In an off-market deal, James Barr’s investment team has sold a multi let office within Edinburgh’s old town.
Crichton House on Crichton Close is located in Holyrood, close to the Scottish Parliament building, BBC Scotland and Scotsman Publications.
Originally developed as part of the wider Holyrood North Project, the building extends to 9,461 sq ft and is let on a series of short term leases. Tenants include The Scottish Building Employers Federation, The Association of British Pharmaceuticals Society and Ledingham Chalmers LLP.
The property was sold on behalf of Inverteviot Properties to a private client of CKD Galbraith for £1.62million reflecting a net initial yield of 9.4%.
Graeme Davies of James Barr said: “While Crichton House is a fundamentally good asset, the unexpired lease terms were short. Selling the property in a market which places greatest value on long term income requires a targeted campaign, aimed at a restricted pool of specialist investors seeking good asset management opportunities.”
Richard Higgins of CKD Galbraith, who represented the purchaser said: “Crichton House meets our client’s long term investment strategy and they are delighted to have been able to secure the property off-market.”
