F&C Commercial Property has announced that, on 30 June 2015, it sold its Absolute Ownership (Scottish equivalent to English Freehold) in 124-125 Princes Street, Edinburgh for £18.05m. The property comprises a seven storey building providing a prominent retail unit and office accommodation on the upper floors. The retail unit is currently let to Urban Outfitters and the offices to five other tenants. The sale price compares to the valuation as at 31 December 2014 of £15.1m.
They say the disposal realises substantial capital growth following the completion of a programme of asset management activities which included the refurbishment of the office floors and the successful leasing of those floors. The property is now fully let so it seemed an opportune time to sell the asset and to redeploy the capital into new asset management opportunities within the portfolio.
FCPT : F&C Commercial property sells 124/125 Princes Street