New Uberior House and Princes Exchange
Our commercial building surveying team undertook the building survey and due diligence for one of the biggest investment transactions in Edinburgh this year.
Services: Building Surveying & Due Diligence
The sale of New Uberior House and Princes Exchange in the Tollcross area of Edinburgh to our client Aerium, a European property fund manager, by investment manager Invesco was announced on February 4th.
The two adjoining office buildings extend to 158,000 sq ft with New Uberior House let in its entirety to Bank of Scotland as their HQ. Princes Exchange is also entirely let to the Bank of Scotland, who have sub-let to leading solicitors Turcan Connell and Pinsent Masons.
The extensive scope and scale of the project, which was carried out in November 2013, took two members of staff two full days to complete with the team working closely with the client’s asset managers and lawyers to highlight some of the issues with the building and their significance for the deal.
Martin Cassels said: “This is the one of the biggest building surveys we’ve conducted for some years, showing that the investment market strengthens day by day. This is a landmark building and was one of the first in the financial district and, importantly, it demonstrates the strength and depth of our commercial building surveying team.”
The instruction was won in competition and follows the ongoing building surveying work we are currently undertaking for the same client in Aberdeen.
James Harrop-Griffiths of Aerium commented “We are delighted with the acquisition of this landmark building in the heart of Edinburgh. The advice we received from CKD Galbraith from their building survey was invaluable in assessing the investment and concluding the deal.”