BNY Mellon and Scottish Ministers’ Edinburgh HQ hits the market

Federated Hermes has picked JLL to bring Capital House at 2 Festival Square, Edinburgh, to the market.  The 54,460 sq ft building, which sits in the heart of Edinburgh’s Exchange District, has hit the market for the first time in its 40-year history, seeking offers over £13m. A purchase at this price would reflect a net initial yield of 9%. Tenants at the five-storey office block include Bank of New York Mellon and Scottish Ministers. The building generates an annual total passing rent of £1.3m, equating to £21 per sq ft. A pre-application planning meeting with the City of Edinburgh Council has established the potential to extend and refurbish the building to provide 87,090 sq ft with the addition of two storeys and an extension to the rear of the existing building. Image from Federated Hermes View other office availabilities in Edinburgh >>