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Henderson Property achieves major letting in Edinburgh

Following an agreement with Universities Scotland, for the remaining office suite, Holyrood Park House, Edinburgh is now 100% let. The 46,700 sq ft Grade A building, located close to the Scottish Parliament, now has an enhanced rental income of just under £830,000 per annum.

Henderson Global Investors’ c.£12.5 billion property business has achieved a significant letting in Edinburgh. Following an agreement with Universities Scotland, for the remaining office suite, Holyrood Park House, Edinburgh is now 100% let. The 46,700 sq ft Grade A building, located close to the Scottish Parliament, now has an enhanced rental income of just under £830,000 per annum.

Universities Scotland has signed terms for a 10 year lease over the 4,454 sq ft ground floor (rear) office suite. It has relocated from its previous premises at Hanover Street, Edinburgh, to take advantage of the high quality accommodation, excellent local amenities and strategic location.

This latest transaction follows on from a recent spate of open market lettings, beginning with the 3,640 sq ft ground floor (front) letting to the Royal Pharmaceutical Society in December 2009. This was followed up with InterSystems acquiring the 3rd floor (8,048 sq ft) in June 2010, followed by the letting of the entire lower ground floor (7,112 sq ft) to ESRI in February this year.

In addition to four open market lettings, terms have also been concluded terms with CITI group (the original and largest occupier within Holyrood Park House) to extend their 23,500 sq ft leasehold commitment until January 2016.

Martin Payne, Fund Manager, at Henderson Global Investors commented “The transformation of Holyrood Park House from its original 50% vacancy rate to 100% let over a period of only 32 months is a remarkable achievement and vindicates the strong investment rationale which underpinned the original decision to purchase the asset.”

Martin Edgar, Director at Edgar Property Consultants Ltd added: “The significant lettings agreed at Holyrood House, against the backdrop of challenging market conditions currently witnessed I Edinburgh, is testament both to the quality of the asset and to the efforts of both CBRE and Cushman & Wakefield, who have been instrumental in this remarkable achievement.”

Edgar Property Consultants acts as Asset Manager for Henderson on the asset. Cushman & Wakefield acted for Henderson and CBRE acted on behalf of Universities Scotland.

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