Wednesday, September 26, 2023
£6m deal helps Edinburgh's office space problems
Five adjoining townhouses in Edinburgh's prestigious Melville Street are set to be redeveloped in the latest response to the capital's growing demand for high quality office space.
In a deal structured by DTZ, the properties at 3-5 and 7-11 Melville Street have been sold for a figure above the £6.25 million asking price to new owners, Targetfollow, who plan to occupy part of the buildings and refurbish the remainder.
DTZ Director, Mark Jones, said the development would be due for occupation in the spring of next year.
"The buildings were formerly owned by AXA and are likely to be in demand given their location and the manner in which they are to be refurbished. Once completed, the development will provide more than 19,000 sq.ft. of top quality semi open plan space," he added.
"Targetfollow are a Norwich-based commercial property investment and development company who specialise in major opportunities in city centres. The company's development and investment portfolio has a value of £3 billion.
"In what is their first major investment north of the border, they will occupy part of the building with some 11,000 sq.ft of space being available on the open market."
Targetfollow has grown considerably over the past 15 years through the acquisition and development of city centre buildings and the company's portfolio of office, industrial and retail buildings in over 20 UK towns and cities features iconic properties including Baskerville House in Birmingham and Centre Point in London.
Ian Fox, Targetfollow's Executive Director of Property, said: "We are delighted to announce the addition of the Melville Street properties to our UK portfolio. In keeping with our existing portfolio this is a highly desired city centre business address situated next to George Street and Charlotte Square and represents strong growth potential.
"In this core professional area there is a real lack of prime grade A office accommodation. The Trargetspace model has proved very successful; providing quality space on flexible terms with unparalleled IT and telecoms support and we look forward to offering this at Melville Street in Edinburgh."
DTZ represented AXA while Montagu Evans acted for Targetfollow. Both agents have been retained by the new owners.
In a deal structured by DTZ, the properties at 3-5 and 7-11 Melville Street have been sold for a figure above the £6.25 million asking price to new owners, Targetfollow, who plan to occupy part of the buildings and refurbish the remainder.
DTZ Director, Mark Jones, said the development would be due for occupation in the spring of next year.
"The buildings were formerly owned by AXA and are likely to be in demand given their location and the manner in which they are to be refurbished. Once completed, the development will provide more than 19,000 sq.ft. of top quality semi open plan space," he added.
"Targetfollow are a Norwich-based commercial property investment and development company who specialise in major opportunities in city centres. The company's development and investment portfolio has a value of £3 billion.
"In what is their first major investment north of the border, they will occupy part of the building with some 11,000 sq.ft of space being available on the open market."
Targetfollow has grown considerably over the past 15 years through the acquisition and development of city centre buildings and the company's portfolio of office, industrial and retail buildings in over 20 UK towns and cities features iconic properties including Baskerville House in Birmingham and Centre Point in London.
Ian Fox, Targetfollow's Executive Director of Property, said: "We are delighted to announce the addition of the Melville Street properties to our UK portfolio. In keeping with our existing portfolio this is a highly desired city centre business address situated next to George Street and Charlotte Square and represents strong growth potential.
"In this core professional area there is a real lack of prime grade A office accommodation. The Trargetspace model has proved very successful; providing quality space on flexible terms with unparalleled IT and telecoms support and we look forward to offering this at Melville Street in Edinburgh."
DTZ represented AXA while Montagu Evans acted for Targetfollow. Both agents have been retained by the new owners.
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