Glasgow based Ambassador Real Estate, part of Ambassador Group, advised by Savills and supported by their capital partner Longbow, has completed the £28m purchase from Oval Real Estate of Broadway Park, in the well-established Edinburgh’s South Gyle Business District.
Broadway Park which comprises four modern, high quality office buildings extending to a total of 147,400 sq ft (13,693 sq m), is a well-established out of town office park located in Edinburgh’s popular South Gyle Business District and home to Heineken International’s UK Headquarters which is housed in two out of the four pavilions with the other occupier being Aberdeen Standard.
Chris Richardson, Investment Director at Ambassador Group Ltd, said: “We are extremely pleased at Ambassador to get this deal completed, especially when there is a lack of good stock when the market is especially buoyant from an occupier and growth perspective. It is a great addition to our portfolio of assets in Scotland adding four quality office buildings in a prime Edinburgh location where there is so much activity. We look forward to working with the tenants to make sure they have available to them the best possible space and occupier experience at Broadway Park.”
Nick Prior, Co-Founder at Oval Real Estate, said: “We are pleased to sell following a repositioning of the asset to bring Aberdeen Standard to the park on a long-term lease.”
Mark Fleming, director in the commercial investment team at Savills in Edinburgh adds: “We are delighted to have been able to help Ambassador secure Broadway Park, which offers solid underlying income and exciting asset management opportunities. Against the current back drop of restricted supply and continuing healthy demand across the city, we expect to see further positive rental growth in west Edinburgh as occupiers seek good quality office space not readily available in the city centre.”
Oval Real Estate was advised by CBRE. Ambassador was advised by Savills and were represented by PMP, Brodies and DWF