Topland Group has acquired The Rutland Buildings, Edinburgh in an off-market transaction for a figure approaching £16m.
The collection of buildings comprises some townhouse accommodation on Rutland Square, DLA Piper’s Scottish Headquarters and a retail unit fronting Shandwick Place - currently being fitted out as a new travel centre by Lothian Buses, who have taken a 25-year lease over the space.
CuthbertWhite advised Topland on the purchase and CBRE advised the vendor, AWL Group. Denton’s advised the purchaser and Shepherd & Wedderburn represented the vendor.
David Sanderson, investment manager of Topland, commented: “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 solid 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.”
Stephen Kay, director of CuthbertWhite, added: “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”.
CuthbertWhite was established in July 2011 to provide a true, independent real estate advisory business with an absolute commitment to client service and out-performance. The company has transacted in excess of £90m of Edinburgh office investments over the last 18 months, including 4-5 Lochside Way, Edinburgh Park; Apex 123, Haymarket; Greenside, Blenheim Place and 9-10 St. Andrew Square.
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