A prime Edinburgh mixed use development has sold for nearly £16 million.
The Rutland Buildings - home to law firm DLA Piper’s Scottish headquarters and Lothian Buses' new travel centre on Shandwick Place - was bought off market from AWL Group by Topland Group.
The buildings also includes townhouse accommodation. Lothian Buses has taken a 25-year lease on the retail unit which is currently being fitted out.
Diageo HQ in Edinburgh sold for £1.9 million under asking price
David Sanderson, investment manager of Topland, said: “We are thrilled with our recent acquisition which we managed to complete within six weeks and are pleased to have been able to acquire such a well-located asset in Scotland’s capital city.
“This property provides us with some income secured by a diverse range of quality occupiers in an undoubted micro-location within the capital city. We also feel it presents some medium-term asset management potential.”
CuthbertWhite and Dentons advised Topland, while CBRE and Shepherd & Wedderburn represented AWL Group.
Stephen Kay, director of CuthbertWhite, said: “The lack of speculative office development coupled with strong tenant demand has made Edinburgh an attractive location to invest in and we are pleased to have identified this opportunity off market.
“While the market has been subdued by Brexit uncertainty, there are a significant number of office investment transactions going on under the radar, further underlying the investor confidence in the city”.
