'Impressive' property with mews apartment on prestigious Edinburgh street sells for over £3.3 million
Buccleuch Property has acquired 49 George Street, in the heart of the city’s New Town, from Columbia Threadneedle Investments for £3.325m. Property experts noted that the building holds a prominent position on the northern side of the street and is in a “100 per cent prime” location between Frederick Street and Hanover Street.
The Grade B listed property extends to almost 8,000 square feet and includes a flagship retail premises, with a new ten-year lease to fashion and lifestyle retailer White Stuff. In addition, there is an unoccupied mews apartment at the rear of the building, accessible via Thistle Street South West Lane, which property professionals said presented an “opportunity for renovation and refurbishment”.
Philip Eves, investment director at Buccleuch Property, said: “The addition of 49 George Street to our portfolio complements our existing prime retail assets on Northumberland Street, Newcastle and Glasgow's Buchanan Street. 49 George Street is in perfect alignment with our investment strategy, providing the compelling combination of a secure covenant on prime retail space and the potential to enhance value through rental growth and redevelopment of the mews space.”
Buccleuch property was advised by Lismore Real Estate Advisors, while Springford & Co, and joint agents FMX Urban Property Advisors, represented Columbia Threadneedle Investments.
Monica McRoberts, director of Springford & Co, said: “Investor interest in prime regional retail assets remains strong and following a successful marketing campaign we were pleased to conclude this deal. George Street, a well-known and highly sought-after address, presented a rare opportunity to acquire one of the most impressive properties along this coveted street.”
Chris Thornton, an associate at Lismore Real Estate Advisors, added: “Edinburgh is one of the UK’s strongest regional cities and we are pleased to have secured this prime asset on behalf of our client. 49 George Street is a prominent retail unit situated in the heart of George Street’s prime pitch which is now fully let with significant occupier demand, with 49 George Street well placed to generate strong rental growth over the coming years.”
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