CCLA has acquired Sainsbury’s Bank headquarters in Edinburgh for £19 mln (€25.9 mln) for the Local Authorities Property Fund.
CCLA has acquired Sainsbury’s Bank headquarters in Edinburgh for £19 mln (€25.9 mln) for the Local Authorities Property Fund.
CCLA has acquired Sainsbury’s Bank headquarters in Edinburgh for £19 mln (€25.9 mln) for the Local Authorities Property Fund.
The 7,800 m2 property generates a passing rent of £1.2 mln per annum, representing a net initial yield of 6.32%. Sainsbury’s Bank has signed a lease on the property until September 2029.
The vendor was Aviva Investors.
The property is part of the Edinburgh Park business district, which is also home to companies such as HSBC, Diageo, Aegon and JP Morgan.
JLL acted for Aviva Investors on the transaction, while CCLA were represented by Savills.
Rod Leslie, associate director with Savills, said: ‘We are delighted to have secured this prime HQ office investment on the prestigious Edinburgh Park. It reflects our confidence in the location and the underlying property fundamentals, including the tenant, longevity of the income stream and the potential for future rental growth.’
