Edinburgh properties sold for £2m
Town Centre Securities sold numbers 63-65 and 89 Shandwick Place in the West End of Edinburgh, with a net initial yield of 7 per cent and at 7.5 per cent above valuation.
Town Centre Securities PLC has completed the sale of two commercial properties in central Edinburgh for a total of £2m, higher than valuations carried out shortly after the British vote to leave the European Union.
The company received multiple bids for both properties from Scottish, UK and international investors.
Town Centre Securities sold 63-65 Shandwick Place, which is let to Army Careers, to a property investment fund based in Newcastle and 89 Shandwick Place, which is let to Social Bite, to a private property investor based in County Down. Sheridan Property and CBRE advised on the sales.
“We are delighted with the sales which show healthy demand for retail investment in Edinburgh, despite uncertainties in the market place. We feel that we have completed the asset management opportunities we set out to achieve and we continue to look for good investment and asset management situations”.
– Edward Ziff, chairman and chief executive of Town Centre Securities
The Leeds-based property investor and developer has also instructed agents to sell Empire House in the prime Scottish retail location of Sauchiehall Street in Glasgow for more than £17m. Tenants including Starbucks, Body Shop, Bella Italia, Bank of Scotland and CoStar UK, the property information specialist, contribute to a total rent roll of £1.26m.
The company has placed two more blocks on the market in Shandwick Place, 1-13 and 35-47, which are being marketed for £6.3m and £2.2m respectively.
The two blocks for sale are home to well-known high street names such as ASK Italian, Pret A Manger, Starbucks, Sainsbury’s and Optical Express.
Shandwick Place is a handsome Georgian shopping parade in the west end of the city centre and is a vibrant and popular location.