Legal & General Property has bought two office buildings totalling 6,558 sq m (70,590 sq ft) at Broadway Park in South Gyle, Edinburgh, from the Premier Property Group for £15.4m. Both are prelet to Scottish & Newcastle.
The buildings are due for completion in May 1998 and are prelet on 25-year leases at a rent of £167 per sq m (£15.50 per sq ft). The deal reflects an initial yield of around 6.5%.
Legal & General was represented by Ryden. DTZ Debenham Thorpe acted for Premier Property Group, the property arm of the Murray International Group.
EGi News 27/02/98
