A £1.62 million multi-let office investment within Edinburgh’s old town, extending to 9,461 sq ft.
Investment Consultancy and Sales, Lettings & Acquisitions
On behalf of a private client looking to invest in city centre offices, we sourced and successfully acquired Crichton House, a multi-let office in an off-market investment deal in March 2011
Located on Crichton Close in Holyrood, the purchase price reflected a net initial yield of 9.36%. The building, which consists of multi let open plan office suites and car parking was purchased with one vacant suite on the second floor. We were instructed to market this suite to let and have recently secured national homelessness charity Crisis UK for their first office in Scotland.
Asset Management, Property Management, Building Surveying
Drawing on our in-house team of commercial property specialists, we advised on the property fundamentals, physical characteristics, marketability of vacant space and property management. We also advised on the initial and potential financial performance of the asset, the options for gearing and the effect on asset performance as well as carrying out a valuation and full building survey.
Following purchase, we agreed a lease renewal with one of the tenants, thus securing a proportion of income for a number of years.
We manage the property on a daily basis, advise on the asset management of our client’s commercial property portfolio and are currently seeking further investment opportunities.
“Crichton House meets our client’s long term investment strategy and they are delighted to have been able to secure the property off-market.” CKD Galbraith’s Richard Higgins.