Royal London Mutual Insurance Society said it is reaffirming its commitment to Edinburgh city centre, investing in a transformation of its former Thistle Street office to serve as a new Scottish headquarters for up to 1,600 employees.

“This major investment into the city centre reinforces Royal London’s commitment to its Scottish base,” said the firm.

“The business is currently based in an office on Haymarket, with additional space also let at Waverley Gate. The move to the Thistle Street site marks a return to St Andrew Square where the business has had a presence since the 19th century and creates an Edinburgh estate that can accommodate over 2,000 employees.”

Royal London’s plans for the 108,000 sq ft scheme include a new auditorium, employee cafe, two new roof terraces with views across the city, and extensive bike parking facilities.

Working with Edinburgh architecture firm Morgan Architects, the project aims to minimise embodied carbon by retaining 70% of the existing building while breathing new life into the city centre site.

Staff members will be encouraged to “leave the car at home” through the provision of facilities for cyclists and promotion of the public transport links the location benefits from.

Royal London has submitted a planning application for works, which are due to start in 2026 once permissions have been granted.

Peter Josse, Group Chief Operating Officer at Royal London, said: “As one of the largest financial services employers in Edinburgh, we are thrilled to advance our plans to transform our former offices into a future-proofed, best-in-class Scottish headquarters. This development will complement our new customer service centre at Waverley Gate which will open later this year.”

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 30 mutuals globally, with assets under management of £173 billion, 8.7 million policies in force and over 4,500 employees.

Guy Morgan at Morgan Architects said: “Morgan Architects has been working with Royal London to repurpose these buildings, creating the potential to extend the existing buildings through a judicious new build and a reinterpretation of the office which meets the needs and aspirations of this prominent site.

“Our design will retain, repair, reconfigure and upgrade as much of the current buildings as possible while also creating a new sustainable office fit for contemporary purposes.”

Detailed applications have been submitted for planning permission and listed building consent to the City of Edinburgh Council for the refurbishment and extension of the buildings at 1 Thistle Street and 2 Queen Street.

The site comprises a category C listed building at 2 Queen Street and an adjoining 1970s office building at 1 Thistle Street.

The site forms part of one of the earliest areas of the First New Town to be developed to James Craig’s published plan of 1768. The original six houses on the site were complete by 1773.

In 1889 the southernmost houses were replaced by a new Stock Exchange building and since then the various parts of the site have been redeveloped periodically over the intervening years.