Property News - Armani pitches on Edinburgh's upmarket Walk

Emporio Armani and Reiss are the latest tenants to sign up for the Walk, Coal Pension Properties' new purpose built pedestrianised street in Edinburgh.

Armani has taken a 15-year lease on a 4,400 sq ft (410 sq m) unit at the western end of the street, next to Harvey Nichols and opposite Louis Vuitton.

Chris Phillips, partner at Cushman & Wakefield Healey & Baker - joint letting agent with McGregor - said that despite a slow start, lettings at the scheme, which opened 18 months ago, were picking-up, and half the 27 units are under offer.

'Rents are on a par with George Street, Edinburgh's existing luxury pitch, but we have been offering longer rent free periods or turnover leases, depending on the quality of the tenant's covenant,' Phillips said. Both the existing tenants, Harvey Nichols and Louis Vuitton are reportedly trading above expectations. Michael Peddar & Co advised Armani.