L&G buys Edinburgh New Waverley office

Published: 19 October 2017

Artisan Real Estate Investors, the partnership behind Edinburgh’s New Waverley development, has confirmed it has completed the sale of the scheme’s 190,000 sq ft office component to Legal & General.

Legal & General has secured the development on behalf of Legal & General Retirement, which invests in high-quality, long-term UK assets that generate income streams that match its commitments to pensioners.

The deal follows a pre-let agreement announced in July 2017 with the UK Government to create a new office hub at New Waverley, moving some 2,900 civil service jobs into the heart of Edinburgh’s Old Town.

This transaction reflects the strong income stream, and rare prime city centre development opportunity offered by New Waverley. It also shows the value we have added by the strong sense of place-making already established at New Waverley.

Clive Wilding , Projects Director, Artisan

 

The new Government office hub is set to continue the momentum of New Waverley’s current development phase which will see the high quality office space blend with restaurants, cafes and shops around a new public square. Artisan’s £200m, 7.5 acre mixed-use scheme seamlessly links Waverley Station with the city’s iconic Royal Mile, forming part of the Old Town’s UNESCO World Heritage site. 

Work on the office development is currently underway and is due to be completed in summer 2019. New Waverley has won three place-making awards in 2017 – including best regeneration project for both the Scottish Property Awards and the Royal Institute of Chartered Surveyors (RICS) Awards...

Full story via CoStar News

Share

Latest tweets

follow us @InvestEdinburgh