Sainsbury’s Bank has agreed a deal with Aviva Investors for what is the largest letting in Edinburgh for nine years.
Sainsbury’s has agreed to take 80,000 sq ft of offices over four floors at 3 Lochside Avenue in West Edinburgh.
It is understood to have signed a 10 year lease with rents in the area around £13-£15 per sq ft.
The supermarket giant announced earlier this year that it would take full control of its banking arm by January 2014 in a £248m deal with Lloyds .
The move will see all of the bank’s Edinburgh-based staff, which number around 350, transfer from their existing premises in South Gyle to the new building in Edinburgh Park in late 2014.
The existing tenant at 3 Lochside Avenue, Aegon, is surrendering its lease. The building is located in Edinburgh Park, which is home to JP Morgan, Diageo, HSBC and BT.
Aviva Investors investment manager Julian Cobourne said: “Three Lochside Avenue is arguably the best specified building on Edinburgh Park as it was originally designed for an owner-occupier.
“We have held on to the building as we always believed in the product and to have secured this letting justifies our strategy.”
Jones Lang LaSalle acted for Aviva Investors; Sainsbury’s Bank was advised by Cushman & Wakefield.
nick.whitten@estatesgazette.com
