Record-low vacancy levels have triggered a contemporary take on refurbishment in Edinburgh’s single largest office building, which is being overhauled with an eye to the capital’s booming tech sector.
The ground floor of the former Scotmid headquarters at One Lochrin Square is being “defurbished” to a stripped-back attic-style accommodation favoured by technology, media and telecoms (TMT) firms, which account for 30 per cent of all Edinburgh office take-up this year.
UBS Asset Management, which handles the property on behalf of its owners, said this finish is commonplace in London but is an Edinburgh first.
The remaining upper floors of the 62,416sq ft building, being marketed by property consultants JLL and Knight Frank, are being finished to a traditional Grade A specification, with project completion this December.
Craig Watson, director at JLL in Scotland, said: “One Lochrin Square’s owners have seized the opportunity to reposition the property within Edinburgh’s changing business landscape by providing an open-plan finish which has never been speculatively delivered before in the city.
“This refurbishment will ensure that the property stands out from the competition and appeals to some of Edinburgh’s younger and more dynamic sectors such as TMT.”
• JLL also said today that it has been appointed by EDI Group, the arm’s length property development arm of Edinburgh City Council, to sell a hotel site at the city’s canalside India Quay regeneration scheme.
Director Keith McBain said: “The site is ideally placed to not only capitalise on what will be a new mixed-use quarter, but also to penetrate the thriving Edinburgh hotel market. As such, we expect to see a high level of interest from investors and owner operators.”