£24m office development for Edinburgh

£24m office development for Edinburgh

Work has begun on a £24m office development which will accommodate up to 350 employees in Edinburgh’s Exchange Financial District.

The Semple Street office space aims to target a shortage of office space in the area, offering grade A accommodation across five floors with views of Edinburgh Castle.

Family owned GSS Developments, which is behind the project, believe 2 Semple Street will be in high demand from blue-chip, attracting accountancy and legal firms, or businesses from the city’s growing technology sector.

GSS Developments director Paul Stevenson, said: “Currently there are no available new build Grade A office developments coming out of the ground in central Edinburgh, therefore the strong appeal for potential tenants at 2 Semple Street is the absolute certainty on delivery and quality of product.

“With a number of well-known occupier lease expiries in 2018, this delivery certainty allows us to discuss with confidence definite completion and move-in dates with occupiers.”

The site was acquired last year from Aberdeen Asset Management and with demolition work of the existing building underway, the main contractors will be appointed by the middle of April, with construction due to begin early June.

Having secured financial support from the Bank of Scotland work is set to be completed by January 2018.