The Church Commissioners have sold 10-15 Princes Street in Edinburgh to Scottish Amicable. The 49,500-sq ft shop and office block was originally marketed at £12.8m, although market rumours suggest that the price paid was more like £11.5m.
Rent reviews are under negotiation, but the rental income currently stands at £922,500 pa. The property is situated at the eastern end of the street and houses five shops, with two floors of offices above. Retail tenants include Waterstones, Tandy, Burton and Grand Metropolitan trading as Wimpey. Scottish Provident Institution lease the offices. Hillier Parker acted for the purchasers, while Cluttons represented the vendors.
Also in Scotland, the Cruden Group are redeveloping 146 West Regent Street in Glasgow. The scheme will retain the building’s Georgian facade and provide 10,000 sq ft of offices and parking. Completion is expected by early next year. Development manager Kevin Brady commented: “We have come back into the development market at a period when most developers are reluctant to commit themselves.” Agents are Hillier Parker and Webster & Co.
In the same city, Debenhams are to take over the beleaguered Lewis’s department store. Sears will take a long lease on the store from the landlords of the St Enoch centre, Sears and the Church Commissioners.
