finance

GSS Developments concludes its biggest deal yet



La Française Real Estate Managers has acquired a six-storey complex at 2 Semple Street from commercial property developers GSS Developments.

The sale marks one of the largest deals completed by the Scottish property developer – although the price was undisclosed.

The corner office building is the result of two years of redevelopment, with demolition of the previous structure taking place in 2016, to final completion of the building in 2018.

McLaughlin and Harvey were the lead building contractors for the project, which features 35,090 sq ft of offices, 9,776 sq ft of retail space and basement arrival facilities.

The property is multi-let to occupiers including Huawei Technologies; RSM, Womble Bond Dickinson, Poundland and F45 Gym.

The property features sustainability measures including air-conditioning delivered via an air source heat pump technology, LED lighting on all floors, 47 bike spaces with maintenance facilities and electric car charging points.

Paul Stevenson, GSS developments director, said: “The sale of 2 Semple Street to La Française Real Estate Investment Managers is a significant off-market transaction for our business and a strong indicator of the continued strength of the Edinburgh office market.

“We are extremely proud of the development and the fact that tenants include major global organisations is a testament to the craftsmanship, dedication and expertise of all partners involved in this extensive redevelopment project.”

Peter Balfour, managing director and head of real estate for the UK at La Française Real Estate Managers, added: “The building’s strong sustainability credentials, coupled with a limited supply of quality buildings, makes 2 Semple Street a valuable addition to our rapidly growing international real estate portfolio.”

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