‘Capital Square’ chosen as name for new 153,000 sq ft building in the heart of the Exchange district
Hermes Investment Management, the £29.8 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, announces that planning consent has been granted for its brand new office development and multi-storey car park in Edinburgh’s city centre.
Located off Morrison Street in the heart of the Exchange, Capital Square will comprise 152,623 sq ft of Grade A open-plan office accommodation over eight levels, representing the last opportunity for occupiers with large requirements to obtain floor space in the highly sought after area.
It is centrally located with excellent links to the airport, Haymarket Station, the tram network, the Princes Street prime retail area and other city centre amenities. The contemporary landmark building will be constructed on a combined site encompassing the former Skypark car park, land being purchased from the Sheraton hotel and the adjacent Capital House’s eastern surface car parking site.
Approved plans include the creation of a new pedestrian route linking Conference Square with Festival Square as well as an upgrade to the Chuckie Pend alleyway to make it a level, well lit area for the public.
A three-storey car park will be located underneath the office building which will include 29 spaces for Capital Square occupiers, 172 public spaces and 32 spaces which are being relocated from the Capital House surface car park.
Accessed through its own unique private courtyard, the reception sits in a double-height space linking into a dramatic, full height atrium. The building also features a private south-facing landscaped garden for occupiers. Roof terraces on the upper levels will provide panoramic views of the city’s skyline and high quality finishes throughout. The large and flexible floor plates will range from 11,000 sq ft to 17,000 sq ft and have been designed to maximise efficiency and thus lead to occupiers requiring less space than in other similar buildings. The scheme has been planned with occupiers’ needs at the forefront: as well as 96 cycle racks, it provides a dedicated shower and changing facility with drying areas on the ground floor for cyclists and runners.
Capital Square will be highly sustainable and will achieve a BREEAM ‘Excellent’ rating on completion.
Hermes Investment Management has appointed Andrew McParland of Parlison Properties Ltd as development manager on the project, while Montagu Evans and CBRE have been appointed as office letting agents.
Ian Cody, Asset Manager at Hermes Investment Management, said: “It is excellent news that we’ve achieved planning permission for this fantastic project. It is a crucial time in the Edinburgh property market with very little development currently underway despite a strong demand for new and high quality space. We therefore believe Capital Square will be key for Edinburgh in addressing this problem.
“We are very proud of the development and are confident it will be well received by the market - not just because of the high quality of the space and the flexibility it offers, but also for its excellent sustainability, design credentials and public transport links. It benefits from an enviable location which is not only in the highly desired Exchange district but is also next to the prime retail zone.”
Capital Square is expected to be completed and ready for occupation by early 2018. Lettings enquiries should be directed to the agents CBRE and Montagu Evans.
Avoiding the tech hubris premium
Hermes strengthens its sales presence in Asia Pacific