UK Commercial Property REIT has appointed Lismore Real Estate Advisors and Acre Capital Real Estate as joint agents to sell a multi-let building on 81-85 George Street in Edinburgh.
The London-listed real estate investment trust, which has a net asset value of £1bn as at the end of last year, is looking to raise over £22m from the sale. If sold at the asking price, the deal would reflect a net initial yield of 7%, assuming purchaser’s costs at 6.8%.
The 45,823 sq ft building sits at the heart of Edinburgh’s city centre. It extends over basement, ground and three upper floors, which are fully let to four tenants, namely Virgin Money, which is a part of Clydesdale Bank, power provider InterGen, accountants AAB and retailer Phase Eight.
Total net annual rent is £1.6m per year with 46% of total income secured to Clydesdale Bank until October 2036. The building has a weighted average unexpired lease term to expiry of 8.2 years and to breaks of 7.5 years.
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