Acting on behalf of Barclays PLC, CBRE’s Edinburgh Retail Team has secured a renowned high end jeweller for a prominent corner unit in the centre of George Street in Edinburgh.
Laings the Jeweller has paid a premium to acquire space at 72 George Street, comprising almost 5,000 sq ft across three floors, at a rental of £322,500 per annum.
The shop unit benefits from return frontage onto Frederick Street and is nestled amongst leading high street retailers such as Fat Face, Space NK, Jo Malone and French Connection.
Callum Mortimer, director in CBRE’s Retail team in Edinburgh, commented: “Corner units on George Street rarely become available. When Barclays asked us to dispose of its lease we specifically targeted occupiers that seek prominent city centre corner locations. As a result we received numerous premium offers at our closing date, where competitive tension had been created, including proposals from a number of jewellers.
“Our client is delighted to obtain such a positive result and the interest received illustrates the continued demand for quality retail space within Edinburgh city centre. I understand that Laings will be investing significantly in the shop and I am looking forward to seeing it open for trade.”
CBRE represented the outgoing tenant Barclays Bank plc whilst Eric Young & Co represented Laings the Jeweller.