Capital redevelopment gets second major tenant

A SECOND tenant has been named for Tanfield, the £20 million redevelopment of a former Standard Life building in Edinburgh's Canonmills, almost a year after its re-launch.

Thetrainline.com has signed a ten-year lease on 12,000sq ft of the vast site, which stretches to almost 200,000sq ft.

The project's first occupier, Aecom, a technical and management support services provider, moved into the first floor of the building last autumn, taking just over 17,000sq ft.

But Carlyle Group, the private equity firm behind the redevelopment, still has more than 170,000sq ft of space to fill.

The office complex on Inverleith Row was re-opened at the height of the recession last year.

Although the UK has since returned to GDP growth, the commercial property sector - particularly the occupier market - has remained volatile. Only a few key markets, such as London and Glasgow, have experienced anything like a recovery, with the latter benefiting from a lack of new developments in the pipeline.

Carlyle Group would not disclose the value of this latest deal but commercial property experts say developers across Edinburgh have been forced to offer major incentives to attract tenants amid stiff competition.

Chris Dougray, head of the Edinburgh office of property consultants Lambert Smith Hampton, said of the deal: "Any letting at the moment is significant."

Mark Harris, director of Carlyle Group, said the firm has made several improvements to Tanfield since the grade A development was opened last autumn.

He said: "Since our first letting, we have strengthened our efforts to further develop facilities in the building, with the introduction of a concierge service to enhance the experience for those working at Tanfield, ensuring we remain the first choice for occupiers with office requirements in Edinburgh."