Major Scottish law firm and oil explorer to move into £350 million Haymarket Edinburgh development

Pre-lets have been agreed with a major Scottish law firm and an oil and gas explorer at Edinburgh’s vast new Haymarket development.

Legal heavyweight Shepherd and Wedderburn and oil firm Cairn Energy will be taking office space at Haymarket One, which forms part of the £350 million Haymarket Edinburgh development in the city’s west end.

The businesses will take 29,461 square feet and 32,722 sq ft of Grade A office space, respectively.

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These latest deals follow the pre-letting of some 280,000 sq ft of office space in Haymarket Three last July on a 20-year lease to investment partnership Baillie Gifford for its new head office.

Masterplanned by architectural practice Foster + Partners, the Haymarket Edinburgh development will be located at the heart of a major transport hub in one of the city’s established commercial districts. Offices, a hotel, shops and leisure facilities will be configured around a 'significant landscaped public realm'.

Once complete, Haymarket Edinburgh will comprise 380,000 sq ft of office space in three buildings.

Paul Curran, chief executive of Edinburgh-based property developer Qmile Group, said: “These latest pre-lets to Cairn Energy and Shepherd and Wedderburn show the continued confidence in Edinburgh’s commercial property market.

“They also reflect the desire of blue-chip businesses to be in the highest quality, most sustainable office space and surrounding environment which is served by excellent transport links.

“We are scheduled to complete building one in August 2022 and, at that point, we will really see the development come to life and become an integral part of the city centre after being derelict for over 52 years.”

Shepherd and Wedderburn has its existing Edinburgh operation at Conference Square in the capital, while Cairn Energy’s HQ is located nearby at Exchange Plaza on Lothian Rd.

Aaron Pope, director, asset management at M&G Real Estate, said: “As major investors and employers in Edinburgh ourselves, M&G saw an opportunity to regenerate this derelict part of the city, which culminated in the purchase of the site in 2018 on behalf of Prudential's five million policy holders.

“As an asset owner and an asset manager, we can finance significant projects and use our asset management experience to deliver ambitious, high-quality projects, which improve communities and provide a sustained income for our customers and clients.”

Masterplanned by architectural practice Foster + Partners, the Haymarket development is located at the heart of a major transport hub in one of the city’s established commercial districts.

The office accommodation promises a wide range of health and wellbeing amenities, including “smart building technology”, extensive cycle storage and electric vehicle charging points. A hotel, shops and leisure facilities will be configured around a “significant landscaped public realm”.

Last year, Baillie Gifford announced that it would be relocating its Edinburgh headquarters to Haymarket in one of the city’s biggest office lettings in recent years.

The firm, currently based on Greenside Row near the Omni centre in the east end of the city, agreed to take 280,000 square feet on a 20-year lease in a major pre-let deal at Haymarket Edinburgh.

At the time, Baillie Gifford’s joint senior partner, Andrew Telfer, said: “This new office is a significant long-term investment for Baillie Gifford, demonstrating our confidence in the future. It will bring all our Edinburgh colleagues under one roof again, in a more flexible and dynamic working environment.”

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