LLOYDS Banking Group has announced plans to transform its Port Hamilton building in Edinburgh city centre into a "state-of-the-art innovation hub" as part of a £200 million redesign.
In what will be one of Edinburgh’s largest ever pre-letting deals, the complex will become Lloyds’s main base in Scotland following completion of the works in 2027.
The soon-to-be banking HQ has been home to Scottish Widows for almost 30 years. Drum Property Group will now assume control of the property and take responsibility for redeveloping the building as part of a forward funding agreement.
The property group has also concluded a pre-letting agreement with Lloyds, which will see the firm enter a 21-year lease after the transformation works are expected to be completed.
Sharon Doherty, chief people and places officer for Lloyds, said: “We want to create a more modern and sustainable workspace in Edinburgh where our colleagues enjoy working so that we’re in the best place to serve our 27 million customers in more ways with the things that matter to them.”
Welcoming the redevelopment deal, group managing director of Drum Property Group Graeme Bone said: “The £200m redevelopment of Port Hamilton presents an exceptional opportunity for Lloyds Banking Group to upgrade and enhance one of Edinburgh’s landmark buildings and deliver an exceptional working environment for Lloyds colleagues in an unrivalled city centre location.
"We are particularly proud of securing one of Edinburgh’s largest ever office pre-letting deals. The level of investment, structure and net-zero objectives of the Port Hamilton redevelopment sends out a very strong message for the future of the city centre office market. It also marks another exciting addition to our proven track record in delivering major office facilities for both corporate and government occupiers."
Chira Barua, CEO of Scottish Widows, said: “The fintech scene in Scotland is buzzing and we’re committed to staying right in the centre of it. We’ve made huge progress in connecting customers with their financial futures and we’re starting to see how powerful digital engagement and gamification will be in the future.
"There’s huge potential to help make a real difference for our customers’ lives and we’re right out in front building all the parts we need to innovate in a massive way.”
