Macquarie Asset Management has submitted a planning application to the City of Edinburgh Council for the redevelopment of its 200,000 sq ft Calton Square office.
The site was acquired by Macquarie in 2018 from GLL Real Estate Partners, which had bought the office for £57m at a yield of 7.25% in 2013.
Macquarie’s plans include remodelling and replacing many elements of the existing asset including windows, façade, lifts and entrances. Much of the existing structure will be retained, with materials re-used on site or recycled.
Macquarie has appointed Ardstone Capital as development manager.
Craig McDonald, principal and managing director of Ardstone Capital, said: “The dialogue with the council and other stakeholders has been very productive, and the application seeks to deliver an office building comparable to the best in Europe, which will serve Edinburgh well into the future.
“With the highest environmental performance standards, and the lowest possible carbon footprint, this refurbished building will seek to deliver improved ground floor activity and accessibility.”
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