Miller Developments and British Waterways are poised to sell the first phase of their £60m Edinburgh Quay mixed-use scheme at Fountainbridge in the city’s Exchange District.
The joint venture is looking for at least £45m for the 81,700 sq ft (7,600 sq m) One Edinburgh Quay home to Knight Frank and law firm Tods Murray and the 20,000 sq ft (1,900 sq m) Quayside House, where GVA Grimley has taken 8,000 sq ft.
The yield would be sub-6% based on a sale at £45m. One Edinburgh Quay includes a Zizzi restaurant on the ground floor and 62 flats in an adjacent building, which is not in the sale.
A market insider said: “Ideally, Miller wants to let the remaining 20,000 sq ft at Number One before it sells the investment, but the scheme is quietly being touted around and there’s a lot of interest.”
At Quayside House, the second floor is under offer, and the ground floor is let to Festival Inns for its Cargo operation.
The second phase of the scheme, which is not for sale, has detailed consent for 59,800 sq ft (5,500 sq m) of offices.
Jones Lang LaSalle is advising the jv.
References: EGi News 03/05/05
