Edinburgh office changes hands after major revamp

● Greenside now almost fully let after makeover ● Building being bought by property investment fund

Chris Stewart Group (CSG), the Edinburgh-based prop - erty development and investment company, has sold a major office building in the capital’s east end just two years after acquiring it.

The five -storey Greenside building has been acquired by Leading Cities Invest (LCI), a property investment fund managed by Frankfurt-based K an Am G ru nd Group, on undisclosed terms.

The building, covering 38,000 square feet, was purchased by CSG in 2016, with funding support from the Scottish Government-backed Spruce initiative, after it had lain empt y for a numb er of years.

CSG undertook an extensive refurbishment of Greenside to increase its appeal to the city’s technology businesses. The revamped building, which was completed last autumn, is currently 85 per cent let, with just 5,000 sq ft remaining.

Greenside is the first prop - erty acquired by LCI in Scotland, and follows investments in Germany, Belgium, France and elsewhere in the UK.

Keith Mackie, development manager for CSG, said: “As a building, Greenside always had potential and bringing it back to life to appeal to modern ambitious occupiers has tested all who have been involved.

“However, with the right design and management approach it is now a very impressive addition to Edinburgh’s office stock. It is now occupied by some of the most exciting companies in technology, science and renewable energy and has attracted the attention of international investors.”

Greenside was awarded the British Council for Offices refurbished/recycled work - place Scottish award this year.

The deal follows Chris Stewart Group’ s recent sale of 20 West Register Street, off Edinburgh’s St Andrew Square.

The 60,000 sq ft office building, which is being built as part of CSG’S city centre regeneration project, The Registers, was acquired by global property firm Hines, in a for ward purchase arrangement, for its European Core Fund.

The office development– also known as The Mint Building – was acquired from CSG for an undisclosed sum.

Bail lie Gifford, the investment firm, will take overall 60,000 sq ft of Grade A office accommodation, extending over the ground floor entrance, seven upper floors and including fifth and sixth floor terraces.

The building will be capable of accommodating up to 700 members of staff once completed in early 2019.

Alan Pat er son, partner at Bail lie Gifford, said :“This high-quality office is well located in Edinburgh city centre’s flourishing east end, in close proximity to our headquarters at Calton Square.

“It offers us flexible space as we plan for the long-term expansion of our client base.”