Sale to private investor
Levi’s sale confirms Edinburgh momentum
Levi’s: store sale shows continuing appeal of Princes Street
The Levi’s store in Princes Street, Edinburgh, has been sold for a price in excess of £4 million to a private investor.
The property is let to Levi’s until 2025 on a passing rent of £230,000 per annum which reflects £216 per square foot Zone A. It covers 1,429 sq ft at ground floor, with a basement of 840 sq ft.
Levi’s carried out an extensive re-fit of the unit over the summer with a new shop front and floor fit out.
Sarah Stewart, associate at Cushman & Wakefield, marketed and sold the building on behalf of the owner LaSalle Investment Management.
She said: “This is the third sale we have handled on Princes Street this year and testifies to Edinburgh’s appeal to investors as a major European retail destination
“We are definitely seeing improved investor sentiment for Scotland following June’s UK general election result and the diminishing prospect of a second independence referendum. Buyers continue to perceive Scotland as offering real value for money.
“This is a great investment with 8 years unexpired to a top brand name tenant, who have a fresh new look reflecting a net initial yield of 5.25%.”
Knight Frank acted on behalf of the purchaser.