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Case Study

Scottish Widows HQ Sold in Largest Ever Office Transaction in Edinburgh

JLL advised on the sale of Scottish Widows' headquarters at Port Hamilton in Edinburgh. One of the city's most recognisable office buildings, it was sold in excess of £105 million making it the largest ever office investment transaction in Edinburgh.

Located in Edinburgh's Exchange District, the city's prime office core, Port Hamilton is a Grade A office building extending to 271,637 sq ft.  The sale attracted a range of UK and international investors with the eventual purchaser being an overseas based private client of HSBC Private Bank.

Port Hamilton is let in its entirety to Lloyds Bank plc, the main trading company of Lloyds Banking Group, and is the headquarters for Scottish Widows, who have occupied the property since 1997.  The lease was set for a term of 25 years from the date of sale, subject to a tenant break option on the 15th anniversary.  The rent is subject to an annual increase on each anniversary of the lease commencement at the fixed rate of 3.00% per annum.

Alasdair Humphery, Lead Director - JLL Scotland said: "Edinburgh has long marketed itself as a destination for overseas investment, and this sale truly underlines the city's credentials. The combination of Edinburgh as an investment prospect, a truly HQ office building and the long secure income resulted in significant interest from global investors and enabled the completion of a quick sale."

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