Edinburgh commercial property market ''boosted'' - commercial mortgages

27 February 2007

Edinburgh''s commercial property market is set for a boost from the arrival of two prominent financial services firms, occupying a £50 million development in the city.

The commercial property site at 40 Princes Street is potentially due to be occupied by Aberdeen Asset Management (AAM) and Baker Tilley, who would share the building and take up space in four of the building''s five floors, reports the Scotsman.

Commentators state that this would provide a significant boost to Edinburgh''s commercial property sector at large, while making conditions more attractive for those looking to obtain commercial mortgages.

In recent times the local commercial mortgages sector has shown signs of deflation and a lack of buoyancy - trends which could be reversed by the addition of large finance firms to the area

AAM and Baker Tilly are yet to comment on talk of a move to 40 Princes Street, which was formally home to the C&A building. First opened in 2005, the site of the £50 million building was originally acquired by developer Redevco and covers 47,500 square feet.