Landmark Edinburgh office building described as ‘first class asset’ gets new owner
“From the outset, our strategy was to redevelop the building to meet the needs of modern office occupiers” – James Barrack, Knight Property Group
One of the most prominent office buildings in west Edinburgh has a new owner after attracting “good interest”.
The fully-let building at 4-5 Lochside Avenue, Edinburgh Park, has been sold to DS Properties for an undisclosed sum.
Property consultancy Lismore Real Estate Advisors said the sale, on behalf of Knight Property Group, underscored growing confidence in Edinburgh’s office investment market.
The landmark Grade A building has been extensively refurbished and redeveloped by Knight Property Group and stands as one of Edinburgh Park’s most sustainable office buildings, Lismore added.
Extending to 42,519 square feet across three floors, 4-5 Lochside Avenue is fully let to a “strong” tenant line-up, comprising SP Transmission, Lumacron Technology, Pulsant and Anchorpoint Group.
James Barrack senior, founder and chairman of Knight Property Group, said: “From the outset, our strategy was to redevelop the building to meet the needs of modern office occupiers, with a strong focus on sustainability and quality.
“Achieving full occupancy ahead of the sale is a proven endorsement of the quality and specification of the property and underlines our ability to create, lease and realise value in high-quality office assets. This transaction allows us to recycle capital into the next phase of our development pipeline.”
Simon Cusiter, director of Lismore Real Estate Advisors, said: “This transaction highlights the depth of investor demand for high-quality, fully-let office assets in Edinburgh. The property attracted good interest, reflecting both the quality of the development and the city’s status as one of the UK’s most resilient office markets.”
DS Properties director Warren Phillips added: “It’s a first class asset in one of the UK’s big six cities. We’re very happy with the acquisition process and it was a pleasure dealing with Knight Property Group and their agent, Lismore, on the transaction.”
Lismore Real Estate Advisors represented Knight Property Group, while Galbraith Group advised DS Properties. Solicitors engaged in the deal were Q&A Law Practice for Knight and Morton Fraser MacRoberts for the purchaser.
The Edinburgh Park area is home to a range of major occupiers including Aegon Asset Management, Diageo, JP Morgan, HSBC and Tesco Bank.
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