New tenants

Cairn and S&W heading to Haymarket offices

New offices rising over the historic Ryrie’s and Haymarket pubs (pic: Terry Murden)

Oil and gas firm Cairn Energy and the legal practice Shepherd and Wedderburn are the latest big names to sign up for space at the £350m Haymarket Edinburgh development.

Agreements for 62,183 sq ft have been signed by the two capital-based firms. They will take 32,722 sq ft and 29,461 sq ft respectively.

M&G Real Estate and property developer partner Qmile Group have now agreed pre-lets for just over half (55%) of Haymarket One. Shepherd & Wedderburn will relocate from Exchange Crescent, Conference Square, and will take the top two floors of the building towards the end of next year.

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

Once complete, Haymarket Edinburgh will comprise 380,000 sq ft of Grade A office space in three buildings, both of which are expected to achieve BREEAM Excellent and EPC A ratings.


The development will create a communal hub

Masterplanned by the global architecture firm Foster + Partners, the development is located close to the Haymarket transport hub and on land that was formerly a railway goods yard and latterly a car park.

The new offices will offer a wide range of health and wellbeing amenities, including smart building technology, extensive cycle storage and EV charging points.

A hotel, shops and leisure facilities will be configured around a significant landscaped public realm for the benefit of the local community and business district.


Baillie Gifford is taking offices in Morrison Street

Critics have been concerned at the amount of glass and the height of the building which is already dominating the skyscape in the west end.

Aaron Pope, director, asset management at M&G Real Estate, part of M&G’s £65 billion private assets and alternatives business, 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”.

Paul Curran, chief executive of Edinburgh-based Qmile Group, added: “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.”  

See also: West Town development planned for Edinburgh

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