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Friday, August 31, 2023

Corob Holdings buy Georgian office in Edinburgh

Standard Life Investments has sold 23 St Andrew Square to Corob Holdings Ltd for 9.9m. The deal represents a net initial yield of 4.51%.

The Category-A listed five-storey building comprises a stunning Georgian townhouse connected to a modern open plan office extension completed in 2000.

The building is located on the north side of the square in a parade of elegant Georgian townhouses with IBM, the Royal Bank of Scotland and Scottish & Newcastle among the other occupiers.

The 1,690 sq m (18,191 sq ft) office building is let to First State Investment Services (UK) Ltd until 2020 at a current rent of 472,500 per annum.

Kenny Waitt, of Jones Lang LaSalle, representing Standard Life Investments, said: "The opportunity to buy into one of the Capital's most prestigious business addresses proved popular with a broad spectrum of investors. Corob Holdings was successful in the face of strong competition, which included UK, German and Swiss investors. In recent years, we have seen the re-development of the bus centre, the opening of Harvey Nichols and the creation of Multrees Walk. The east end of the city is undergoing a major renaissance and this deal reflects its popularity as a business location."

Peter Andrews of Corob Holdings Limited, said: "23 St Andrew Square gave us the opportunity to acquire a modern office in a prime location in Edinburgh. The investment is an excellent addition to our existing portfolio and meets with our criterion of acquiring core holdings in long term locations in the UK, USA and Europe."

St Andrew Square, which sits at the east end of Edinburgh's city centre, dates from 1768. Designed to mirror Charlotte Square at the west end, St Andrew Square is considered one of the best examples of Georgian architecture in the UK.

Jones Lang LaSalle acted for Standard Life Investments, Hammond Phillips acted for Corob Holdings Limited.