Edinburgh Property Potential Highlighted
22 Jan 2018
The sale of one of Edinburgh’s many prestigious buildings is a sign of the huge amount of confidence surrounding the Edinburgh Property Potential right now.
Experts agree that the £2 million deal by international property investors reflects the positivity that exists in relation to Edinburgh’s economy and its reputation as a commercial and residential property hotspot, both amongst domestic buyers and those from further afield.
In the latest big deal to boost the city’s glowing commercial reputation, Rockspring has acquired a prestigious Grade A-listed building in the centre of the city. The property, which sits on the western side of Edinburgh’s St Andrew Square, was bought on behalf of the Hanover Unit Trust. It was sold by an American investor which had held it for around 17 years.
The property is currently home to a Sainsbury’s shop on the ground floor, topped by six floors of office space. It was formerly the home of the Scottish Widows company, but the business left when the pensions and life insurance firm was purchased by Lloyds Bank.
The building takes up a prominent position in a part of Edinburgh city centre which is already being transformed as a result of other major developments. The property looks on to a building on the southern side of the square which has been completed on behalf of Standard Life Aberdeen. This now houses the investment management operations of the global financial services giant, along with restaurants such as the renowned eatery The Ivy.
Rockspring’s Mischa Davis, who is the Hanover fund manager, said that the office market in Edinburgh provides a ‘compelling’ case for investment as a result of an undersupply of space which is generating rental growth. He added that the 9-10 St Andrew Square property bought by Hanover was also completely let with ‘strong covenants’ and currently generates an impressive annual rental income of £1.4 million.
Sainsbury’s purchased the building in 1999, intending to use it to house a store and offer a development opportunity. It was later bought by Mont Regis, a US investment business, in 2000. Smolka Strachan was the advisor to Mont Regis in relation to the Rockspring sale, and the latter received advice from Cuthbert White.
If you want the right advice on the huge potential offered by the Edinburgh property market, Coulters is the prime choice. Unrivalled expert advice is guaranteed, accompanied by local knowledge and a personalised service that other property specialists in the city can only hope to emulate.
Call Coulters today on, 0131 603 7333.