Standard Life has put its Edinburgh headquarters up for sale for £91m.
The 190,000 sq ft property at 30 Lothian Road is being marketed by Cushman & Wakefield. The asking price reflects a yield of close to 5.25%.
The investment manager has another 26 years remaining on its lease with a break after 16 years. It is paying a rent of close to £25 per sq ft.
Standard Life took occupation of the then-newly developed building in 2000 and while the long leasehold interest is likely to attract strong interest, the age of the building may put off the most discerning buyers such as German open-ended funds.
Standard Life will also occupy 108,000 sq ft at 3-8 St Andrew Square when it completes in 2017. The 165,000 sq ft development is being undertaken by its own Standard Life Investments Pooled Pension Property Fund and Peveril Securities. The move does not affect its occupation at 30 Lothian Road.
The Lothian Road HQ is the second large asset to come up for sale in Edinburgh in the past week. The City of Edinburgh council has also put its 200,000 sq ft Atria development on the market for £100m. JLL and Montagu Evans are advising.
