Thursday, July 19, 2023
Charlotte Square, Edinburgh, building sold for £2.75 million
W G Mitchell has purchased 23 Charlotte Square in Edinburgh for £2.75 million.
The prestigious four-storey office building on the west side of Charlotte Square, has been sold by Legal and General. It is currently let to Royal Bank of Scotland subsidiary Adam & Company Group until 2015 at a rent of £125,000 pa. The deal for the Category-A listed 560 square metre (6,036 sq ft) building reflects a yield of 4.3 per cent.
Developed in the late 18th Century, Charlotte Square is recognised as one of the best examples of Georgian architecture in the UK.
Alasdair Humphery, director of Jones Lang LaSalle Edinburgh, which represented Legal and General, said: "This is a great office and one we used to occupy. This is clearly a vote of confidence by investors in Charlotte Square, which remains one of Edinburgh's most prestigious office addresses."
Patrick Hegarty, of W G Mitchell, said: "We have sought to increase our holding in Charlotte Square which we see as prime Edinburgh real estate. Following this acquisition, we are now the largest owners in the square. They just don't build this quality anymore."
Charlie Walker, Fund Manager at Legal and General, said: "There was considerable competition for this building, which sits in one of the UK's finest Georgian Squares. We are pleased to have completed a deal which is beneficial to both parties and I am confident Charlotte Square will remain a prominent office location in the Scottish Capital in the years to come."
Keith Dobson, head of Savills Edinburgh, which represented the purchaser, said: "WG Mitchell, owners of the adjoining interlinked property also let to Adam & Co, has strategically purchased this property to complete their ownership of the south west portion of this historic square."
The prestigious four-storey office building on the west side of Charlotte Square, has been sold by Legal and General. It is currently let to Royal Bank of Scotland subsidiary Adam & Company Group until 2015 at a rent of £125,000 pa. The deal for the Category-A listed 560 square metre (6,036 sq ft) building reflects a yield of 4.3 per cent.
Developed in the late 18th Century, Charlotte Square is recognised as one of the best examples of Georgian architecture in the UK.
Alasdair Humphery, director of Jones Lang LaSalle Edinburgh, which represented Legal and General, said: "This is a great office and one we used to occupy. This is clearly a vote of confidence by investors in Charlotte Square, which remains one of Edinburgh's most prestigious office addresses."
Patrick Hegarty, of W G Mitchell, said: "We have sought to increase our holding in Charlotte Square which we see as prime Edinburgh real estate. Following this acquisition, we are now the largest owners in the square. They just don't build this quality anymore."
Charlie Walker, Fund Manager at Legal and General, said: "There was considerable competition for this building, which sits in one of the UK's finest Georgian Squares. We are pleased to have completed a deal which is beneficial to both parties and I am confident Charlotte Square will remain a prominent office location in the Scottish Capital in the years to come."
Keith Dobson, head of Savills Edinburgh, which represented the purchaser, said: "WG Mitchell, owners of the adjoining interlinked property also let to Adam & Co, has strategically purchased this property to complete their ownership of the south west portion of this historic square."
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