Property investment advisor London and Oriental (L&O) has sold Forth House, home to Radio Forth, and Playfair House in Edinburgh to capital-based Thistle Property Group in a £4.5 million investment deal.
Forth House is let in its entirety to Forth Radio while Playfair House has five different occupiers.
Marketed for sale by Scarlett Land and Development, the investment is said to have received ten offers at closing date from a wide range of interested parties including commercial, residential, hotel and office use.
Will Scarlett said: “This level of activity reflects the strategic location of the properties in the increasingly popular east end of Edinburgh. After ten years of advising on this asset we shall miss our friends at L&O but [we are] delighted to have successfully sold the asset for our client.”
David Maxwell of Thistle Property Group, which was represented by property advisor Galbraith, said: “This purchase follows our strategy of investing for the long term in core location assets.
“The property offers medium-term income off low rents from a very strong tenant line up. We look forward to working with existing and new tenants to enhance value, especially in the east side of the city which should prove to be very popular as St James completes.”
Brodies provided legal advice to the vendor London & Oriental and Addleshaw Goddard acted on behalf of Thistle Property Group.