Canongate Property on Royal Mile, Edinburgh

A PRIME site with detailed planning consent for a new office scheme on Edinburgh’s Royal Mile has been placed on the market by developer Summix Capital.

The consented site at 179 Canongate, which is being marketed by independent commercial property consultancy Knight Frank, has been made available for sale. It can also be secured on a pre-let agreement or a turnkey acquisition, in which Summix would develop the property to then sell to an occupier upon completion.

The proposed building has been designed by architects 3DReid to complement its historic surroundings, including the A-listed Canongate Kirk and Tolbooth. It will offer 20,000 sq. ft. of high-quality office space over four floors, with a particular provision for co-working.

179 Canongate sits adjacent to the 7.5-acre New Waverley development, which is leading the transformation of Edinburgh city centre’s east end. The mixed-use scheme will be the new home of HMRC in Edinburgh and offers a combination of residential, hotel, leisure, and office space.

Toby Withall, office agency partner at Knight Frank, said: “3DReid has gone to great lengths to create an office building that captures the character of the area, retaining part of the façade while creating a very attractive office space which will be flooded with natural daylight. Sustainability is at the heart of the development, with the re-use of existing fabric and inclusion of extensive cycling facilities among other measures.

“179 Canongate is just a few minutes’ walk from Waverley Station and it is very close to the new HMRC hub, Scottish Parliament, and City of Edinburgh Council. Its layout would particularly suit tech organisations or businesses that work collaboratively. With a real lack of brownfield development opportunities in Edinburgh city centre, it is a rare opportunity.”

Stuart Black, development director at Summix Capital, added: “We are incredibly excited to be progressing this project through to the next stage of development. Located at the very heart of Edinburgh this prime property is in a highly-accessible location with particular provision for co-working.

“The contemporary flexible nature of the space available means that it is highly-adaptable, especially relevant given the current economic environment. It can be secured on a pre-let agreement or a turnkey acquisition, in which we would develop the property to then sell to an occupier upon completion.”