Edinburgh’s leading mixed-use development Quartermile, an investment managed by Moorfield Group, confirms the letting of 70,033 sq ft to Cirrus Logic, Inc. a global, fabless semiconductor company headquartered in Austin, Texas.
Cirrus Logic will relocate from its existing Edinburgh premises to occupy four floors of Quartermile 4, resulting in the building being 100 per cent let four months before practical completion.
Construction of Quartermile 4 is well underway and is due to be completed in April 2016. It is being built as a result of an £80m funding deal secured by Quartermile with M&G Real Estate in June 2014 to speculatively develop the remaining two office buildings at the development.
Quartermile 4 will be the first new office building to be finished in Edinburgh city centre out of those currently being constructed. The new offices will be occupied during 2016.
Paul Curran, Quartermile Developments’ managing director, said: “Achieving 100 per cent pre-letting of the building four months before practical completion is a remarkable achievement. It reflects the popularity of Quartermile, the confidence that exists in Edinburgh’s commercial property market and the lack of supply of Grade A office space becoming available in the city.
“Quartermile 4 is one of Scotland’s most successful speculative build projects for several years and with the level of interest attracted by it we are confident of achieving similar success in future phases.”
Aaron Pope, director, asset management at M&G Real Estate, said: “Quartermile 4 has been a fantastic success and the latest letting reflects the quality of the whole Quartermile development. Quartermile presents a rare opportunity whereby staff can have access to quality residential, leisure and amenities all within 30 seconds of the office floor.”
Quartermile Developments was represented by joint agents CBRE and Montagu Evans with legal advice provided by Brodies. M&G Real Estate was represented by law firm Maclay Murray & Spens.
Quartermile is expected to be completed in 2018. Once concluded, the development will provide Edinburgh with 1,050 apartments of which 629 are already occupied and another 176 currently being built, 370,000 sq ft of Grade A office accommodation, 65,000 sq ft of retail and leisure space and seven acres of open landscaping.
It will also provide a home for the University of Edinburgh’s new interdisciplinary hub that will unite business and public policy to address societal and environmental challenges.
