An office block in the heart of Edinburgh has been sold in a multi-million-pound deal to the property firm behind the award-winning Advocate’s Close development in the capital.
Chris Stewart Group (CSG), which is currently developing a 240-bedroom Courtyard Marriott hotel at the top of Leith Walk, plans to modernise and upgrade the Blenheim House building in the east end of the city centre. It paid “in excess of £5m” for the property, which had been owned by Belgate Estates.
Originally built to a high specification for Scottish Equitable and then occupied by investment firm BNYM, Blenheim House sits near the foot of Calton Hill and is said to possess “a number of unique qualities”, including close proximity to Edinburgh’s train, tram and bus links.
The building provides 35,000 square feet of high-grade office accommodation over five floors, with 19 car parking spaces.
CSG said the site would undergo a major refurbishment for completion in the autumn of 2017 and will be marketed for single occupancy or multi-let. CuthbertWhite and JLL have been appointed as agents.
Chris Stewart, CSG’s chief executive, who set up the eponymous business 20 years ago, said: “This is a fantastic building in an equally fantastic location; it simply needs some investment to ensure it meets the technology standards and quality expectations of Edinburgh businesses.
“The plan is to upgrade the offices for occupancy from early 2017 and we are confident that there will be a lot of interest.
“There is strong demand for high quality office accommodation in Edinburgh and with the developments happening in the east end of Edinburgh’s city centre, this building will add to the overall regeneration being seen around the St James Quarter, Baxter’s Place and Calton Hill.”
CSG owns and manages ongoing property developments to the value of more than £125m in Edinburgh city centre, including The Registers regeneration project on the south east corner of Baxter’s Place, which is being developed for the first Courtyard by Marriott in the capital. Blenheim House sits to the rear of that development.