Sainsbury’s Bank HQ sold for £19m

Sainsbury’s Bank HQ sold for £19m

Sainsbury’s Bank headquarters at 3 Lochside Avenue in Edinburgh Park has been sold to CCLA for £19m.

CCLA has acquired the 84,373 sq ft property which generates a current passing rent of £1.2m per annum for the Local Authorities Property Fund.

Edinburgh Park is home to a raft of national and international occupiers including BT plc, HSBC, Diageo, Aegon and JP Morgan, employing over 7,000 people.

Rod Leslie, associate director in Savills investment team in Edinburgh, who advised CCLA on the acquisition, said: “We are delighted to have secured this prime HQ office investment on the prestigious Edinburgh Park.

“It reflects our confidence in the location and the underlying property fundamentals, including the tenant, longevity of the income stream and the potential for future rental growth.”

JLL acted for Aviva Investors on the sale and Savills acted for CCLA on the acquisition.

The four floor building is let to Sainsbury’s Bank until September 2029.