Centrally located off Morrison Street in the heart of the Exchange district, the ‘Capital Square’ building will comprise 152,623 sq ft of Grade A open-plan office accommodation over eight levels.

Approved plans include the creation of a new pedestrian route linking Conference Square with Festival Square as well as an upgrade to the Chuckie Pend alleyway to make it a level, well lit area for the public.

A three-storey car park will be located underneath the office building which will include 29 spaces for Capital Square occupiers, 172 public spaces and 32 spaces which are being relocated from the Capital House surface car park.

Accessed through its own unique private courtyard, the reception sits in a double-height space linking into a dramatic, full height atrium. The building also features a private south-facing landscaped garden while roof terraces on the upper levels will provide panoramic views of the city’s skyline.

As well as 96 cycle racks, it provides a dedicated shower and changing facility with drying areas on the ground floor for cyclists and runners.

Capital Square will be highly sustainable and will achieve a BREEAM ‘Excellent’ rating on completion.

Ian Cody, asset manager at Hermes Investment Management, said: “It is excellent news that we’ve achieved planning permission for this fantastic project. It is a crucial time in the Edinburgh property market with very little development currently underway despite a strong demand for new and high quality space. We therefore believe Capital Square will be key for Edinburgh in addressing this problem.

“We are very proud of the development and are confident it will be well received by the market - not just because of the high quality of the space and the flexibility it offers, but also for its excellent sustainability, design credentials and public transport links. It benefits from an enviable location which is not only in the highly desired Exchange district but is also next to the prime retail zone.”

Capital Square is expected to be completed and ready for occupation by early 2018. Lettings agents are CBRE and Montagu Evans.