Buccleuch Property has sold its flagship building at Shawfair Park, Edinburgh, to Middle Eastern investor, Placid Invest, for £14.2m, a 5.85% yield.
The 55,000 ft office and warehouse is the headquarters of the Scottish Qualifications Authority, the national body for the assessment and accreditation of non-degree qualifications in Scotland.
Buccleuch developed the building in 2011, securing a prelet to the Scottish Ministers on behalf of the SQA before completion. The lease was re-geared to provide a term of 20 years, at which point the investment was put up for sale.
The purchase marks the Placid Invest’s first investment in Scotland.
Phil Eves, director at Buccleuch Property, said: “We received excellent levels of interest in the building and were able to secure a deal in a relatively short timescale. Our asset management expertise allowed us to effectively secure a long-term tenant and deliver a bespoke facility, before taking a strong offering to market with guaranteed income from a government covenant.
“We continue to look across the UK for similar projects to invest in, enabling us to demonstrate our full range of capabilities across development, asset management and investment.”
Agents JLL and Montagu Evans acted on behalf of Buccleuch Property, while Property Vision acted for Placid Invest.
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