Property fund manager Highcross inviting offers of around £50m for the office development
Highcross, the owner of the Waverleygate multi-let office development in Edinburgh city centre has instructed Montagu Evans to market the building for offers in the region of £50 million.
The listed building on Waterloo Place, at the east-end of Princes Street, comprises 213,000 sq. ft of office space in total, with average rents of £16.05 per square foot.
Highcross, a property fund manager, is inviting offers in the region of £50 million, which would reflect a new yield of 6.4 per cent, assuming purchaser costs of 5.8 per cent.
Current tenants include Scottish Ministers, Microsoft, Amazon, H&M, The British Council and Museum Galleries Scotland.
The building stood empty for nearly five years following renovation works to convert it from the city's former Post Office depot, though began to fill up when headline rents were reduced from £30 per square foot to around £15 per square foot.
Highcross bought the development for £35 million in 2010 after the developer Castlemore Securities fell into administration having spend £100 million on the overall redevelopment of the site.
Highcross first indicated its intention to sell the development in March of this year.