Construction has begun on the final office building at Quartermile.

The £35m Foster + Partners-designed six-storey building will provide a further 72,991 sq ft of Grade A office accommodation at Quartermile, an investment managed by Moorfield Group.

Called Quartermile 3, it brings the combined gross development value of projects currently underway at Quartermile to in excess of £185m and will create employment opportunities for around 700 people.

News of the construction work follows the recent announcement that the £50m seven-storey Quartermile 4 office building, which is adjacent to Quartermile 3, is 100 per cent pre-let to global, fabless semiconductor company Cirrus Logic and sports entertainment company Fanduel. The companies have leased 70,033 sq ft and 58,567 sq ft respectively.

Quartermile 3 is scheduled to be finished in the fourth quarter of 2017. Along with Quartermile 4, the building is being constructed as a result of an £80m funding deal secured by Quartermile with M&G Real Estate in July 2014 to speculatively develop the remaining two office buildings.

Commenting on the start of the final office building, Paul Curran, managing director Quartermile Developments, said: “There is a great deal of confidence within the Edinburgh commercial property market at the moment. Speculatively developing Quartermile 3 is a unique opportunity as there is a limited pipeline of Grade A office space in the city.

“The fact that we have 100 per cent pre-let Quartermile 4 several months ahead of practical completion has proved the strength of the market and establishes Quartermile as a prime location for occupiers. Now that we have started on site on Quartermile 3 it provides the market with a further 73,000 sq ft of Grade A office space that we will deliver towards the end of 2017.

“Quartermile 3 is the final opportunity for businesses to locate here and become part of a vibrant community unlike anywhere else in Edinburgh, so we are expecting a significant amount of interest.”

Aaron Pope, director, asset management at M&G Real Estate, said: “The significant lack of Grade A space and increasing demand in the city centre, has created this opportunity to speculatively develop  

Quartermile 3. As Quartermile grows from strength-to-strength we believe occupiers will be attracted to the superb onsite amenities that Quartermile 3 will have to offer.”

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