BAM Properties and Hermes to deliver prime Capital Square office development in Edinburgh
Edinburgh, 12 October 2017 - BAM Properties in partnership with Hermes Investment Management, the £30.1 billion manager, has announced that it is set to develop what is currently Edinburgh’s largest speculative office development.
Upon completion, Capital Square will be a premier 122,000 sq ft, eight-floor purpose-built office development designed to a high specification and featuring an underground car park. Centrally located in the city’s Exchange business district, between Morrison Street and Lothian Road, the scheme is in close proximity to Haymarket Station and other transport links, as well as a large variety of local amenities.
BAM Construction has been appointed to build this prime development, which will accommodate up to 1,400 people, with work due to commence on site this month and the development expected to be ready for occupancy in early 2020. Hermes Investment Management, in association with Parlison Properties Ltd, secured planning approval for the development in 2015 and Parlison Properties will continue as development consultant to the project.
Designed by architects Hurd Rolland, the building will feature a glazed curtain-walling facade, double-height reception with a statement atrium, and a courtyard entrance, set within a private south-facing landscaped garden. The property will also boast rooftop terraces offering unrivalled views.
In keeping with its Grade A status, Capital Square will comply with the highest environmental standards, including a BREEAM (Building Research Establishment Environmental Assessment Method) ‘Excellent’ rating on completion and an EPC ‘A’ rating. Additional features will include solar panels, LED lighting and a 24-hour staffed security system, as well as facilities for cyclists and runners.
Dougie Peters, Managing Director, BAM Properties, said: ‘BAM has a successful track record of identifying when the market is right for investment. We believe now is the time. We are confident in the Edinburgh office market and the Edinburgh economy generally. The city continues to suffer from a lack of Grade A supply with strong demand from occupiers for new space. We have a great partner and project team in place providing us with all the right ingredients to undertake a speculative development of this quality. This development is special for many reasons, not least its location and staff friendly features. It will provide a competitive edge as Edinburgh lacks high-calibre developments of this scale capable of attracting blue-chip occupiers.’
Chris Taylor, Head of Private Markets at Hermes Investment Management, added: ’Strategically located in the heart of Edinburgh’s premier business district, this Grade A development features the highest quality facilities and will create a prime working environment, whilst also complying with the highest environmental standards. As our fellow landowner and our partner, we would not be at this stage in the development’s evolution without the assistance of The City of Edinburgh Council. The largest speculative office development at present in Edinburgh, Capital Square offers an attractive proposition as it meets ongoing strong occupier demand for high quality, central office space close to key transport connections and amenities. We look forward to working with our partners to deliver this exceptional scheme.”
Montagu Evans and CBRE have been appointed as joint letting agents.’
- BAM Properties: Loop Public Relations, Sharon McEwan.
- Hermes Investment Management: Redwood Consulting, Sarah Walker and Isabel Stoddart.
About BAM Properties
BAM Properties is known for commercial and retail developments that create value for investors. Our high quality, sustainable developments also bring benefits to the businesses and people who work in them.
BAM Properties is the property development arm of BAM Construct UK a construction and property services company that undertakes design, construction, facilities management and public private partnerships. Other significant developments in Scotland include the successful speculative built development, CONNECT110NS in Queen Street, Glasgow, which was sold to Deutsche Asset & Wealth Management in 2015; the Aurora building in Bothwell Street, Nike’s flagship store on Buchanan Street, Tesco Bank’s headquarters at Haymarket in Edinburgh and NFU’s Glasgow office.
BAM Properties has developed more than three million sq ft of commercial and retail space over the past 25 years.
We are part of Royal BAM Group, a European construction and property services enterprise that is listed on the Euronext Amsterdam.
Further information: www.bam.co.uk
Hermes Investment Management
We are an asset manager with a difference. We believe that, while our primary purpose is helping beneficiaries retire better by providing world class active investment management and stewardship services, our role goes further. We believe we have a duty to deliver holistic returns – outcomes for our clients that go far beyond the financial and consider the impact our decisions have on society, the environment and the wider world.
Our goal is to help people invest better, retire better and create a better society for all.
We offer clients access to a broad range of specialist, high conviction investment teams with £30.1 billion* assets under management. In Hermes EOS, we have the industry’s leading engagement resource, advising on £310.7 billion* of assets.
Hermes' investment solutions include:
- Private markets – Infrastructure, private debt, private equity and real estate
- High active share equities - Asia, global emerging markets, Europe, US, global, and small and mid cap
- Credit - Absolute return, global high yield, multi strategy and global investment grade
- Multi asset - Multi asset inflation
- Stewardship – Active engagement, intelligent voting, sustainable development and advocacy
* Please note the total AUM figure includes £5.9bn of assets managed or under an advisory agreement by Hermes GPE LLP (“HGPE”), a joint venture between Hermes Fund Managers Limited ("HFM") and GPE Partner Limited. HGPE is an independent entity and not part of the Hermes group. £0.1bn of total group AUM figure represents HFM mandates under advice. Source: Hermes as at 30 June 2017 with the exception of one portfolio totalling £10.5m valued as at 31 May 2017.