Leading property investment and development firm Wirefox has extended its Scottish portfolio with the acquisition of a major Grade A office building in Edinburgh.
The Holywood-based firm has made an £18m investment in Silvan House, which includes almost 90,000 sq ft of prime office space that is currently let to the Scottish Government.
Located on the south side of Corstorphine Road, the main arterial route connecting Edinburgh city centre with West Edinburgh, the five-storey Silvan House is a continuation of Wirefox’s expansion within Scotland.
It follows the acquisition last year of the Southergate Centre, a major retail-led asset in Dumfries town centre, and speculation of an office-based portfolio in Glasgow.
Michael Wright, Director of Asset Management at Wirefox, commented:
“The strategic acquisition of Silvan House represents a significant addition to Wirefox’s expanding portfolio across the UK, which includes residential, retail and office-led assets in Scotland, England and Northern Ireland.
“A fantastic property in a sought-after Edinburgh location with a strong tenant, the office investment was a fantastic opportunity that attracted significant interest from the market.
“Comprehensively refurbished in 2002 to provide open plan offices to Grade A specification, Silvan House has become a hub for Government departments.
“This purchase comes during an exciting period for Wirefox, as we seek to build further on the stellar pedigree we have established as a leading property investment and development firm.”
Wirefox has been active in the office market recently, having bought the five-storey building which is home to Bittles Bar in Belfast city centre and revealing plans for office development. Last year the firm acquired two other significant Belfast city centre office developments – Oxford and Gloucester House and Longbridge House.
Derek Paterson of DPL, a specialist investment property advisor, acted for Wirefox in the purchase of Silvan House.