finance

M&G secures two office pre-lets At £350m Haymarket development



M&G Real Estate has agreed pre-lets for 55% of Haymarket One at the £350m Haymarket Edinburgh development.

Agreements for a further 62,183 sq ft have been signed by Cairn Energy and Shepherd and Wedderburn. The businesses will take 32,722 sq ft and 29,461 sq ft of Grade A office space respectively.

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 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.

Masterplanned by architects Foster + Partners, the development includes smart building technology, cycle storage and electric vehicle charging points. A hotel, shops and leisure facilities will be configured around landscaped public realm.

Aaron Pope, director of 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.”

Paul Curran, chief executive of Edinburgh-based property developer partner 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.”

Shepherd and Wedderburn, which currently has an office at Exchange Crescent, will occupy 29,461 sq ft on the top two floors of 1 Haymarket Square; moving into the new premises towards the end of next year.

Andrew Blain, managing partner at the firm, said: “One Haymarket Square will offer a flexible and dynamic working environment for colleagues and allow us to continue to grow.”

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