Hermes and BAM to develop Edinburgh's biggest spec dev office

Hermes Investment Management and BAM Properties have announced plans to develop what will become Edinburgh’s largest speculative office development at Capital Square.

Planning approval was secured for a 152,623 sq ft development in 2015 by Hermes alongside development manager Parlison Properties.

Parlison will remain on board as a consultant on the scheme, which is now set to span 122,000 sq ft. The completion date, which was predicted to be early 2018 when planning was secured two years ago, is now 2020.

The eight-floor office development will be centrally located in the city’s Exchange business district, between Morrison Street and Lothian Road, in close proximity to Haymarket Station.

Chris Taylor, head of private markets at Hermes Investment Management, said: “Strategically located in the heart of Edinburgh’s premier business district, this Grade A development features the highest quality facilities and will create a prime working environment, whilst also complying with the highest environmental standards. As our fellow landowner and our partner, we would not be at this stage in the development’s evolution without the assistance of The City of Edinburgh Council.

“The largest speculative office development at present in Edinburgh, Capital Square offers an attractive proposition as it meets ongoing strong occupier demand for high quality, central office space close to key transport connections and amenities. We look forward to working with our partners to deliver this exceptional scheme.”

Montagu Evans and CBRE have been appointed as joint letting agents.

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