Princes Street property on market for £16m

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THE former site of Edinburgh’s Virgin Megastore on Princes Street has been put on the market for offers in excess of £16.4 million.

Spanning seven storeys, 124-125 Princes Street is now home to fashion retailer Urban Outfitters as well as a range of office occupiers including the Chartered Institute of Housing and law firm MBM Commercial.

The properties generate a total rent of more than £1m a year and are being sold by clients of commercial property investor F&C REIT and marketed by Cushman & Wakefield.

Steven Newlands, partner in Cushman & Wakefield’s Scottish capital markets group, said: “This is a rare opportunity for investors to own an entire block in a prime location in Princes Street – properties of this calibre don’t come up very often.

“With trams now running successfully and increasing footfall levels, Princes Street is much in demand with retailers.”

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