Darin Partners acted on behalf of the Bank of London and The Middle East (BLME), and acquired the asset for £26.95 million reflecting a net initial yield of 6%.
The award winning, Foster & Partners’ designed office extends to 94,124 sq ft and benefits from a new 16 year lease, with CPI linked rental uplifts to FTSE 100 energy company Centrica Plc, trading from this property as Scottish Gas. Scottish Gas have a long standing commitment to the location dating back to the early 1900’s, and to the property, which was specifically designed & built for them in 2003.
The City of Edinburgh Council have included Granton within their key development plan for the next 5 – 10 years, including the extension of the tram, and a wholesale redevelopment of the area with a mixture of commercial,residential and educational use.
With attractive shariah financing secured, this investment will pay our clients quarterly distributions reflecting a net return of 8% per annum, underwritten by secure long dated income with index linked rental reviews.