Rutland Square buildings sold in £16m off market deal
Rutland Square: ‘solid income’
Topland Group has acquired The Rutland Buildings in central Edinburgh in an off-market worth close to £16 million.
The collection of buildings includes townhouse accommodation on Rutland Square, DLA Piper’s Scottish headquarters and a retail unit fronting Shandwick Place, currently being fitted out as a new travel centre by Lothian Buses, which has taken a 25-year lease.
CuthbertWhite advised Topland on the purchase and CBRE advised the vendor, AWL Group. Denton’s advised the purchaser and Shepherd & Wedderburn represented the vendor.
David Sanderson, Investment Manager of Topland, said the deal had completed within six weeks. “This property provides us with some solid income secured by a diverse range of quality occupiers in an undoubted micro-location within the capital city. We also feel it presents some medium-term asset management potential,” he said.”
Stephen Kay, director of CuthbertWhite, added: “The lack of speculative office development coupled with strong tenant demand has made Edinburgh an attractive location to invest in and we are pleased to have identified this opportunity off market.
“While the market has been subdued by Brexit uncertainty, there are a significant number of office investment transactions going on under the radar, further underlying the investor confidence in the city”.
CuthbertWhite has transacted in excess of £90m of Edinburgh office investments over the last 18 months, including 4-5 Lochside Way, Edinburgh Park; Apex 123, Haymarket; Greenside, Blenheim Place and 9-10 St. Andrew Square.
Paragon’s flexible advice
Edinburgh-based building and project consultancy Paragon is advising on the £1.8m partial refurbishment of Aberdeen’s 120,000 sq ft Union Plaza building to deliver a new type of flexible office accommodation created by the building’s owner and manager, LGIM Real Assets. The Capsule concept provides more flexibility in the leasing process.
LGIM Real Assets has appointed Paragon to provide project management and contract administration services on the refurbishment. A team led by director and Edinburgh head of office, David Philip, is delivering the work.
Opened in 2008, Union Plaza’s occupiers include Aberdeen Standard Investments, services and software company AGR Group and law firm Burness Paull.
In February, LGIM Real Assets announced road and rail transport technology solutions supplier Trapeze Group as the first Capsule occupier at Union Plaza. A further 3,552 sq ft suite is under offer.
Subsea firm doubles space
Subsea 3d scanning specialist, Viewport3, has moved to larger premises in Dyce, following an exceptional year of growth which saw the firm’s turnover jump 34-fold in 2018.
Viewport3 will now be based at the Kirkhill Industrial Estate in Dyce. Its new facility provides double the amount of office space.
Richard Drennan, one of the co-founders and directors of Viewport3, said: “We are very grateful to the Elevator Business Centre for the opportunities they have afforded us, and to all the friends we made during our time there.
“However, the time is now right for us to expand our physical space in line with the growth of our business. Last year we began growing our team to meet the demand for our services, and this additional office space will enable us to more than double our workforce.”