One of Edinburgh’s prime retail sites is to be let to the UK kitchenware firm Lakeland Ltd., following a deal just concluded with The RSE Scotland Foundation. Located in one of Edinburgh’s landmark buildings, on the corner of George Street and Hanover Street, the prestigious unit comprises the ground and basement floors of the Grade A listed, Portland stone property which was constructed in the early 1900s. Built as the headquarters of Edinburgh Life Assurance and later owned by The Commercial Union, it was acquired by the RSE in 1994 to complement its adjoining headquarters and extend its conference facilities.
The premises provide sales space at both ground and basement floors, together with ancillary storage and extend in total to approximately 7,591 sq ft. Lakeland Ltd. are re-locating from their existing, smaller outlet on George Street, in a move which reflects the increasing demand for larger city centre retail units.
The premises are being let on a new 20 year lease, drawn on full repairing and insuring terms, with rent reviews at five yearly intervals. The initial rent is £155,000 per annum and a rent free period of 4 months is being granted to Lakeland Ltd.
Speaking on behalf of The RSE Scotland Foundation, Chairman of Trustees, Professor Robert Donovan said:
We are very pleased to have a well established business such as Lakeland Ltd., move into our premises and to be able to use the rental income to support a wide range of charitable activities, run by the Foundation and The Royal Society of Edinburgh.
Mr Frank Montgomery of Lambert Smith Hampton, RSE Scotland Foundation’s letting agent, commented:
Whilst this highly prominent building generated extremely strong interest from an American branded fashion retailer and a plc restaurant chain among others, the landlord saw Lakeland Ltd. as the most compatible neighbour to their adjacent headquarters and are delighted to have secured this new letting.
The RSE Scotland Foundation was represented in the transaction by Lambert Smith Hampton and Lakeland Ltd., were represented by Harmer Ray Hoffbrand.