IN what has been described as a "significant" property letting, a government agency is to relocate its Edinburgh operation to new office accommodation in Leith.
The Central Legal Office of the Common Services Agency (CSA) will take over four floors - extending to more than 16,300 square feet - of Anderson House in Breadalbane Street.
The deal, which was agreed at 17.75 per sq ft, leaves just two storeys of the Grade A office building vacant. Property consultant Jones Lang LaSalle (JLL) acted on behalf of the building’s owner, Matune BV, while CB Richard Ellis represented the CSA.
Ben Reed, national director with JLL’s Edinburgh office, believes the deal cements Leith’s reputation as a "viable office base" for major businesses and organisations.
He said: "The CSA is a key employer in Edinburgh, so the decision to relocate from their headquarters at Trinity Park House is significant.
"With the regeneration of The Waterfront and The Shore reinforcing Leith’s appeal as an attractive and vibrant area to work, availability of good-quality office space is an increasingly important issue."
Meanwhile, Edinburgh-based Standard Life Investments, through its Property Income Trust, has acquired a 7.7-acre industrial estate in Essex for 4.39 million, representing a net yield of 7.75 per cent.
The bulk of the income derives from a 56,500sq ft warehouse let to Farah Manufacturing (UK), with 12-and-a-half years remaining on the lease.
Last week, the trust paid 6.5m for a 16,800sq ft refurbished office development in central London.
Andrew Jackson, investment director at Standard Life Investments, said: "We are on track to investing the remaining undrawn monies from the debt facility by the end of September."