Capital's financial sector gets a boost

Published on Monday 22 June 2009 22:52

A BIG step forward for Edinburgh's office and financial sectors – benefits and investment consultancy Hymans Robertson is taking around 13,000sq ft at the Exchange Place 1 development in the city's business district.

It will move into the top floor in September on a 15-year lease; rent not disclosed, but it was around the quoted asking figure of 28-30 a sq ft.

Jones Lang LaSalle and Cushman and Wakefield acted for the landlord, the Scottish Widows Investment Partnership (Swip), with DTZ for Hymans. Cameron Stott, Jones Lang LaSalle director, said this was a substantial inward investment for Edinburgh. On the legal side Swip was advised by Dundas & Wilson, Hymans by McGrigors.

IN ANOTHER significant deal in Edinburgh – this time in the retail sector – Aviva Investors on behalf of CIP Property, advised by King Sturge, has sold 129/130 Princes Street to Rutley Capital Partners (on behalf of Lancashire County Council Pension Fund) for 9.65 million. The 20,481sq ft building, which attracted interest from a number of institutional and private investors, is fully occupied by HMV UK on a lease that runs until 2023, with the annual rental income 760,000. Knight Frank acted for Rutley.

WHITE Stuff, clothing and accessories retailer, has taken an extensively refurbished unit in St John Street, Perth – 2,500sq ft on a 15-year lease at annual rent of 40,000, kicking off with a substantial rent-free period. Culverwell acted for the landlord, Wordies Properties, with Gunn Property Consultants for White Stuff.

THE Avec Corporation, which specialises in selling and distributing hairdressing and beauty products, is relocating to Glasgow from Gloucester and has signed a ten-year lease for 10,000sq ft at the Aircargo Centre at Glasgow Airport at an annual rent of 50,050. Ryden did the deal on behalf of the landlord, the Scottish Widows Investment Partnership, with Culverwell acting for Avec.

LYCETTS, the insurance brokers, has signed a five-year lease on a 1,313sq ft first floor office suite at 53 George Street, Edinburgh. This is the first time in over six years that the building has been fully let. Lycetts, paying a rent of 14 a sq ft, is relocating from Hill Street. CKD Galbraith acted for the landlord, CBRE Investors.

LONDON-based Pretty Pregnant has opened its first shop in Scotland by taking 1,121sq ft in Howe Street, Edinburgh, on a ten-year lease at an annual rent of 20,000. Culverwell acted on behalf of a private landlord.

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