Commercial Property News

Our magazines are published bi-monthly with in-depth features and news for the commercial property industry. On this page we have the latest news to keep you constantly updated on the market. On the left hand side of the page you can search our archived news which is stored monthly.

Friday, March 24, 2024

New Edinburgh HQ for Ashford Property Group

The Edinburgh-based Ashford Property Group has acquired new premises at 43 Melville Street in the capital to facilitate expansion in a deal worth around £1m.

Having refurbished the 3,654 sq ft (339.5 sq m) building, Ashford will occupy the first floor and has let the lower ground and ground floors to Buccleuch Town & Country at circa £18 a sq ft. This leaves the second floor - equating to just under 1,000 sq ft - available at circa £16.50 a sq ft.

Mike Irvine of Montagu Evans, who acquired the building on behalf of Ashford and has been retained as the letting agent, said: "This is one of the best town house offices in Melville Street. By tradition, second floors in these buildings are not always of the best quality but this one is an exception, with good floor to ceiling heights and excellent natural daylight."

Ashford currently has around 50,000 sq ft (4,645 sq m) of office space and around 125 student beds under development in Edinburgh, and current investment deals include acquisitions in Edinburgh, Glasgow and Newcastle.

Andrew Smith, group director, said: "Our move to Melville Street will help further raise the profile of the business and allow us to accommodate our plans for additional staff and increasing levels of activity in the market. Towards the end of last year we consolidated our funding facilities with Bank of Ireland Corporate Banking in Edinburgh and this will allow us to aggressively seek new opportunities throughout the UK".