Shareholders are advised that MAS has, through a wholly-owned subsidiary, New Waverley 20 Limited, entered into an agreement for lease with the UK government for the office component of the New Waverley development in Edinburgh, Scotland.
The lease, along with a UK government guarantee, is for a term of twenty-five, commencing upon practical completion of the development, with a tenant break at year twenty. The agreement includes options to the tenant to extend the lease for up to a further ten years. The 189,111 sq ft development is expected to complete in June 2019.
In addition, the tenant has an option to lease a further 30,000 sq ft of office space, exercisable within two years, on the same terms as those contained in the agreement.
This significant pre-letting continues the momentum of New Waverley’s final development phase which will see high quality office space and apartments blend with restaurants, cafes and shops around a new public square. The site seamlessly links Waverley Station with the Edinburgh’s Royal Mile, forming part of the Edinburgh old town’s UNESCO World Heritage site. During the last two years, New Waverley has delivered four hundred hotel rooms, including two Whitbread hotels – a Premier Inn and a Hub by Premier Inn – as well as an Adagio Aparthotel overlooking the Royal Mile together with twenty-one retail units.
“The successful conclusion of the 25-year lease agreement with the UK Government at New Waverley is proof of MAS’ ability to attract elite tenants to our iconic New Waverley development. This long-term lease, with the option to extend for up to a further 10 years, provides excellent security of income”.
“Our pre-letting continues the momentum of New Waverley’s final development phase, which will see high quality office space and apartments blend with restaurants, cafes and shops around a new public square to be completed in June 2019. We expect this lease to attract additional interest from prospective investors and tenants to the residential part of this world heritage site, featuring 148 superb apartments and penthouses as well as boost trading and values at the rest of New Waverley,” commented Lukas Nakos, CEO of MAS.
This announcement is voluntary and for information purposes only.
