Auction House sale shows quality retail in demand
Broadland Properties has beaten off strong competition to acquire the Auction House on Edinburgh’s George Street for an undisclosed sum.
Grade B listed, the 19,000 sq ft building over six floors includes retail, offices and a vacant rear mews building, which offers the potential for alternative uses.
The retail units are let to two established international retailers, Sweaty Betty and Abercrombie & Fitch. Current occupiers in the office space are Alpine Exploratory, NoLogo Media and Ventus Resources.
Broadland Properties was advised by Lismore Real Estate Advisors, while JLL represented the vendor.
Calum Cowe, director of Capital Markets at JLL, said: “Despite the current market volatility and recent interest rate rises, investor demand remains robust for prime, mixed use assets in central Edinburgh such as Auction House.
“We had a strong level of interest in the sale from both domestic and overseas buyers, which is testament to the low levels of supply and continued occupational demand for good quality retail units and offices on George Street.”