For sale signs at WaverleyGate

By ERIKKA ASKELAND
Published on 26/09/2012 00:00

Edinburgh office building WaverleyGate has been formally put up for sale with a £50 million price tag.

Owner Highcross has instructed property agency Montagu Evans to handle the disposal two years after it acquired the building for £35m. The property fund manager snapped up the scheme after Castlemore, the developer of the former General Post Office building, went into administration in 2009 having invested £100m in the project.

The building is nearly fully let, with occupiers including Amazon, the NHS and Microsoft.

In a statement, Montague Evans said annual rent paid was £3.39m, which equates to an average rent of £16.05 per sq ft. The sale had been mooted in March.