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The 19,378 square foot Hayweight House has just been refurbished to the tune of GBP 1.3 million and has a Class C energy rating.
With six floors, the building will be offering open-plan office space starting from 2,033 square feet.
Constructed in the 1990s, the building was bought by the Morley Property Investment Fund. In 2006, Hayweight House was purchased for GBP 5.85 million and was then rented by the Scottish Courts for GPB 16.60 per square foot.
John Clement, Partner at King Sturge stated: “Hayweight House has been refurbished to a very high standard and we are offering flexible open plan floor-by-floor lettings with competitive terms”.
Hayweight House is located between Saltire Court and Princes Exchange. The Grassmarket area is close by.
A new survey has recently found that the Scottish real estate market has experienced a boost. The Royal Institute of Chartered Surveyors Scotland found that 25 per cent of Scottish surveyors said that the number of deals in the last quarter had increased, not decreased.
Graeme Hartley of RICS Scotland did sound a note of caution however: “The Scottish market remains relatively buoyant with active buyers and sellers, although the price levels remain subdued.
“The number of newly agreed sales over the past month would demonstrate that sellers are more realistic about current property prices and it is difficult to see it picking up materially over the coming months.”
He added that uncertainty about the economy might mean that the number of deals being done stays fairly low.
Editor’s notes: In July 2021, Edinburgh City Council granted permission to the new landlord, Regent Capital Plc, to change the use of the property to a hotel.
The office space element of Heyweight House on Lauriston Street was vacant at the time and would be converted into a 56 room hotel.
In 2022, there was a total of 660,700 square feet of space taken up through office leasing deals in Edinbugh. The largest deal of the year was BlackRock’s acquisition of 139,172 square feet at 20 Brandon Street.
With relative scarcity of good quality office space in the city, there was upward pressure on prime office rents which reached £40 per square foot per year representing a 5.3 per cent increase over 2022.