Place v Gate in new battle of Waterloo

By JIM DOW

THE Stamp Office in Waterloo Place, Edinburgh, was launched last week after completing a £3 million refurbishment.

The structure has been a landmark in the capital for quite some time - it was built as The Stamp Office in 1822, calculating and charging stamp duty on leases and sales.

For the last 10 years it had been occupied by the City of Edinburgh Council and when the Council moved out, the owners, a team of investors including Mike Rutterford and Eric Young operating under the name of the Waverley Place Ltd. Partnership, set about refurbishing it.

It has a total of 52,886 sq ft over seven levels with 17 car spaces in the basement and the agents, Eric Young and Jones Lang LaSalle, are looking for £21 a sq ft on levels four to seven for 10 years and £22 if a five-year break is required then on levels one to three £14 and

Waverley Gate - competition from next door

£15. Leases for 3,500 sq ft and upwards are available.

Eric Young director Neil Gordon says they have already had a number of inquiries, with no terms out yet.

Yes, he said, the massive, virtually empty Waverley Gate was right next door, and he added: “We will get under the skirts of the competition. This is grade a space at very economical rents and I think that is what the market is looking for.”

The best space in Waverley Gate is said to be around £28-£29 a sq ft but deals around £24-£25 a sq ft for the poorer space are reckoned to be a possibility.