£10m commercial property acquisition confirmed in Edinburgh’s New Town

Fourth-generation family-owned property and housebuilding company Mactaggart & Mickel have reunited with Mactaggart Family & Partners to make a £10m acquisition of two commercial properties at a prime location in the heart of Edinburgh’s New Town.

The other investors in the joint venture are: Edinburgh-based Rennick Property – director Andrew Rennick led the deal – and Millard Estates Ltd.

The two ‘Mactaggart’ companies, who were joined from 1925 until 1943 as Mactaggart & Mickel, before the latter became entirely a Mickel family concern, are going back to their roots to come together for this new landmark deal.

The acquisition incorporates adjacent office buildings in Edinburgh’s New Town, situated on the corner of Fettes Row and Dundas Street. The two buildings, totalling 45,000 sq. ft, are known to many as Centrum House and Bupa House with top floors views stretching to Edinburgh Castle.

Commenting on the deal, Andrew Mickel, director at Mactaggart & Mickel said: “We are delighted to complete this acquisition, situated right in the heart of Edinburgh’s New Town. It offers a rare opportunity to purchase two sought-after office blocks, perfectly positioned in the capital. With the number of jobs in the city set to grow rapidly over the coming years, there is a need for quality office space at affordable rental prices and we will continue to invest in these buildings in the future.”

“William Laxton, Chief Investment Officer at Mactaggart Family & Partners, said: Edinburgh is a market with strong fundamentals across multiple sectors and further capacity for growth in rents and capital values. We are very pleased to work together with our Joint Venture partners in Scotland and specifically in a micro-location that has the capacity to outperform the wider market.”