A US property firm has completed a massive deal for one of Edinburgh’s largest office complexes.
Waverleygate, which includes Amazon, Microsoft, NHS Lothian and the Scottish Government among its tenants, has been taken over by Kennedy Wilson in a £78 million transaction.
The historic building, once home to the Capital’s general post office, was built in the 1860’s on the site of the former Theatre Royal but underwent a full renovation into office space in the early 2000’s.
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It later became the site of the Edinburgh Tram Inquiry - which is yet to release its findings more than three years after public hearings concluded.
Alongside office space, the building comes complete with four landscaped roof gardens, shower facilities, a basement level gym occupied by The Gym Group, together with bicycle and car parking for 50 vehicles.
The Californian-based firm already owns Argyle House on Lady Lawson Street alongside a portfolio boasting property in the United States, Italy and Ireland.
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Mike Pegler, head of UK at Kennedy Wilson, added: “This acquisition reflects our view that, at current pricing levels, there is attractive value in the UK office market particularly for assets located in major employment hubs with high-quality educational institutions.
“Waverleygate immediately adds solid recurring income from a strong tenant base and presents multiple opportunities to grow NOI and asset value by further enhancing environmental credentials and overall management of the property.”
