Buccleuch Property continues to strengthen its commercial property portfolio with the purchase of 22 Seafield Road in Edinburgh for £2.1 million reflecting a net initial yield of circa 7.15%.
Situated along the well-established motor mile of Seafield Road on the east side of Edinburgh, the modern car showroom comprises 20,000 sq ft of showroom and repair workshop with parking for approximately 100 vehicles across the 1.15 acre site.
The property is let to Vertu Motors who operate a Hyundai franchise from the premises under their Macklin Motors brand. The lease has a further 4.5 years and the annual rent is £160,000 per annum.
Philip Eves, Investment Director at Buccleuch Property, said:
“We are delighted to complete on this purchase which complements our current ownership in the area at West Telferton. We believe this is a strong location with a very well established motor trade, enabling Macklin Motors to service a growing population within the catchment area.
“We continue to seek similar investment opportunities.”
Alan Herriot of Ryden commented on the sale:
''We believe this property is perfect for Buccleuch Properties in order to increase their existing portfolio in this area of Edinburgh, offering our client a great opportunity to explore further asset management initiatives.”
Buccleuch Property was advised by Alan Herriot of Ryden on the purchase. MWM Property Consultants acted on behalf of the vendor.