Investor demand in Edinburgh is on the up, with two deals pushing transactions above £100m for the past 12 months.
Caledonian Exchange and 7 Castle Street have sold for a combined £40m in two separate deals.
FSX Holdings bought the six-storey, 40,000 sq ft 7 Castle Street, located on the corner of Princes Street. With shops on the ground floor and offices above, Vodafone, CBRE, and SSE are among its current occupiers.
Catella APAM bought the 60,000 sq ft Caledonian Exchange office building (pictured), on Canning Street in Edinburgh’s Exchange district.
Its occupiers include Lindsays LLP and youth information platform Young Scot.
Knight Frank acted on behalf of the vendors on both deals, while GLJ Property and EYCO acted for the buyers.
The agent’s head of Scotland commercial, Alasdair Steele, said: “The deals for 7 Castle Street and Caledonian Exchange show investor demand for offices in Edinburgh remains strong, despite a challenging macro-economic and lending backdrop.”
Knight Frank said the two transactions take core-plus offices deals in Edinburgh to £100m over the last 12 months, following the sales of Orchard Brae House, Edinburgh Quay 1, and Exchange Tower.
Steele added: “At a time when the flight to quality has been a major trend across the UK, the deals demonstrate the resilience and the depth of investor interest in the city, with prime stock relatively limited and the occupier market remaining strong.”
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
See which agents are doing the most deals in Edinburgh >>
View average office rents in Edinburgh >>
