Fully let: developers hail milestone as all office space taken at £350m Haymarket Edinburgh development
Developers have pre-let all 390,000 square feet of Grade A office accommodation at the £350 million scheme in the city’s west end. It follows a further three deals covering 48,000 sq ft of space at the eight-storey Haymarket One building.
Audit and business advisory giant Deloitte and law firms Shoosmiths and Dentons have signed for 16,380 sq ft, 16,380 sq ft and 15,240 sq ft of office space respectively - all on 15-year leases.
Each business will be relocating from existing office accommodation in Edinburgh city centre. Future occupiers at Haymarket Edinburgh also include oil and gas explorer and producer Capricorn Energy, formerly Cairn Energy, and law firm Shepherd and Wedderburn, alongside investment partnership, Baillie Gifford, which has taken 280,000 sq ft on a 20-year lease.
Haymarket One is scheduled for completion in August this year and Haymarket Three in autumn 2023.
Paul Curran, chief executive of Edinburgh-based Qmile Group, said: “To announce we are 100 per cent pre-let, despite all the challenges of the past couple of years, is a remarkable achievement by everyone involved in the Haymarket Edinburgh development.
“It is testament to the commitment and capability of our people, partners, and advisers, as well as that of Edinburgh’s commercial property market and the wider business community.
“When you consider the site was derelict for more than 50 years to know we are well on our way to creating a thriving business community and making Haymarket Edinburgh an integral part of the city centre, is something we are very proud of.
“We now look forward to delivering the development and continuing the positive conversations we are having with potential occupiers for the remaining leisure and retail space we have available here,” he added.
Aaron Pope, director, asset management at M&G Real Estate, said: “As an asset owner and an asset manager, M&G saw an opportunity to provide significant funding and expertise to regenerate Haymarket and transform it into a high quality new destination for office workers and the local community.
“As a major investor in Edinburgh, M&G will continue to seek out opportunities in the city which, like Edinburgh Haymarket, can provide a sustained income for our customers and clients.”
Alison Gilson, partner and head of the Edinburgh office at law firm Shoosmiths, said: “We are thrilled to have signed a lease for the prestigious new development at Haymarket Square.
“Edinburgh is where the firm started its Scottish journey ten years ago. We’re looking to the future now and this move to such a high quality office space reflects our commitment to the very best infrastructure in support of our clients and our staff as we expand further in years to come.”
Claire Armstrong, Dentons’ Scotland managing partner, added: “We look forward to moving our people into such a dynamic new working environment, and welcoming our clients to our new offices, in a year where the firm also celebrates its 150th anniversary in Scotland.”
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