TSB bank’s Edinburgh headquarters has been put up for sale — with its owner seeking offers of over £18,550,000 for the property.

Agent JLL said it has brought to market TSB’s Henry Duncan House HQ at 118-124 George Street, Edinburgh.

It said the building is let to TSB Bank Plc until December 2031.

On August 6, Alicante-based Banco Sabadell said its shareholders overwhelmingly approved the £2.65 billion sale of TSB bank to Banco Santander.

The TSB brand could now disappear with Santander saying it “intends to integrate TSB in the Santander UK group, enabling it to become the third largest bank in the country by personal current account balances.”

“The sale represents a rare opportunity to acquire one of the most substantial, unencumbered office buildings on George Street, held in the same ownership for over 20 years … ” said JLL.

“Current passing rent: £1,485,000 p.a. (exceptionally low rate of £25.12 per sq ft) … Significant rental growth potential with 2026 rent review … EPC ‘B’ Rating … Heritable Title (Scottish freehold equivalent) …

“Quoting Price: £18,550,000 / 7.50% Net Initial Yield / £330 per sq ft CV …

“Investment value is heavily underpinned by vacant possession value, with recent office sales in Edinburgh city centre achieving £260-£360 per sq ft for VP or short income buildings.”

JLL added: “The tenant recently sub-let space and is marketing part of the building, to let.

“There is an opportunity to engage with the tenant to discuss either full or partial lease surrenders and/or agree direct leases with future subtenants to crystallise rental growth.”