The foundations and groundwork phase of the project at 2 Semple Street is reaching completion and developer GSS Developments Ltd is working toward a May 2018 delivery.

With Grade A office stock in limited supply in Edinburgh city centre, GSS believes the 45,000 sq ft development will fill a requirement for financial, legal or professional services firms, together with creative industries.

The office space over five floors could accommodate up to 400 employees.

GSS Developments director Paul Stevenson said: “With the construction of 2 Semple Street’s concrete core progressing and the structural steel frame being erected in the next couple of months we are delighted reach this next key stage of construction.

“With pressure on the supply of high-end office accommodation in central Edinburgh, 2 Semple Street will be an important addition to the city’s business infrastructure and it will be the only new Grade A offices in The Exchange, the city’s financial district, to be ready for occupancy in 2018.

“For occupiers who have lease expires in 2018 and 2019 and are considering relocation, 2 Semple Street offers the absolute certainty of delivery by the middle of next year.”

McLaughlin & Harvey was appointed as the main contractor last year. The development has been designed by Michael Laird Architects.

Angela Lowe, senior director at joint agents CBRE, added: “In Q1 of this year there was a promising start to the take-up of Grade A office space in Edinburgh and with continued low levels of supply, the progress on 2 Semple Street is welcome news. It enjoys a prime location in The Exchange and allied to the fact there will be no other completions in 2018 it will appeal to a wide range of businesses.”

Chris Cuthbert, director at CuthbertWhite, added: “2 Semple Street is a highly attractive proposition and be of interest to businesses either looking for a floor or two, or indeed one occupier seeking control of their own building to include signage rights.”