CodeBase, the Edinburgh-headquartered tech ecosystem builder and co-working space, has secured a one-year extension to its lease after lengthy negotiations with its landlord.
The technology incubator, which drives innovation, skills and investment into Scotland’s start-up and digital economy, has notified companies based at its flagship Argyle House office complex that the head lease will now run until the 22 November, 2026.
It provides certainty to tenants, who sub-let space at the building at the foot of Edinburgh Castle, following a protracted period of negotiation with Telereal Trillium, a London-headquartered property investment and management company that specialises in commercial and public sector real estate.
The negotiations, which began last year, resulted in the 12-month extension beyond the lease period of the 23 November this year, after the culmination of a 10-year lease signed in 2015. During the negotiation period, CodeBase had been legally required to issue termination notices to some tenants who had different notice periods in place as part of their tenancy agreements with CodeBase, with a minimum of three months’ notice.
Stephen Coleman OBE, chief executive and co-founder of CodeBase, said: “The reaction has been very positive. People are happy that there’s now clarity and comfort for [the] continuation, which is what everyone wanted.
“In terms of how many [tenants] have confirmed that they will stay or leave that’s still being worked through, so I can’t give exact numbers. But we very much hope and expect the majority to stay with us.”
It is understood that the renegotiation has led to a small reduction in the space available for tenants, which has been occupied by CodeBase since it was established in 2014.
There are approximately 80 companies based at CodeBase, with a workforce totalling around 900, making it Scotland’s largest functional shared workspace for the tech sector.
CodeBase, which delivers the £42 million national Techscaler tech education and mentorship programme on behalf of the Scottish Government, aimed at boosting the startup economy, also has a large network of regional hubs, including co-working locations in Inverness, Aberdeen, Dundee, Stirling, Glasgow and the south of Scotland.
CodeBase also has smaller offices at the Edinburgh Futures Institute and the Bayes Centre, at Edinburgh University.
According to the Techscaler annual review in February, start-ups enrolled on the programme raised £66m in public and private investment over the course of 2024, with the number of companies joining the scheme doubling, and it now supports over 1,300 companies in Scotland alone. It also delivers key tech programmes across the UK, including one for the legal tech sector – LawtechUK – on behalf of the Ministry of Justice.
Argyle House was designed in the brutalist style by the architectural practice Michael Laird & Partners and completed in 1968. The 11-storey office building in Lady Lawson Street has a prime location, bridging the space between the city’s financial district and the Old Town.
It was acquired by US property investment manager PGIM Real Estate from fellow property investor Kennedy Wilson in 2023 for an undisclosed sum. At the time, PGIM stated that Argyle House combined a “secure income stream with fantastic long-term potential for redevelopment and regeneration in the heart of Edinburgh city centre”.
It is understood that CodeBase is still in negotiations with Telereal Trillium about its long-term future, but lease extensions have previously been granted, and a resolution is expected soon. If a redevelopment is likely in the medium to long term, the process is expected to take several years from planning through to the start of construction.
CodeBase has changed significantly since its inception, when leasing office space was the principal operating model. With Techscaler, it has evolved into a tech education, mentoring and business support organisation, and the recent acquisition of assets belonging to CodeClan – the tech skills and training academy – diversifies its operations further.
Coleman remains committed to Edinburgh as being a vital UK hub for start-ups. He said: “It’s super important for us that we have a home in Edinburgh, and the start-up scene in Edinburgh has a home. We think that having that front door, having that community space, is really vital.”
He added: “So, we absolutely want there to be a base Edinburgh hub, and the ideal for us is that we stay in Argyle House for a few more years.”
Telereal Trillium did not respond to our inquiries.
