Mactaggart firms unite for £10m New Town office scheme
Office plans in the New Town
Housebuilding company Mactaggart & Mickel has reunited with Mactaggart Family & Partners in a £10 million office project in Edinburgh’s New Town.
The two ‘Mactaggart’ companies, which were united from 1925 until 1943, have joined with Rennick Property and Millard Estates to acquire two commercial buildings at the junction of Fettes Row and Dundas Street.
The two blocks, known as Centrum House and Bupa House, total 45,000 sq ft. Details on yield were not released.
Andrew Mickel, director at Mactaggart & Mickel, said deal offers a “rare opportunity” to purchase two sought-after office blocks, “perfectly positioned in the capital”.
He added: “With the number of jobs in the city set to grow rapidly over the coming years, there is a need for quality office space at affordable rental prices and we will continue to invest in these buildings in the future.”
“William Laxton, chief investment officer at Mactaggart Family & Partners, said: “Edinburgh is a market with strong fundamentals across multiple sectors and further capacity for growth in rents and capital values.
“We are very pleased to work together with our joint venture partners in Scotland and specifically in a micro-location that has the capacity to outperform the wider market.”
The area is undergoing a makeover with plans for the former RBS offices in Dundas Street poised to become homes, a hotel, work places and shops if current plans for developing the site go-ahead.
The new owner of the building and the 5.9 acre site – Orion Capital Partners – is working with property company Ediston on a planning application.