API makes

Aberdeen Property Investors has bought the freehold interest in 10-15 Princes Street, Edinburgh, from Schroder Property Investment Management for £26m.

The property comprises two double retail units and one single retail unit, plus a small office element. Tenants are Waterstone´s, Arcadia Group and Burger King. It produces £1.65m a year in rent, equating to a net initial yield of approximately 5.75%.

The sale of the property, situated at the eastern end of Princes Street opposite Princes Mall, is one of the largest single high street retail deals in Scotland in recent years.

Churston Heard acted for Schroders.

Source: Freeman News

Related News