St James lures investor
Radio offices in £4.5m Thistle Property sale
The sale by property investment adviser London and Oriental (L&O) represents net initial yield of 6.56%.
The two connected office buildings providing 23,853 sq ft of office space are located close to the St James development. They are fully let with a contracted rent of £313,276 per annum with most leases expiring in 2022.
Forth House (pictured) is let in totality to Forth Radio while Playfair House at the rear is an open plan floorplate office let to five occupiers.
Marketed for sale by Scarlett Land and Development, the investment received 10 offers at closing date from a wide range of interested parties including commercial, residential, hotel and office use.
Thistle Property Group was represented by Galbraith which recruited Will Sandwell and Jamie Thain in April last year to expand the firm’s investment offering in Scotland.
David Maxwell of Thistle commented: “This purchase follows our strategy of investing for the long term in core location assets. The property offers medium term income off low rents from a very strong tenant line up.
“We look forward to working with existing and new tenants to enhance value, especially in the East side of the city which should prove to be very popular as St James completes.”
Brodies provided legal advice to London & Oriental and Addleshaw Goddard acted on behalf of Thistle Property Group.