Royal London expands in Scottish capital

Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has announced that it is to lease the entire 22 Haymarket Yards building in Edinburgh to Royal London in one of the biggest office deals in the capital this year.

Royal London will occupy all 47,921 sq ft of the Grade A office building next to Haymarket Station, providing accommodation for approximately 550 employees.

Royal London has already established a significant presence in the building as a short-term subtenant of the previous occupier, and has now leased the whole building following a surrender of the head lease.

It has signed a 10-year lease at a rent of £26 per sq ft per annum on the building, which will benefit from refurbishment works by landlord Aviva Investors.

Julian Cobourne, senior asset manager at Aviva Investors, said: “We are delighted to secure Royal London as our tenant for 22 Haymarket Yards. This letting confirms Haymarket’s credentials as a key location in the Edinburgh city centre office market, an area which we expect to see grow strongly over the coming years.”

Ian Davidson, business space director Lambert Smith Hampton, said: “We are pleased to have secured 22 Haymarket Yards for Royal London, following a successful initial occupancy over the last 18 months.”

Leigh Fyffe, group facilities manager of Royal London, said: “We are pleased to have secured the building to support our expanding business.”

Cushman & Wakefield and JLL acted jointly for Aviva, and Lambert Smith Hampton acted for Royal London in the transaction.