£350m Haymarket development fully let

The Haymarket Edinburgh development

M&G Real Estate and its property development partner Qmile Group announced they have pre-let all 390,000 sq ft of Grade A office accommodation at the £350 million Haymarket Edinburgh development after a further three deals for 48,000 sq ft at the eight-storey Haymarket One.

M&G Real Estate is part of M&G plc’s £65 billion private and alternative assets business.

Business advisory firm Deloitte and law firms Shoosmiths and Dentons have signed for 16,380 sq ft, 16,380 sq ft and 15,240 sq ft of Grade A office space respectively – all on 15-year leases.

Each business will be relocating from existing office accommodation in Edinburgh city centre.

Future occupiers also include oil and gas company Capricorn Energy (formerly Cairn Energy) and law firm Shepherd and Wedderburn, alongside investment giant Baillie Gifford, which has taken 280,000 sq ft on a 20-year lease.

Haymarket One is scheduled for completion in August this year and Haymarket Three in autumn 2023.

Aaron Pope, Director, Asset Management at M&G Real Estate, said: “As an asset owner and an asset manager, M&G saw an opportunity to provide significant funding and expertise to regenerate Haymarket and transform it into a high-quality new destination for office workers and the local community.

“We are delighted that this fantastic office space has been pre-let to such prestigious global businesses, and we look forward to working with them and Qmile to deliver work environments which are centred around sustainability and occupier wellbeing.

“As a major investor in Edinburgh, M&G will continue to seek out opportunities in the city which, like Edinburgh Haymarket, can provide a sustained income for our customers and clients.”

Qmile Group CEO Paul Curran said: “To announce we are 100 per cent pre-let, despite all the challenges of the past couple of years, is a remarkable achievement by everyone involved in the Haymarket Edinburgh development.

“It is testament to the commitment and capability of our people, partners, and advisers, as well as that of Edinburgh’s commercial property market and the wider business community.

“When you consider the site was derelict for more than 50 years to know we are well on our way to creating a thriving business community and making Haymarket Edinburgh an integral part of the city centre, is something we are very proud of.

“We now look forward to delivering the development and continuing the positive conversations we are having with potential occupiers for the remaining leisure and retail space we have available here.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.