General Accident has paid over £10m for Cramond House, a 3,530 sq m (38,000 sq ft) speculative office scheme which is being built on Edinburgh Park, the flagship business park to the west of the city.
The building has not secured an occupier but GA property investment head David Robb expects strong tenant interest. The development is due for completion in January 1999.
Robb said: “We believe our commitment to Edinburgh Park is a sound investment move. The success of the business park is demonstrated by its calibre of existing occupiers such as British Energy, Scottish Equitable and John Menzies.”
GA bought the building from New Edinburgh Ltd, the consortium formed by Economic Development & Investment, the City of Edinburgh Council and Miller Group to develop the business park.
The rent quoted on Cramond House, which is next to Kingston SCL’s new headquarters building, is around £18 per sq ft (£194 per sq m).
GA was represented by Strutt & Parker. New Edinburgh Ltd was advised by Grimley and Jones Lang Wootton.
New Edinburgh plans 100,000 sq ft spec scheme at Edinburgh Park(EGi News 28/07/97)
EGi News 19/06/98
