Property firm spreads hold in Edinburgh

Mar 14 2008

Aberdeen-BASED property company GSS Developments has snapped up an Edinburgh city centre office for £3.75million.

Gss purchased Sovereign House, on Young Street, from Prudential Assurance Company Ltd. The developers plan a complete refurbishment of the 12,787 sq ft building.

"With the increasing shortage of high quality open plan office suites under 5,000 square feet within the core city centre, Sovereign House will undoubtedly attract good interest once the comprehensive refurbishment is complete," said Neil Tweedie, senior surveyor with Jones Lang LaSalle, who acted for GSS along with Savills.

In 2007, GSS purchased their first office outside of the North-east. They bought two office units at Edinburgh's Beaverbank Business Park, off Logie Green Road, in an offmarket transaction from a London investor.