Capital's commercial property market holding firm
Edinburgh's commercial property market remains in rude health, despite wider economic concerns following June's Brexit vote, industry experts have assured.
Pointing to a raft of lettings and sales across the city in the office, retail and industrial sectors, IME Property’s managing director Iain Mercer said: “Despite the mixed messages coming from some of the bigger players in the marketplace post-Brexit, we have concluded plenty of deals with several large transactions currently under offer.”
In the past few weeks, the firm has let an office suite at The Stables in Portobello to advertising and marketing firm The Covey Agency. Other deals of note include leases agreed with the Legal Services Agency, Freddy Antabi Hair Salon and The Bike Smith.
Sales of three properties have also concluded recently with 57 High Street in Dalkeith, 21 Argyle Place and 40 Argyle Place in Edinburgh achieving nearly Â£500,000 between them.
Earlier this month, figures compiled by global research firm CoStar revealed that nearly Â£150 million in commercial property deals in Scotland’s cities were abandoned in the wake of the Brexit vote. However, recent data from Knight Frank has suggested that Edinburgh’s office market is shrugging off uncertainty surrounding the EU vote.
Tollcross-based IME also pointed to the sale of Bankhead Workspace at Sighthill Industrial Estate. The industrial unit sold for in excess of the Â£175,000 asking price and was under offer within ten days of going on the market.
Mercer added: "Again this deal was completed quickly with a cash buyer which to my mind proves there is an active local market insulated from the wider economic woes and dwindling pound."