One of the most desirable building’s in the UK regions has been put up for sale.
JLL and Montagu Evans have been appointed to sell Edinburgh’s Atria on behalf of City of Edinburgh council for £100m. The price for the 202,352 sq ft development scheme reflects a net initial yield of 5.63%.
Atria comprises two buildings – Atria One which totals 189,444 sq ft and the 12,908 sq Atria Two.
More than 55,000 sq ft remains vacant at the development but the council has put in place a three-year guarantee and will work with any new purchaser in letting the empty space. Rents in the building go as high as £32.50 per sq ft.
The council started speculatively developing Atria at the nadir of the market in order to boost available space in the city and it is now looking to cash in. Since then tenants including PricewaterhouseCoopers, Brewin Dolphin, Aon, IBM and the UK Green Investment Bank have taken space at Atria. The average lease length in the building, excluding the renal guarantee, is in excess of 15 years.
Frank Ross, convener of the economy committee, at the City of Edinburgh council, said: “Based on the economic conditions being right to achieve the best possible return for our investment, the council is putting Atria up for sale.
david.hatcher@estatesgazette.com
