The sale of an office block at Edinburgh Park has been seen as a vote of confidence in the market and to a part of the city which still has a number of empty units.
DS Properties has bought 4-5 Lochside Avenue which is fully let, a factor that is attracting investors.
Lismore Real Estate Advisors completed the deal on behalf of Knight Property Group for an undisclosed sum.
The Grade A building, extending to 42,519 sq ft across three floors, has been extensively refurbished and redeveloped by developer, Knight Property Group.
It is is fully-let to a tenant line-up, comprising SP Transmission, Lumacron Technology, Pulsant and Anchorpoint Group.
James Barrack Snr, founder and chairman of Knight Property Group said: “From the outset, our strategy was to redevelop the building to meet the needs of modern office occupiers, with a strong focus on sustainability and quality.
“Achieving full occupancy ahead of the sale is a proven endorsement of the quality and specification of the property and underlines our ability to create, lease and realise value in high-quality office assets. This transaction allows us to recycle capital into the next phase of our development pipeline.”
Simon Cusiter, director of Lismore Real Estate Advisors, added: “This transaction highlights the depth of investor demand for high-quality, fully-let office assets in Edinburgh.
The property attracted good interest, reflecting both the quality of the development and the city’s status as one of the UK’s most resilient office markets.”
Warren Phillips, Director of DS Properties said: “It’s a first class asset in one of the UK’s big six cities.
“We’re very happy with the acquisition process and it was a pleasure dealing with Knight Property Group and their agent, Lismore, on the transaction.”
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