THE Scarborough Muir Group has sold its Aquarius Court offices on Rosyth Waterfront for £1.22 million.

Hamcap (Strathclyde BP) Ltd have bought the building, which is fully let and occupies a prime spot on the £250 million Queensferry One site, 120 acres of land that the group is developing.

William McAlister, of SMG, said: “The sale of Aquarius Court is indicative of the attractive location, now further improved by the increased connectivity of the Queensferry Crossing, quality tenant mix and excellent prospects for rental growth.

"The investment was seriously considered by four investors which reflects the increasing confidence the market has in Rosyth Waterfront as a commercial hub in Fife and that aligned with the scarcity of quality office stock are the driving forces behind investor demand.”

Aquarius Court, at 17,216 sq ft, is built over two open plan floor plates and is currently occupied by QinetiQ, Parsons Peebles Group, Epoint Embedded Computing and Core Assets Scotland.

SMG is a joint venture between Scarborough Group International and Muir Group.

It's hoping the £250m Queensferry One development, on Rosyth Waterfront and in the shadow of the new Queensferry Crossing, will bring 8,000 jobs to the area.

The group has long held ambitious plans for the waterfront and has often blamed Fife Council for not sharing the same vision.

A previous plan, which was on the table for more than a decade, was a £500m proposal that promised a dynamic quayside with a parade of shops, supermarket, hotel, cafés, bars, offices, a leisure centre and new homes.

However, it was repeatedly stymied as the council refused to change the land designation from port/industrial use to mixed use.

Last year the council came up with a new framework for the development of the area, as requested by the Scottish Government.

The aim is to highlight the area’s capabilities and support the council and landowners’ efforts to attract jobs, investment and businesses to the area and create a ‘Gateway Rosyth’ venture.

The Rosyth Waterfront area in question is 600 acres of port and development land, predominantly in the ownership of SMG, Forth Ports and Babcock.