£15m sale of Edinburgh properties hailed as boost to city 's retail sector

4 days ago

By Scott Wright

THREE retail and appointment backdrop on Edinburgh’s George Street, area tenants accommodate a ambit of upmarket retailers, have been acquired afterwards actuality put up for auction for all over £15 million.

Broadlands Properties has acquired 86, 88 and 90-92 George Street from a applicant of CBRE Investment Management.

Big-name retailers Hackett, Rohan, Xile, The White Company and Gant function from the arena attic units of the properties, which amount further than 17,800 aboveboard anxiety of prime retail space, while the offices aloft are active by architectonics convenance Kettle Collective, Grayling Capital, and banking technology aggregation Praemium, amid others.

The accord also includes two abutting buildings, 72 and 74 Rose Street North Lane, which were marketed for redevelopment.

The transaction was once brokered by Knight Frank and CuthbertWhite. Knight Frank declared which hobby in George Street “defies concerns” about the retail sector, acquainted which eight of the eleven leases lately fabricated accessible on the avenue were taken up occupiers.

Euan Kelly, a accomplice at Knight Frank, said: “There was once a high degree of hobby in the George Street assets, admitting the well-publicised challenges the retail area has faced in contempo years.”

“They were originally marketed as four abstracted properties, about it declares a lot about the buyer’s believe in Edinburgh retail which they have absitively to access all of them together.

“Edinburgh burghal centre has able fundamentals from both a retail and appointment perspective, with constrained delivery and a abiding high degree of demand. There is an altercation to be fabricated which affect appear artery and adhesive retail had swung too far in one administration all through the heights of the Covid-19 pandemic, about it is alpha to appear alternate and George Street in accurate has captivated up bigger than many humans would have although t.”

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