Topland Group has acquired The Rutland Buildings, Edinburgh in an off-market transaction for a figure approaching £16m.
The collection of buildings comprises some townhouse accommodation on Rutland Square, DLA Piper’s Scottish Headquarters and a retail unit fronting Shandwick Place – currently being fitted out as a new travel centre by Lothian Buses, who have taken a 25-year lease over the space.
CuthbertWhite advised Topland on the purchase and CBRE advised the vendor, AWL Group. Denton’s advised the purchaser and Shepherd & Wedderburn represented the vendor.
David Sanderson, Investment Manager of Topland, said: “We are thrilled with our recent acquisition which we managed to complete within six weeks and are pleased to have been able to acquire such a well-located asset in Scotland’s capital city.
“This property provides us with some solid income secured by a diverse range of quality occupiers in an undoubted micro-location within the capital city. We also feel it presents some medium-term asset management potential.”
Stephen Kay, Director of CuthbertWhite, added: “The lack of speculative office development coupled with strong tenant demand has made Edinburgh an attractive location to invest in and we are pleased to have identified this opportunity off market.
“While the market has been subdued by Brexit uncertainty, there are a significant number of office investment transactions going on under the radar, further underlying the investor confidence in the city”.