Greenside Development Edinburgh, Blenheim Place Offices, Chris Stewart Group Scotland
Greenside Edinburgh, Blenheim Place Building
Leading Cities Invest real estate investment: Workplace by Chris Stewart Group (CSG) at Leith Street, Edinburgh
11 Jul 2018
Greenside Office Building Sale
Chris Stewart Group sells Greenside
Chris Stewart Group (CSG) has confirmed that the award-winning Greenside office building in the burgeoning east end of Edinburgh’s city centre, has been acquired by Leading Cities Invest (LCI), a real estate investment fund managed by Frankfurt-based KanAm Grund Group.
The five storey office building, covering 38,000sq ft, was purchased by CSG in 2016, with funding support from the Government-backed SPRUCE initiative, after it had lain empty for a number of years. The Scottish-based property investor and developer undertook an extensive refurbishment of Greenside to maximise its aspect and appeal to the city’s technology businesses and the building, completed in autumn 2017, is currently 85 per cent let, with only 5,000 sq ft remaining.
Greenside is the first property acquired by LCI in Scotland, and follows investments in Germany, Belgium, France and the UK. Both parties have agreed to keep the sales price confidential.
This latest deal by the Chris Stewart Group team follows the sale of 20 West Register Street. The 60,000 sq ft office building which is being built as part of CSG’s Edinburgh city centre regeneration project, The Registers, has been acquired by the international real estate firm, Hines, in a forward purchase arrangement, for its European Core Fund.
Keith Mackie, Development Manager for CSG said:
“As a building, Greenside always had potential and bringing it back to life to appeal to modern ambitious occupiers has tested all who have been involved. However, with the right design and management approach it is now a very impressive addition to Edinburgh’s office stock. It has a BCO award to its name, it is now occupied by some of the most exciting companies in technology, science and renewable energy and has attracted the attention of international investors.”
27 Apr 2018
Greenside Edinburgh, Blenheim Place
Location: Greenside Place, New Town
CSG Greenside development wins award
Chris Stewart Group (CSG) has added another award to its growing trophy cabinet, having won the British Council for Offices (BCO) Refurbished/Recycled Workplace category for its Greenside development at the Scotland awards ceremony.
Situated on Edinburgh’s Blenheim Place, which backs onto Calton Hill, the 38,000 sq ft office building was originally built by Scottish Equitable in 1989 for the firm’s own occupation. CSG acquired the building in 2016 after it had lain empty for a number of years and the refurbishment programme, carried out by GHI Contracts, took just nine months.
Arranged over five floors, the building needed modernisation. The design was for a vibrant and innovative ‘de-furbished’ finish, combining the existing high quality materials with new glazing solutions to maximise the natural daylight flooding in to the building. Greenside now offers a peaceful and contemporary city centre office environment, and in December 2017 the award-winning fintech company Nucleus Financial Ltd moved in taking 50 per cent of the space, while an additional 20 per cent is now under offer.
The BCO award, which recognises top quality design and functionality, is a benchmark for excellence in workplaces. In making the award to Greenside the judges recognised CSG’s vision to create a viable Grade A office space for modern organisations and its innovative approach to both its original funding with the support of the Government-backed SPRUCE initiative, as well as tenant fit-out.
Chris Stewart, CEO of Chris Stewart Group, said:
“Blenheim House, as it was originally known, was a tired and inefficient office building when we bought it in mid-2016. We knew it had potential and I’m delighted with the completed building, now known as Greenside. This award is testimony to the skill and design of the development team, including our internal project team, ISA, Troup Bywaters and Anders, Will Rudd Davidson and PMP.”
The refurbishment was designed and planned in such a way so as to maximise flexibility of fit out options for incoming tenants. Nucleus Financial took full advantage of this flexibility, working with the main contractor and recommended designers. They created an amphitheatre staircase that connected their floorplates on different levels, and allowed the installation of a skylight, bringing additional daylight into the space.
With existing high quality materials including stone, concrete and lead, the building surpasses most in terms of its fundamental fabric, however, it was outdated.
The introduction of combination charred and treated timber fins and vertical panels from local supplier Good With Wood, steel overcladding, and revealing the original concrete waffle ceilings has ensured a stylish, contemporary look and feel to the building. Striking feature lighting and a larger reception space adds prominence and visibility where there was little previously.
In addition, an entirely new mechanical and electrical plant lifted the Energy Performance Certificate level from a D to C through the introduction of a heat recovery air conditioning system and LED lights throughout and the environmental performance was further rewarded with a BREEAM rating.
A spokesperson from BCO commented:
“Congratulations to Greenside. Amongst the surrounding bustle of the City, the judges were enchanted by how stylish and discerning design has created an oasis of calm.”
The Chris Stewart Group is a real estate development and investment business based in Edinburgh. Its current portfolio includes interests across residential, office, hotel and leisure property.The company’s expertise is for complex, transformational urban developments.
Set up in 1996, by Chris Stewart, Chris Stewart Group remains an independent, privately owned business. It currently employs around 75.
Greenside Edinburgh, Blenheim Place Building image / information received 260418
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picture © Adrian Welch
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