M&G Real Estate and development partner Qmile Group have signed Baillie Gifford for a 280,000 sq ft prelet at its landmark £350m Haymarket Edinburgh scheme.
The investment firm has agreed to take the grade-A offices on a 20-year lease, and will relocate to its new head office in the latter half of 2023.
The deal is the first prelet at the Foster + Partners-designed Haymarket Edinburgh. The scheme comprises more than 380,000 sq ft of grade-A office, as well as leisure, retail, accommodation and events space, and landscaped public realm.
Andrew Telfer, joint senior partner at Baillie Gifford, 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. This will help to support our staff and clients around the world, while providing space for further growth.”
Martin Towns, head of UK commercial at M&G Real Estate, said: “Our environmental, social and governance credentials and expertise will ensure this site is transformed into a new, world-class public realm for the local community and sustainable office space for the most exacting modern occupiers.
“For our customers and clients, this development represents a key asset with potential for sustained income and strong capital appreciation in a targeted growth zone.”
Paul Curran, chief executive of Edinburgh-based Qmile Group, added: “Securing Baillie Gifford as Haymarket Edinburgh’s first office occupier shows the continued confidence in Edinburgh’s commercial property market, and in high quality, well-designed workplaces.
“Haymarket Edinburgh… represents the total regeneration of a site which has been derelict for more than 52 years.”
M&G Real Estate, Qmile Group and Fosters + Partners have all previously worked together on Edinburgh city centre’s £750m Quartermile mixed-use development.
JLL and Savills advised M&G Real Estate and Qmile Group, while Ryden acted for Baillie Gifford.
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