Commercial Property News

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Wednesday, December 12, 2023

Norwich Property Trust sells two sites in Scotland

Norwich Property Trust, advised by Savills, has sold its freehold interest at 1&2 Lochside Way, Edinburgh Park, Edinburgh to a client of F&C; Investments for 14.4 million, reflecting a net initial yield of 5.48%

The two interlinked buildings provide a total of 42,461 sq ft (3,945 sq m) of grade A office space and are currently let to HSBC Global Fund Services on a lease expiring in 2014 at a passing rent of 20 per sq ft (215 per sq m).

Edinburgh Park, Scotland's dominant office park, is situated adjacent to the M8 motorway to the west of the city, has its own railway station and is a five minute drive away from Edinburgh airport. Other occupiers at the development include Oracle, RBS, The Miller Group, BT, BAE Systems and Diageo.

The client of F&C; Investments was represented by Knight Frank.

Norwich Property Trust, again advised by Savills, has sold a 12.53 acre (5.07 hectare) development site at Aberdeen Business Park, Dyce Drive, Aberdeen to Knight Real Estate for a figure reflecting a headline rate of 435,000 per acre.

Aberdeen Business Park is located next to Aberdeen Airport in Dyce, six miles north of the city centre. Other occupiers in Dyce include BP, Halliburton and Aker Kvaerner.

Knight Real Estates was represented by King Sturge.