Palm Capital signs two new lettings at Orchard Brae House in Edinburgh
Palm Capital, a pan-European real estate private equity specialist, has signed a further two lettings totalling c7,000 sq ft at Orchard Brae House, its Grade A office building in Edinburgh.
The leases continue the on-going repositioning and letting strategy being undertaken at the asset, increasing the occupancy by 7 per cent and extending the WAULT by six months.
MBM Commercial, the UK law firm specialising in corporate transactions with a focus on the investment, technology and high growth space, has committed to c3,200 sq ft on a 15 year lease. Additionally, Innis & Gunn, the Scottish brewer building Edinburgh’s first new large-scale brewery in over 150 years, has agreed to let c4,150 sq ft of space on a five-year lease.
Since acquiring Orchard Brae House, Palm Capital has undertaken an ambitious refurbishment of the iconic city-centre property, which now features high-quality office space, with accompanying amenities and public spaces and increased energy efficiency. Ground-floor collaborative space, on-site gym facilities and a café have been installed, enabling the property to cater for the growing demand for flexible workspaces which encourage collaboration in the wake of the pandemic.
The asset has also been awarded a ‘Platinum’ rating from CycleStore Certification in recognition of its position as one of Edinburgh’s most cycle-friendly workspaces owing to its extensive bicycle storage facilities. As part of Palm Capital’s focus on improving the ESG of the buildings it manages, the business has partnered with Colliers and Sovereign Assist to introduce a ‘Chatty Bench’ on-site which is designed to tackle social isolation in the local community and provide a lasting change.
Orchard Brae House is located just 15 minutes by bus from Edinburgh’s main railway station, and Edinburgh Airport is also just a 20-minute drive away. This provides occupiers with strong national and international transport links, as well as placing them within striking distance of Edinburgh’s famed old town.
Gabriel Rudert, Director at Palm Capital, says: “These two new lettings at Orchard Brae House are a ringing endorsement of the quality of the property’s office space and accompanying amenities, and we look forward to welcoming both MBM Commercial and Innis & Gunn. More broadly, these lettings are indicative of the resilience in demand for regional office space in the UK, which can offer occupiers modern workspace with good levels of amenity.”
Palm Capital was advised by JLL and Knight Frank.