£2m deal for commercial sites in Edinburgh's west end
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The Leeds-based property investor and developer said the price achieved for the Shandwick Place sites – let to Army Careers and Social Bite – represents a net initial yield of 7 per cent, with multiple bids received from across Scotland, the UK and overseas.
Chairman and chief executive Edward Ziff said: “We are delighted with the sales, which show healthy demand for retail investment in Edinburgh, despite uncertainties in the marketplace.
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Hide Ad“We feel that we have completed the asset management opportunities we set out to achieve and we continue to look for good investment and asset management situations.”
The Army Careers site, at 63-65 Shandwick Place, was sold to a Newcastle-based property investment fund, while 89 Shandwick Place – home to the social enterprise sandwich chain Social Bite – was bought by a private property investor based in County Down. Sheridan Property and CBRE advised on the deals.
Town Centre Securities is now seeking to sell two more blocks – 1-13 and 35-47 – on the same street. The properties, which are being marketed for £6.3m and £2.2m respectively, are let to high street names such as Ask Italian, Optical Express, Pret A Manger, Sainsbury’s and Starbucks.
It has also instructed agents to sell Empire House on Glasgow’s Sauchiehall Street for more than £17m. Tenants include Bank of Scotland, Bella Italia, Body Shop, CoStar UK and Starbucks.