Lismore Real Estate Advisors has advised Orchard Street Investment Management on the sale of Holyrood Park House, Edinburgh.
The asset was acquired by video game company Rockstar North who have demonstrated a long term commitment to the city with the creation of an Edinburgh hub, by simultaneously purchasing the adjacent building, Barclay House, of which they are the sole tenant.
Holyrood Park House was constructed in 2004 by Grosvenor and has benefitted from recent refurbishment of the common areas and amenities. The building extends to 46,529 sq.ft arranged over lower ground, ground and three upper floors, enjoying a spectacular backdrop of Holyrood Park and Arthur’s Seat.
The building is multi-let to 5 tenants, Rockstar North, Citibank, ESRI, InterSystems and Universities Scotland producing an annual rent roll of £1,074,943 per annum, with a WAULT to expiry of 7.5 years and to breaks of 5 years.
Holyrood Park House was sold for £18.25m which reflects a NIY of 5.52%.