KNIGHT Property Group has started refurbishing two Edinburgh city centre buildings in a show of confidence in the “buoyant” office market.
The Aberdeen developer bought 110 George Street and 2 Castle Terrace last year. The firm plans to provide a total of 18,312 sq ft of Grade A workspace in the Capital.
James Barrack, Knight Property Group managing director, said, “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. ”
Accommodation will be offered to occupiers seeking suites from approximately 1,500 – 11,000 sq ft in size. Both properties will be available for lease in Q2 this year.
Once completed, 110 George Street will offer five floors of period office accommodation within a typical Edinburgh Georgian townhouse. No 2 Castle Terrace will offer four floors of “high specification” office accommodation behind a retained façade.
Bruce Robertson, chartered surveyor at JLL, who acted on behalf of Knight Property Group to acquire the properties, 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.”