The Savills IM European commercial fund has bought 71-77 Princes Street and 1 Hanover Street
in Edinburgh from Universities Superannuation Scheme (USS) for £24m.
The block is located on a prominent corner, fronting the Scottish National Gallery on the eastern side of Princes Street.
The retail investment comprises four Grade B listed buildings within a UNESCO world heritage site. It is multi-let to Costa Coffee, Fraser Hart, Dr Martens, 3 Store, O2 and Great Scot for a combined rental income of circa £1.3m per annum.
The Savills fund is partially reinvesting proceeds from successful office sales in London and Edinburgh.
USS was represented by Morgan Williams; Savills acted for Savills IM.
