Premises at 124/125 Princes Street now fully let with final penthouse deal

A newly refurbished penthouse suite at 124/125 Princes Street with views to Edinburgh Castle, has been let on a 10 year lease to Cenkos Securities plc, an independent stockbrokers.

JLL advised Hines UK on the final letting in the building shortly after the recent agreement on the fifth floor which is let to Edinburgh-based Recast, a sports video platform, and say this is a sign of a return to pre-pandemic health in the commercial leasing market.

The building of 38,500 square feet is now fully let with tenants including Urban Outfitters on the ground floor, BDG Design Limited and The Chartered Institute of Housing.

James Campbell Adamson, Landlord for Hines said: “After a strong end to 2021 with our Recast agreement, securing Cenkos at 124/125 Princes Street means that we have enjoyed a fantastic start to 2022.

“Their professional services and reputation complements our existing tenant line-up well and will be a great addition to the building.”

Brian Tweedie, JLL, led on the deal. He said: “JLL are delighted to have secured Cenkos on behalf of Hines. This latest deal is another indicator that the office leasing market in Edinburgh is continuing to reinforce itself as a strong regional centre. 2021 saw the capital’s leasing market continue to perform well after a difficult period during the pandemic, and we’re happy to have been able to assist and secure another fully occupied building on behalf of our client.”

Cenkos were advised by Galbraith Group throughout their acquisition process.

Pamela Gray, Partner, Galbraith Group, said: “We are delighted to have acted on behalf of Cenkos in sourcing and negotiating the letting of the top floor penthouse suite at 125 Princes Street.  This is a fantastic office within a prominent building and fits well with the ethos and direction of my client’s growing business and commitment to Scotland.”

The property was acquired by Hines UK in 2015, on behalf of the Hines Pan-European Core Fund (HECF).