Topland snaps up two office assets in £31.4m deal
Fully let: 145 Morrison Street
Topland has acquired two UK office assets – 145 Morrison Street in Edinburgh and Citygate II in Newcastle in a £31.4 million deal.
The vendor is the listed REIT EPIC managed by The Ediston Property Investment Company.
The Morrison Street building, provides 26,900 sq ft of Grade A offices near the Exchange financial services district.
It is entirely let to Capita until 26 July 2030 at a total passing rent of £740,000 per annum, reflecting a rental rate of £27.50 psf. The building was acquired for £12.06m, reflecting a net initial yield of 5.80%.
Citygate II is a prime Grade A office building in the heart of Newcastle CBD and adjacent to the city’s two most prominent developments Strawberry Place and The Helix, Innovation Quarter.
The building comprises high quality office accommodation totalling c.63,000 sq ft arranged over ground and five upper floors. It is 100% let to three tenants producing £1,592,000 per annum reflecting an average rent of £25.30 per sq ft. It was acquired for £19.375 million, reflecting a net initial yield of 7.80%.