Edinburgh street to be redeveloped - commercial mortgages

17 October 2007

Firms with commercial mortgages situated in Edinburgh''s Melville Street could be set to benefit from a multi-million pound deal to boost the supply of office space in the capital.

Five townhouses in the street are to be redeveloped after having been sold for more than £6.25 million, according to propertyexecutive.co.uk.

The properties were sold by DTZ to development firm Targetfellow, who will occupy and redevelop different parts of the buildings, according to the website.

"In keeping with our existing portfolio this is a highly desired city centre business address situated next to George Street and Charlotte Square and represents strong growth potential," commented Targetfellow executive director of property Ian Fox.

"In this core professional area there is a real lack of prime grade A office accommodation," Mr Fox added.

Earlier this week it was revealed that the office market had continued to perform well despite fears that worsening lending conditions would have an impact on demand for space around the country.