Monday, September 21, 2023
The Stamp Office in Edinburgh is fully let
A team of property experts is celebrating a rare triumph in the property market after business space at a flagship Edinburgh building sold out in record fast time.
Agents acting for The Stamp Office on Waterloo Place have signed two tenants to take the final floors of the building which has been refurbished, marketed and sold out in a little over a year.
Internet travel company, Skyscanner Ltd has taken Level 5 extending to 7300 sq ft on a ten year lease. The initial rental steps up to £160,000 per annum. Skyscanner will commence fitting out the suite immediately and move into the city from current premises in Leith.
Level 1 of the building has been taken by new gym operator, Factory Gyms Ltd, with a 10 year lease at an initial rent of £108,765 per annum. The gym will commence fit out soon and the facility expects to be open for business before the end of the year.
The Stamp Office is now the base for over 400 people working in seven businesses. The deals are being hailed as a triumph in commercial property after advisers worked flat out to buck the downturn to source and secure tenants.
The joint lettings agents were Eric Young and Co and Jones Lang LaSalle. Legal firm Burness have acted for the Stamp Office and Bank of Scotland provided development funding. Skyscanner were represented by Graham & Sibbald and Factory Gyms by Craig Watson Property Consultants.
Neil Gordon, Director of Eric Young & Co, who were joint agents with Jones Lang LaSalle commented, "In this market you have to work smarter and a key factor in achieving this is flexibility. We listened to tenants and shaped the deals to meet exact requirements. Everyone is offering incentives right now so we tried to create new offers to appeal to individual business. Some of our deals involve a rent free period or a capital contribution, some were on the basis of stepped rentals and one involved our client fitting out the suite for the tenant. Being flexible and staying open minded makes a real difference right now and we're pleased that it has worked for the Stamp Office."
Mike Rutterford, the veteran property expert, is one of the investors in the Stamp Office and has directed the sales and legal teams. He commented; "The Stamp Office has inarguably been one of the most successful office rentals Edinburgh has seen in recent times.
"Our dream team of advisers have worked very hard and proactively to get deals done. Time and speed of deals are critical in these conditions and being able to turn things round quickly makes a big difference.
"We have been flexible and fair in pricing and lease terms. What worked last year doesn?t necessarily work now and we've created deals that I believe are unique and appealing to businesses."
Craig Watson, Associate Director of joint letting agents Jones Lang LaSalle commented; "The market conditions have been very challenging since January 2008. During this period occupiers have been very cautious and there have only been 10 lease transactions in Edinburgh of between 6,000 - 9,000 sq.ft. Seven of these deals have been at The Stamp Office despite the large amount of available office space throughout the city. I think this success has been down to the pro-active approach of the landlord and the flexibility we have been able to offer occupiers."
The team are now turning their attention to other sites to repeat their roll of success.
The Stamp Office tenants are:
The Scottish Legal Complaints Commission
REpower UK
VOSA
Carlson Wagonlit
Chiltern International
Skyscanner
Factory Gyms Ltd
Agents acting for The Stamp Office on Waterloo Place have signed two tenants to take the final floors of the building which has been refurbished, marketed and sold out in a little over a year.
Internet travel company, Skyscanner Ltd has taken Level 5 extending to 7300 sq ft on a ten year lease. The initial rental steps up to £160,000 per annum. Skyscanner will commence fitting out the suite immediately and move into the city from current premises in Leith.
Level 1 of the building has been taken by new gym operator, Factory Gyms Ltd, with a 10 year lease at an initial rent of £108,765 per annum. The gym will commence fit out soon and the facility expects to be open for business before the end of the year.
The Stamp Office is now the base for over 400 people working in seven businesses. The deals are being hailed as a triumph in commercial property after advisers worked flat out to buck the downturn to source and secure tenants.
The joint lettings agents were Eric Young and Co and Jones Lang LaSalle. Legal firm Burness have acted for the Stamp Office and Bank of Scotland provided development funding. Skyscanner were represented by Graham & Sibbald and Factory Gyms by Craig Watson Property Consultants.
Neil Gordon, Director of Eric Young & Co, who were joint agents with Jones Lang LaSalle commented, "In this market you have to work smarter and a key factor in achieving this is flexibility. We listened to tenants and shaped the deals to meet exact requirements. Everyone is offering incentives right now so we tried to create new offers to appeal to individual business. Some of our deals involve a rent free period or a capital contribution, some were on the basis of stepped rentals and one involved our client fitting out the suite for the tenant. Being flexible and staying open minded makes a real difference right now and we're pleased that it has worked for the Stamp Office."
Mike Rutterford, the veteran property expert, is one of the investors in the Stamp Office and has directed the sales and legal teams. He commented; "The Stamp Office has inarguably been one of the most successful office rentals Edinburgh has seen in recent times.
"Our dream team of advisers have worked very hard and proactively to get deals done. Time and speed of deals are critical in these conditions and being able to turn things round quickly makes a big difference.
"We have been flexible and fair in pricing and lease terms. What worked last year doesn?t necessarily work now and we've created deals that I believe are unique and appealing to businesses."
Craig Watson, Associate Director of joint letting agents Jones Lang LaSalle commented; "The market conditions have been very challenging since January 2008. During this period occupiers have been very cautious and there have only been 10 lease transactions in Edinburgh of between 6,000 - 9,000 sq.ft. Seven of these deals have been at The Stamp Office despite the large amount of available office space throughout the city. I think this success has been down to the pro-active approach of the landlord and the flexibility we have been able to offer occupiers."
The team are now turning their attention to other sites to repeat their roll of success.
The Stamp Office tenants are:
The Scottish Legal Complaints Commission
REpower UK
VOSA
Carlson Wagonlit
Chiltern International
Skyscanner
Factory Gyms Ltd
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