Gyle Square, South Gyle Crescent, Edinburgh
Highland acquired for in excess of £10m, from BAE Systems, a former factory in South Gyle, the prime out of town district of Edinburgh.
The purchase was concluded on a subject to planning basis. Highland then obtained the optimum planning permission thus maximising the development potential of the site and ensuring that BAE Systems received the maximum uplift value for their site.
The planning permission permitted the development of a landmark 175,000 sq ft (16,260 sq mtrs) grade A office building with the benefit of 314 car spaces. A unique feature of the building in Edinburgh terms was the fact that single floors extend to in excess of 50,000 sq ft (4,645 sq mtrs).
The building was constructed in just 12 months and within budget. More than 82% of the space was pre-let during the construction phase to the Scottish Ministers for the NHS National Services Scotland A further suite was let to Pfizer soon after completion.
The investment in Gyle Square was sold in August 2004 to a Manchester based property company for in excess of £41 million.
The building won the David Alsop award for sustainability from the Institute of Structural Engineers and the letting to the Scottish Ministers won the Company the Best Commercial Transaction Award at the 2004 Scottish Property Awards.