Legal & General buys Edinburgh’s New Waverley office development

The office component of Edinburgh’s New Waverley development has been sold by Artisan Real Estate Investors to Legal & General.

Legal & General has secured the development on behalf of Legal & General Retirement, which invests in high-quality, long-term UK assets that generate income streams that match its commitments to pensioners.

The deal follows a pre-let agreement announced in July 2017 with the UK government to create a new office hub at New Waverley, moving some 2,900 civil service jobs into the heart of Edinburgh’s Old Town.

The Grade A office development is expected to complete in June 2019 and will include HMRC, which will run one of their 13 regional centres from New Waverley, under the terms of a 25-year lease.

The new government office hub is set to continue the momentum of New Waverley’s current development phase which will see the high quality office space blend with restaurants, cafes and shops around a new public square.

Artisan’s £200 million, 7.5 acre mixed-use scheme seamlessly links Waverley Station with the city’s iconic Royal Mile, forming part of the Old Town’s UNESCO World Heritage site. During the last two years, New Waverley has delivered 400 hotel rooms, including two Whitbread hotels – a Premier Inn and a Hub by Premier Inn – and an Adagio Aparthotel overlooking the Royal Mile.

The New Waverley offices will be arranged across two linked buildings providing some 190,000 sq. ft. of space and offering the highest levels of sustainability and operational efficiency. Employees will benefit from modern, well-lit Grade A office space with added staff amenities including a landscaped roof area providing sweeping views across the Waverley Valley.

Work on the office development is currently underway and is due to be completed in summer 2019.