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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.

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