The lease, along with a UK government guarantee, is for a term of 25 years, commencing upon practical completion of the development, with a Tenant break at year 20. The Agreement includes options to the Tenant to extend the lease for up to a further 10 years. The 189,111 sq ft development is expected to complete in June 2019.
In addition, the Tenant has an option to lease a further 30,000 sq ft of office space, exercisable within 2 years, on the same terms as those contained in the Agreement.
This significant pre-letting continues the momentum of New Waverley’s final development phase which will see high quality office space and apartments blend with restaurants, cafes and shops around a new public square. The site seamlessly links Waverley Station with the Edinburgh’s Royal Mile, forming part of the Edinburgh old town’s UNESCO World Heritage site. During the last 2 years, New Waverley has delivered 400 hotel rooms, including two Whitbread hotels – a Premier Inn and a Hub by Premier Inn – as well as an Adagio Aparthotel overlooking the Royal Mile together with 21 retail units.
This announcement is voluntary and for information purposes only.
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