Grade A Edinburgh office block Edinburgh Quay 2 has been sold for £24.5m – a 6.88% net initial yield.
It was sold on behalf of Cordea Savills European Commercial Fund, and bought by clients of Knight Frank Investment Management.
The 60,178 sq ft office is in the Exchange District. Current tenants include The Secretary of State, Lloyds TSB Bank, Pinsent Masons, Barclays Bank and Baker Tilly Services.
The office is 78% let and generates a annual net rental income of £1.7m.
Nick Penny, director of investment in Savills Scotland, said: “Exchange District continues to develop and grow and therefore the already-strong visual presence of Edinburgh Quay 2 within the city’s financial business address will become ever more prominent.”
Savills advised the vendor; Knight Frank advised Knight Frank Investment Management.
