HBOS is to occupy all of 1 Lochrin Square in Edinburgh, Scotland in the city’s largest letting in four years.

62,000 sq ft

The banking giant has agreed to take 62,000 sq ft at the £50m office scheme which is being developed by a joint venture between Gladedale and Scotmid.

It will pay a rent of £28.50/sq ft, equivalent to approximately £1.77m a year in rent, at the building which is in Edinburgh’s Exchange District at Fountainbridge.

David Robinson, development director for Gladedale, said: ‘We took the decision in 2005 to commence construction in what was then perceived to be a difficult marketplace. We were convinced, however, that there was little competition in Edinburgh for a product of this nature and quality.’

625 staff

The development was completed in October this year and HBOS is expected to start moving 625 staff into the building next month.

It follows two other lettings at 2 Lochrin Square to law firm Biggart Baillie and financial support services company Watson Wyatt which prelet 18,235 sq ft and 7,150 sq ft respectively.

6,000 remaining

There is 6,000 sq ft of office space left at 2 Lochrin Square.

Ryden and DTZ are joint letting agents on Lochrin Square. King Sturge advised HBOS.