Clients of BMO Real Estate Partners had owned this asset for a number of years and, in 2016, when HSBC confirmed they were vacating it, CuthbertWhite was appointed to provide the Landlord with refurbishment and letting advice. Whilst positioning the building for release back into the market as a newly refurbished Grade A office, we identified Diageo as a potential tenant for the building. Through highly detailed design meetings and a very complex negotiation process we ended up delivering the building to Diageo on a ‘shell and core’ basis which then allowed them to ‘play’ with the internal specification as they saw fit, integrating their high end fit out into the CAT A specification. The repositioned building benefits from a wealth of ESG initiatives such as PV panels on the roof, energy efficient lighting and VRF heating/cooling system, car charging points etc. Diageo signed up to a long leasehold and have now taken occupation.
We engaged CuthbertWhite on 11-12 Lochside Place, Edinburgh Park, as soon as we heard HSBC were consolidating their occupational portfolio in Edinburgh and planned to vacate. We required their development, agency and investment advice. The 45,000 sq ft building needed a total overhaul and repositioning. They introduced us to the architectural team at ISA, and we commenced a full analysis of refurbishment options for the building. CW carried out a detailed analysis of the market and highlighted there was strong demand and a very limited supply of Grade A office accommodation on Edinburgh Park. The CuthbertWhite team worked really well with the design team to get the best out of the building whilst having one eye on a live requirement from Diageo Plc. Following a very detailed and complex deal negotiation phase, we managed to secure a 100% pre-let with Diageo for their Scottish HQ. A fantastic result for all concerned.
Simon McIntosh