Capital tech office building fully occupied after lettings

● Spaces and Trip expand presence at One Lochrin Sq ● Experts point to increase in ‘coworking’ demand

Two businesses have expanded their presence in Edinburgh in a move that sees a major city centre office building fully let.

Property agents said One Lochrin Square in Fountainbridge had been “de-furbished” specifically for the capital’s growing tech and entrepreneurial community.

Spaces, the co-working brand born in Amsterdam, has let a further 15,610 square feet of space at the Exchange District development and now occupies four floors of the building after taking an initial 29,707 sq ft earlier this year.

The building’s other tenant, Trip.com, part of Ctrip, the Chinese owner of flight and travel search business Skyscanner, took 12,000 sq ft on the first floor in late 2017 and has also just acquired additional space amounting to 3,277sq ft.

The lettings mean that One Lochrin Square is now fully let after just 16 months on the market. The building was relaunched by UBS Asset Management on behalf of investors in March 2017 following a major refurbishment.

Craig Watson, office agency director at property adviser JLL, said: “It’s fantastic to see One Lochrin Square now fully let following the expansion of both tenants.

“Thanks to Edinburgh’s thriving tech and entrepreneurial scene, Spaces has been able to tap into a community ready to work, and hungry for contemporary office space from where to build their businesses and ideas.

“We expect to see further coworking development across the city, as this new model of working attracts more popularity.”

Toby Withall, office agency partner at Knight Frank, said: “It’s a real endorsement to the quality of One Lochrin Square and its appeal to the tech industry, that both Spaces and Trip have taken additional space well within a year of their first entry point.”

UBS Asset Management was representedbyjllandknight Frank. Spaces was represented by Cuthbertwhite and Trip.com represented by Eric Young & Co.

Meanwhile, property investment company Aprirose has acquired 7 Lochside View at Edinburgh Business Park to the west of the city for £13.3 million from RDI Reit (real estate investment trust).

The office building, which comprises 60,567 sq ft over two floors, is fully let to Scottish Water Business Stream, Origo Service, WSP and Viavi Solutions UK.

The acquisition is Aprirose’s second at the business park following the purchase of Miller House in August 2016 for £10m. It now owns about twothirds of Edinburgh Business Park’s multi-let office space.

Manish Gudka, chief executive of Aprirose, said: “We now own a number of properties in Scotland and will continue to look for further opportunities if they fit with our investment strategy.”