BauMont Real Estate Capital has acquired the Quartermile One office scheme in Edinburgh, alongside operating partner KZN Real Estate, for an undisclosed price.
The Foster + Partners-designed building comprises 123,000 sq ft of Grade A space across six upper floors in the Quartermile development.
The building has recently been refurbished and works to move the building from gas to electric energy have now been completed across 70% of the floorspace. BauMont intends to lease the refurbished fourth and fifth floors while completing the degassing works to fully electrify the building and is targeting an EPC A rating for the refurbished space.
Harry Wentworth-Stanley, investment director at BauMont Real Estate Capital, which is part of M&G Real Estate, said: “Quartermile One is a fantastic building, situated in the heart of Edinburgh. With occupiers focused on sustainability and amenity, and limited new development in the pipeline, this office is well positioned to benefit from the ongoing flight to quality. We’re looking forward to enhancing the building further and completing its transition to all-electric.”
Jon Brice, managing director at KZN Real Estate, added: “We’re delighted to be working with BauMont to deliver this business plan. Quartermile One is a standout asset in a prime location, and we see real potential to unlock further value through thoughtful asset management and sustainability-led improvements.”
BauMont was advised by Knight Frank and Addleshaw Goddard and the vendor was advised by James Andrew International and Brodies.
