Mon, 19 Mar 2012 | COMMERCIAL PROPERTY
The Waverley Gate office development in the centre of Edinburgh is to go on sale, according to reports.
The landmark office development was bought by Highcross after the developer went into administration in 2009 and a report in The Scotsman has suggested it is now to go on sale for up to £50 million. Highcross bought the offices for £35 million but redevelopment is thought to have cost up to £100 million.
It is understood that the property will go on sale in May. The former General Post Office building is occupied by many high-profile tenants including the NHS and Amazon. It is also believed that another deal is in the pipeline which would see remaining offices rented out.
Jamie Fergusson, a deputy associate director of property agents at DTZ’s investment division in Edinburgh, told The Scotsman that the property would be a “barometer to the commercial market climate” and that it could attract investors back to the regional office investment market.
He is quoted as saying, “This deal may just be the one to bring institutional interest forward for regional offices in the UK.” He added that the property is in a great location and offers “attractive revised rents”. He said he expected the opportunity to be in demand.
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