Property and housebuilding company Mactaggart & Mickel has reunited with Mactaggart Family & Partners to seal a £10 million acquisition of two commercial properties at a prime location in Edinburgh’s New Town.
It sees the two Mactaggart companies, which were joined from 1925 until 1943 as Mactaggart & Mickel before the Mickel family concern was separated off, go back to their roots to unite for the “landmark” deal.
The fourth-generation family-owned Mactaggart & Mickel said other investors in the joint venture are Edinburgh-based Rennick Property – director Andrew Rennick led the deal – and Millard Estates.
The acquisition incorporates adjacent office buildings on the corner of Fettes Row and Dundas Street. Totalling 45,000 square feet, they are known to many as Centrum House and Bupa House, with top-floors views stretching to Edinburgh Castle.
Andrew Mickel, director of Glasgow-based Mactaggart & Mickel, said the deal “offers a rare opportunity to purchase two sought-after office blocks, perfectly positioned in the capital”.
He added: “With the number of jobs in the city set to grow rapidly over the coming years, there is a need for quality office space at affordable rental prices and we will continue to invest in these buildings in the future.”
William Laxton, chief investment officer at Mactaggart Family & Partners, stated: “Edinburgh is a market with strong fundamentals across multiple sectors and further capacity for growth in rents and capital values.
“We are very pleased to work together with our joint venture partners in Scotland and specifically in a micro-location that has the capacity to outperform the wider market.”
Meanwhile, property investor Northern Trust has been granted planning permissions for a total of about 76,300 sq ft of new industrial development on its site on Cliftonhall Road in the heart of Newbridge to the west of Edinburgh.
The two separate planning permissions obtained are for two distinct phases of development. Phase one will provide 14 units totalling 28,413 sq ft, arranged into three terraced blocks.
Phase 2 comprises four larger units arranged in a single terraced block with sizes from 8,877 sq ft to 15,150 sq ft.
Jonathan Houghton, property portfolio manager at Northern Trust, said: “We are planning to start work on the first phase later this year and, when completed, this will complement our existing ownership in Scotland, which is now approaching 500,000 sq ft of multi-let industrial and office accommodation.”
Work on the first phase will start in the autumn, and when completed the site will be managed by managing agents Whittle Jones Scotland.