Scotland´s largest office scheme unveiled (UK)

Castlemore Securities completes £100 million redevelopment of Edinburgh´s historic GPO. The 213,000 sq ft development is Edinburgh city centre´s only office development offering floorplates in excess of 30,000 sq ft.

Located in the heart of Edinburgh´s historic New Town, a UNESCO World Heritage site, Waverley Gate, the largest office construction project to be completed in Scotland in the past year, and one of the largest in Europe, will officially be opened and launched today (Friday 11 February) by developer Castlemore Securities.

Designed by architects, the Hugh Martin Partnership, and built by Balfour Beatty, Castlemore has developed an entirely new 213,000 sqft (19,800 sqm) structure over 8 floors and is the only office building of its size in Edinburgh which is being marketed for either single or multi-occupational use in 2005. The large flexible floorplates, measuring above 30,000 sq ft, are able to be divided either by floor or vertically.

Having remained derelict and abandoned for over 15 years, the new £100 million development has fused the very best of the original Category B listed façades of the former General Post Office, opened over 135 years ago by Prince Albert, The Prince Consort, with the very latest of office construction methods. The scheme also includes 25,000 sqft (2,323 sqm) of landscaped rooftop gardens with stunning views across both the New and Old Towns and incorporates the latest environmental technology, such as chilled beam air conditioning, to aid occupier savings and minimalise environmental impact.

Waverley Gate is located in Waterloo Place at the eastern end of Princess Street, in close proximity to both Edinburgh Castle and the new Scottish Parliament building and is conveniently located within easy reach of all the city´s main transport nodes, including the main railway terminus, Waverley Station.

Commenting on the development, Nick Mason, Development Director of Castlemore Securities said: 'There is a dearth of top end, quality buildings of this size in Scotland generally. However Edinburgh continues to be a focus for international blue-chip companies looking for such accommodation either as a regional or even a European headquarters. Waverley Gate provides a quality and size of space that could rival any office development in any international business centre. Given its fantastic location we have received a number of direct enquiries from a number of very interested companies. The interest we have received to date indicates that the space is likely to be leased on a floor by floor basis and we hope to be able to issue further details on this in the very near future.'

Grahame Whateley, Chairman of Castlemore Securities, said: 'Castlemore already has an unrivalled reputation in developing quality retail developments, such as the £275 million Castlepoint scheme in Bournemouth. Waverley Gate is another milestone as Castlemore looks to broaden and diversify its development and investment portfolio to include more office, mixed-use and general regeneration schemes in addition to our existing retail developments..

'Following the success of phase one of the £500 million Temple Quay in Bristol, Waverley Gate is another high specification office scheme in a central city centre location that Castlemore has successfully completed, providing further evidence of our ability to build and develop major sector leading development proposals.'

Source: Scottish Property Network

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