Two of the UK’s leading professional services firms have relocated to a modern Grade A office set in the heart of Edinburgh’s Exchange District.
Excel House, on 30 Semple Street, has been chosen by Begbies Traynor, the UK’s largest professional services consultancy, specialising in areas of corporate recovery, insolvency and finance, as the new site for its Edinburgh HQ. The firm has leased 1,636 sq ft in a five year deal.
Begbies Traynor will be joined in Excel House by QMPF, Scotland’s largest independent corporate finance advisor focussed on the education, infrastructure and renewables sectors. The firm has let 1,699 sq ft of space on the 2nd floor on a five year sub-lease from MacRoberts LLP.
The sub-lettings have been secured on the back of a decision by MacRoberts LLP to split the 2nd floor space into four suites, better matching the most active size bracket in Edinburgh’s office market. The deals mean that the 2nd floor of Excel House is now 60% occupied with only two remaining suites totalling c. 2,835 sq ft (515 sq ft & 2,320 sq ft respectively).
Within five minutes of Haymarket train station and over 15 bus routes on its doorstep, the efficient open plan space at Excel House sits in a prime location within Edinburgh’s financial district. The flexibility of both the space and sub-lease terms on offer at Excel House, has made it a popular destination for the professional services industry.
JLL and BNP Paribas Real Estate acted for MacRoberts LLP. The acquiring agent for QMPF was Ryden, while Begbies Traynor were represented by Eddisons.
Stephen Bell, partner of QMPF LLP, said: “We are excited by our move to new offices which will provide an excellent base for serving our UK and Ireland clients.”
Julie Tait who is heading up the Begbies Traynor Edinburgh office, commented that the staff are delighted to be relocating to these high quality offices in a location which suits the firms business requirements.
Craig Watson, director at JLL in Edinburgh, commented: “Given the shortage of small suites in Edinburgh and the fact that 85% of market activity is under 5,000 sq ft, we have reacted to current demand and successfully sub-let two suites, off plan, in Excel House. Pre-letting two small suites can often be challenging. The fact that these deals have been secured so quickly underlines the shortage of small open plan suites in central Edinburgh. Excel House now only has two suites remaining of 515 sq ft and 2,320 sq ft, which we expect to be snapped up quickly given the market demands for such space.”
According to JLL’s office research for Q1, in excess of 283,000 sq ft was transacted between January and March in Edinburgh, a 34% increase in occupier activity compared to the same period last year, but down slightly on 2015’s final quarter figure of 330,000 sq ft.