The site at 28 St Andrew Square is rated among the highest-quality office space currently on offer in the Scottish capital, and bosses at Virgin Money are pleased with the deal they’ve reached.
Several hundred new jobs are expected to be created in Edinburgh as a result of the move, with staff scheduled to begin operating from the offices sometime this summer.
Virgin Money has described the office space agreement as part of an ongoing effort to establish the business as a “real alternative for consumers” throughout the UK.
“St Andrew Square has so much history, and we will be looking to build upon that by delivering a bank that makes everyone better off for the generations to come,” said the company’s chief executive, Jayne-Anne Gadhia.
“Scotland has a solid reputation for financial services and, of course, has highly talented and skilled people to help us grow the Virgin Money business,” she added.
Employees of the well-known beverage maker Heineken were the previous occupants of the space now earmarked for Virgin Money’s staff, with the finance firm aiming to “grow significantly in 2011”.
A report from CBRE late last year suggested that office space in Edinburgh cost more per square foot than in Manhattan, New York, reflecting a lack of supply in the city’s office market in recent years.
Editor’s notes: In October 2018, Virgin Money was taken over by Clydesdale Bank Plc. In October 2019, Virgin Money was merged into Clydesdale Bank Plc, with the arrangement that it would continue to trade under its own name while operating under Clydesdale Bank Plc’s banking licence.
At the same time, it was announced that Clydesdale Bank would close Virgin Money’s headquarters office at St Andrew Square, cutting 330 jobs.
In October 2022, Virgin Money announced that it would open its new Edinburgh operating base at 83 George Street for customers, to be used as flexible working spaces.
As of June 2026, the 83 George Street branch remained open, and it stated on the Virgin Money website that all currently open branches would remain open “until at least the start of 2023£