James Barr close-out on Edinburgh office sale

Crichton House sold to private investor for £1.62m

Article posted: 27 Mar 2011

In an off market transaction, James Barr’s Investment Team has successfully sold multi-let offices within Edinburgh’s old town.

Crichton House on Crichton Close is located in the heart of the Holyrood in close proximity 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 multi 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 £1.62m reflecting a net initial yield of 9.4%.

Commenting on the deal, Graeme Davies of James Barr stated: “Whilst 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.  Our client is happy with the result they have achieved.”

Richard Higgins of CKD Galbraith commented: “Crichton House meets our client’s long term investment strategy and they are delighted to have been able to secure the property off-market.”

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Posted by Sam