Buccleuch adds George St unit to retail portfolio
Buccleuch Property has acquired a B-listed building in George Street, Edinburgh, from Columbia Threadneedle Investments in a £3.325 million deal.
The building at number 49 is let to retail chain White Stuff on a 10 year lease and has an unoccupied mews apartment at the rear.
Buccleuch Property’s managing director David Peck announced at a conference last week that a deal had been done in George Street, amid a “challenging” period for transactions.
Philip Eves, Investment Director at Buccleuch Property, said: “The addition of 49 George Street to our portfolio, complements our existing prime retail assets on Northumberland Street, Newcastle, and Glasgow’s Buchanan Street.
Chris Thornton, Associate of Lismore Real Estate Advisors said: “Edinburgh is one of the UK’s strongest regional cities, and we are pleased to have secured this prime asset on behalf of our client.”
Monica McRoberts, director of Springford & Co added: “Investor interest in prime regional retail assets remains strong.”
Perth West approved
The Perth West project, close to the A9 and the Broxden roundabout, has been given the go-ahead. It will include 1,500 homes and 25 hectares of land for commercial use.
Developer, the John Dewar Lamberkin Trust, also hopes to add hydrogen refuelling and electric vehicle charging hubs across the site.
The construction phase will provide 1,285 temporary jobs and support 1,100 other roles once the development is completed.
Perth West is forecast to generate £493m additional gross value added to the economy of Tayside over 25 years, plus council tax and business rates revenue.