Tuesday, July 10, 2023
Morley Fund Management acquires No.1 Quartermile Square
The flagship No.1 Quartermile Square office and retail development in the heart of Edinburgh's impressive Quartermile development has been purchased by Morley on behalf of Norwich Property Trust.
The deal comes in the wake of the pre-let of almost half of the 120,000 sq ft building to leading law firm Maclay Murray & Spens.
Quartermile is a joint venture development between Gladedale Capital and HBoS. No.1 Quartermile Square has changed hands for a price in the order of £60 million.
Maclay Murray & Spens has agreed to take c. 50,000 sq ft of the grade A office building as its new Edinburgh headquarters.
Based on the site of the former Edinburgh Royal Infirmary, Quartermile will eventually encompass a £400 million regeneration project offering more than 300,000 sq ft of Grade A office space, 900 luxury apartments, a boutique hotel and various leisure and retail facilities.
It is expected that construction work at No.1 Quartermile Square will be completed by October, with Maclay Murray & Spens taking occupation shortly thereafter.
Colin MacPherson, Development Director at Gladedale Capital said; ?There has been a terrific amount of interest from investors in No.1 Quartermile Square since we confirmed Maclay Murray & Spens as tenants earlier this year. Securing this calibre and size of tenant before the building was complete underlined the demand which exists for top quality grade A office accommodation in the Capital.
"This is an excellent development in a prime location and we believe it represents outstanding value for the purchasers. We are working to secure further tenants for the remaining space, which will ensure it generates significant returns on this investment."
Philip Owen, Assistant Fund Manager at Morley, said: "We are delighted to have secured this prestigious office investment for Norwich Property Trust and firmly believe that the current good level of interest bodes well for the letting of the remaining accommodation".
Designed by Foster and Partners, the architects behind internationally renowned projects like London's Swiss Re Tower, the Reichstag in Berlin and Hong Kong's new airport, No.1 Quartermile Square sets a new standard for offices in Scotland.
No.1 Quartermile Square is a striking seven storey office building featuring column-free open plan space with floorplates ranging from 9,677 sq. ft to 20,656 sq. ft. As well as an impressive reception and atrium, the ground floor will include two retail units of 12,508 sq ft and 2,153 sq ft.
Located in a prime position on Lauriston Place, next to the Category 'A' listed former Surgical Hospital, No.1 Quartermile Square will front on to a new public space, providing an impressive gateway to the whole site. Its dual aspect will provide views of Quartermile itself and the Pentland Hills to the south, and of Edinburgh Castle and George Heriot's School to the north.
Morley were represented by NB Real Estate during the transaction, while CB Richard Ellis acted for Gladedale Capital.
The deal comes in the wake of the pre-let of almost half of the 120,000 sq ft building to leading law firm Maclay Murray & Spens.
Quartermile is a joint venture development between Gladedale Capital and HBoS. No.1 Quartermile Square has changed hands for a price in the order of £60 million.
Maclay Murray & Spens has agreed to take c. 50,000 sq ft of the grade A office building as its new Edinburgh headquarters.
Based on the site of the former Edinburgh Royal Infirmary, Quartermile will eventually encompass a £400 million regeneration project offering more than 300,000 sq ft of Grade A office space, 900 luxury apartments, a boutique hotel and various leisure and retail facilities.
It is expected that construction work at No.1 Quartermile Square will be completed by October, with Maclay Murray & Spens taking occupation shortly thereafter.
Colin MacPherson, Development Director at Gladedale Capital said; ?There has been a terrific amount of interest from investors in No.1 Quartermile Square since we confirmed Maclay Murray & Spens as tenants earlier this year. Securing this calibre and size of tenant before the building was complete underlined the demand which exists for top quality grade A office accommodation in the Capital.
"This is an excellent development in a prime location and we believe it represents outstanding value for the purchasers. We are working to secure further tenants for the remaining space, which will ensure it generates significant returns on this investment."
Philip Owen, Assistant Fund Manager at Morley, said: "We are delighted to have secured this prestigious office investment for Norwich Property Trust and firmly believe that the current good level of interest bodes well for the letting of the remaining accommodation".
Designed by Foster and Partners, the architects behind internationally renowned projects like London's Swiss Re Tower, the Reichstag in Berlin and Hong Kong's new airport, No.1 Quartermile Square sets a new standard for offices in Scotland.
No.1 Quartermile Square is a striking seven storey office building featuring column-free open plan space with floorplates ranging from 9,677 sq. ft to 20,656 sq. ft. As well as an impressive reception and atrium, the ground floor will include two retail units of 12,508 sq ft and 2,153 sq ft.
Located in a prime position on Lauriston Place, next to the Category 'A' listed former Surgical Hospital, No.1 Quartermile Square will front on to a new public space, providing an impressive gateway to the whole site. Its dual aspect will provide views of Quartermile itself and the Pentland Hills to the south, and of Edinburgh Castle and George Heriot's School to the north.
Morley were represented by NB Real Estate during the transaction, while CB Richard Ellis acted for Gladedale Capital.
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