Morrison Developments and Cala Properties have let the first tranche of space at their flagship Edinburgh office development, Exchange Plaza.
Glasgow-based Clydesdale Bank is taking 2,369m2 (25,500 sq ft) as its Edinburgh headquarters, and will occupy about 1,115m2 (12,000 sq ft) on the ground floor and the remainder on the top floor, which, commented Morrison’s Paul Devine, has “the best views over the city centre”. The bank is taking a 25-year lease at just under the £245 per m2 (£23 per sq ft) quoting rent.
The 9,290m2 (100,000 sq ft) first phase, which was funded by Railways Pension Trustees, was completed last month and a second phase is planned to start construction when the first is substantially let. Devine said that the developers are in serious talks with three tenants interested in a further three floors of the six-storey building.
The building will be re-named Clydesdale Bank Plaza and the bank is putting two of its existing Edinburgh buildings – in Hanover Street and Charlotte Square – on the market through Ryden. Chesterton acted for the bank and Knight Frank, and Jones Lang Wootton and Ryden advised the developers.
In London, Morrison is paying Hounslow Council £6m for 2.1ha (5 acres) in the town centre. It will develop 18,580m2 (200,000 sq ft) and the scheme will house the largest cinema in London for operator AMC.
See EG Interview, p88
