ONE of Edinburgh’s most prestigious office buildings has been sold in a £24.5 million deal.
Edinburgh Quay 2, home to companies including Baker Tilly, Barclays, Lloyds TSB Bank and Pinsent Masons, has been disposed of by Luxembourg-based Cordea Savills European Commercial Fund to unnamed clients of Knight Frank Investment Management.
The Fountainbridge office building is part of the Edinburgh Quay canalside scheme, a joint venture between Miller Developments and British Waterways developed to complement the existing financial Exchange district.
Nick Penny, director of investment in Savills Scotland, which secured the sale, said the Exchange district continued to develop and grow, and that Edinburgh Quay 2 had a strong visual presence within the city’s financial business district.
Cordea Savills European Commercial Fund had bought the property from Edinburgh Quay for £21.1m in 2010.
Edinburgh Quay 2 is 78 per cent let and generates a current net rental income of £1.72m a year, representing a 6.88 per cent net initial yield at the latest sale price.
The building has 60,134sq ft of grade A office space and 29 car parking spaces. The ground floor retail unit is occupied by Tesco.
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