Edinburgh offices and Glasgow Waitrose gain new owners

A major office building in Edinburgh’s Haymarket area is under new ownership following a £19 million investment deal.

Interpoint is currently let to mutual insurance and pensions provider Royal London. Picture: Contributed

Property consultancy Savills, acting on behalf of the BP Pension Fund, said it had completed the purchase of Interpoint from insurance giant Aviva for £18.95m. The transaction is said to reflect an “attractive” net initial yield of 6.43 per cent.

Interpoint comprises 47,921 square feet of space which is currently let to mutual insurance and pensions provider Royal London until 2029.

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Rod Leslie, director in the commercial investment team at Savills in Edinburgh, said: “Interpoint represented an excellent opportunity to acquire a prime Grade A office investment in the capital, where the supply of office stock is extremely limited and rents are rapidly rising.

“Edinburgh continues to be a key destination for investment in the UK and we are delighted to have secured this asset for our client.”

Aviva was advised by fellow property consultancy JLL in the transaction.

Meanwhile, Savills has been involved in the sale of a Waitrose supermarket site in Scotland.

The firm, acting on behalf of Northern Bank Pension Trust, which is managed by Danske Bank, has sold the Waitrose unit in Newton Mearns in the southside of Glasgow for £12.1m, to an unnamed UK investor.

The unit was constructed around nine years ago and formed the catalyst for the wider development known as Greenlaw Village in Newton Mearns. It is let to Waitrose for a further 12 years.

Stuart Orr, director in the investment team at Savills Glasgow, said: “The Waitrose in Newton Mearns is a compelling investment given the demographics of the catchment which is set to significantly grow with a further 3,000 family homes being built within five minutes.”