L&G snaps up offices in Edinburgh’s Old Town

Artisan Real Estate Investors has agreed the sale of Edinburgh’s New Waverley office development to Legal & General ahead of it being occupied by thousands of civil servants.

Insurance giant L&G has secured the office element of the mixed-use development in the heart of Edinburgh’s Old Town on behalf of Legal & General Retirement, which invests in long-term UK assets.

The deal with Artisan Real Estate Investors – the partnership behind New Waverley – follows a prelet agreement announced in July with the UK government to create a new office hub, moving around 2,900 civil service jobs into the scheme.

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

New Waverley’s current development phase will see the high quality office space blend with restaurants, cafes and shops around a new public square.