property Group to acquire the two properties. The firm is the sole letting agent for 110 George Street and joint letting agents with Montagu Evans on 2 Castle Terrace.
Bruce Robertson, Chartered Surveyor at JLL said:
“Recently we have seen a lack of high-specification office developments of this size coming to market, especially in such sought after city centre locations. With office supply diminishing, the addition of two quality offices within Edinburgh city centre is a significant boost for the corporate occupier market.”
Accommodation will be offered to occupiers seeking suites from approximately 1,500 – 11,000 ft² in size.
Both properties will be available for lease in the second quarter of 2016.