finance

Rare city centre Grade A office up for grabs in Edinburgh



Edinburgh‘s biggest available Grade A office building, 10 George Street, has entered the market looking for a new occupier.

The eight storey building at the East end of George Street spans 70,000 sq ft and is available following extensive refurbishment, completing in November.

The property offers panoramic views from its top floors over Fife and to the rest of the capital including Edinburgh Castle.

Eric Young & Co and JLL have been appointed as joint letting agents and expect significant demand from occupiers given the critically short supply of Grade A office space available in the city.

JLL director Ben Reed said: “With available Grade A office space critically short, 10 George Street represents as rare an opportunity as you could find.

“Not only is the building impeccably refurbished, it is arguably the best located office in Edinburgh, with views to match. St Andrew Square has undergone extensive redevelopment in recent years and has attracted the highest calibre occupiers, retailers, restaurants and bars.

“This, combined with the close proximity to Edinburgh Waverley train station, and the tram network, makes 10 George Street ideally suited for a major occupier.”

Eric Young & Co partner Neil Gordon said: “The building is available as a whole or on a multi-let basis and we anticipate interest from a range of sectors.

“No 10 ticks all the boxes for high quality occupiers with large floor plates, a fantastic specification including roof terraces on three levels and excellent environmental credentials.”

No 10 George Street’s refurbishment began in March 2018 for La Française Real Estate Partners International on behalf of their client Sampension KP.

Architect Reiach and Hall is said to have achieved increased massing to create “efficient and high quality” Grade A office space.

Edinburgh’s office vacancy rate has dropped to 2.5 per cent, down from 3.8 per cnet in 2017, and the lowest level since the financial crisis, according to JLL.

Edinburgh’s office market recorded a solid year of activity in 2018 with nearly one million sq ft of space let, and deals in 2019 already amount to 540,000 sq ft including lettings to WeWork, Instant Offices, Amazon and Epic Games.



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