Broadland Properties has completed the acquisition of the Auction House on Edinburgh’s George Street.
Located on the north side of Edinburgh’s George Street, the Auction House enjoys a prominent position within the 100% prime retail pitch, bounded by Frederick Steet and Hanover Street, in the heart of Edinburgh’s central business district.Grade B listed, the attractive building extends to 19,000 sq ft over six floors, including ground floor retail space, five floors of offices and a vacant rear mews building, which offers the potential for alternative uses.
The retail units are let two established international retailers, Sweaty Betty and Abercrombie & Fitch. Current occupiers in the office space are Alpine Exploratory, NoLogo Media and Ventus Resources.
Commenting on the acquisition, Chris Thornton, Associate of Lismore Real Estate Advisors said:
“This was an excellent opportunity for our client to acquire a highly sought-after asset in a prime location on George Street. The investment is underpinned by two excellent reversionary retail units with attractive upper floor offices well placed to capture demand for well-proportioned offices in the city centre. Additionally, there is significant potential to enhance its value and drive future rental growth through proactive asset management in the short to medium term.”
Calum Cowe, Director of Capital Markets at JLL added:
“Despite the current market volatility and recent interest rate rises, investor demand remains robust for prime, mixed use assets in central Edinburgh such as Auction House. We had a strong level of interest in the sale from both domestic and overseas buyers, which is testament to the low levels of supply and continued occupational demand for good quality retail units and offices on George Street.”
The property benefits from excellent surrounding amenities and excellent public transport links, with Waverley station only a five-minute walk. Nearby retail occupiers including Seasalt, Hobbs, Jigsaw, Anthropologie, Lululemon, Monsoon and Molton Brown. George Street is also a well-known and highly sought-after office address, within the heart of the city’s traditional office district – the ‘Golden Rectangle’ and major occupiers include Abrdn, TSB Bank, Arup and Rathbones.
Broadland Properties was advised by Lismore Real Estate Advisors, whilst JLL represented the vendor.