Buccleuch Property acquires prime Edinburgh retail asset for £3.325million

Buccleuch Property has successfully acquired 49 George Street, situated in the heart of Edinburgh’s prime retail and leisure district, from Columbia Threadneedle Investments for a purchase price of £3.325 million.

49 George Street holds a prominent position on the northern side of the street and is in a 100% prime location between Frederick Street and Hanover Street.

This Grade B listed property extends to 7,819 sq ft and includes self-contained flagship retail premises, with a new 10 year lease to White Stuff. In addition, there is an unoccupied mews apartment at the rear of the building, accessible via Thistle Street South West Lane, which presents an opportunity for renovation and refurbishment.

Commenting on the acquisition, Philip Eves, Investment Director at Buccleuch Property, said:

“The addition of 49 George Street to our portfolio, complements our existing prime retail assets on Northumberland Street, Newcastle and Glasgow’s Buchanan Street.

“49 George Street is in perfect alignment with our investment strategy, providing the compelling combination of a secure covenant on prime retail space and the potential to enhance value through rental growth and redevelopment of the mews space.”

Chris Thornton, Associate of Lismore Real Estate Advisors said:

“Edinburgh is one of the UK’s strongest regional cities, and we are pleased to have secured this prime asset on behalf of our client. 49 George Street is a prominent retail unit situated in the heart of George Street’s prime pitch which is now fully let with significant occupier demand, with 49 George Street well placed to generate strong rental growth over the coming years.
Monica McRoberts, Director of Springford & Co added:

“Investor interest in prime regional retail assets remains strong and following a successful marketing campaign, we were pleased to conclude this deal. George Street, a well-known and highly sought-after address, presented a rare opportunity to acquire one of the most impressive properties along this coveted street.”

The property is situated in the heart of the ‘New Town’ area – a UNESCO World Heritage Site, renowned for its well-preserved Georgian and Neoclassical buildings.
It benefits from excellent surrounding amenities and excellent public transport links, with Waverley station only a five-minute walk. Nearby retail occupiers include Sweaty Betty, Seasalt, Hobbs, Jigsaw, Anthropologie, Lululemon, Monsoon and Molton Brown.

Buccleuch Property was advised by Lismore Real Estate Advisors, whilst Springford & Co, and joint agents FMX Urban Property Advisors, represented Columbia Threadneedle Investments.