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Edinburgh, 19 August 2013 - Sainsbury’s Bank has secured new offices at Edinburgh Park in West Edinburgh to accommodate plans for expansion following the announcement by J Sainsbury Plc of their intention to purchase Lloyds Banking Group's 50% share of Sainsbury's Bank.
The supermarket bank has signed terms with landlord Aviva Investors to occupy 3 Lochside Avenue providing the business with approximately 80,000 sq ft of office space over four levels, in the largest letting in the city in nine years.
The move will see all Edinburgh based, circa 350 Bank colleagues, transfer from their existing premises in South Gyle to the new building in Edinburgh Park in late 2014. The new building offers extensive room in which the business can continue to grow.
Aviva Investors acted quickly to negotiate an early surrender of the lease to previous tenant Aegon. The landlord has also agreed to undertake a comprehensive refurbishment to pre-let the building to Sainsbury’s Bank.
3 Lochside Avenue is located at the heart of Edinburgh Park, one of the UK’s premier business parks, which is home to some of the country’s leading businesses including JP Morgan, Diageo, HSBC and BT.
Jones Lang LaSalle acted for Aviva Investors in letting 3 Lochside Avenue. Sainsbury’s Bank was advised by Cushman & Wakefield.
Julian Cobourne, Investment Manager at Aviva Investors, said: “3 Lochside Avenue is arguably the best specified building on Edinburgh Park as it was originally designed for an owner occupier. We have held onto the building as we always believed in the product and to have secured this letting justifies our strategy.”
Cameron Stott, Director, Edinburgh Office Agency at Jones Lang LaSalle, said: “Edinburgh Park offers an exceptional opportunity for occupiers providing a combination of competitive occupancy costs, accessibility, staff amenities and quality accommodation.
“The opening of the tram stop will add to staff accessibility and is clearly already having a major impact on occupier decisions. Considered together, these factors are resulting in a significant increase in the level of occupier activity in West Edinburgh this year.”
Angela Lowe, Partner at Cushman & Wakefield, said: “Sainsbury’s Bank has proactively addressed its future occupancy needs by securing new offices now. The acquisition follows extensive analysis of the Edinburgh office market to ensure that the building selected fulfilled the criteria demanded by the organisation. 3 Lochside Avenue is a fantastic building in terms of location, specification and car parking. This is a significant letting and great news for Edinburgh.”
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Cathrine Harrison - PR
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