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EDINBURGH, 4 May 2017 - Buccleuch Property has sold a 55,000 sq ft office and warehouse facility at Shawfair Park on the outskirts of Edinburgh to Middle Eastern investor Placid Invest for £14.2 million. The sale represents a yield of 5.85 per cent on investment.The property is the current headquarters of the Scottish Qualifications Authority (SQA) – the national body for the assessment and accreditation of non-degree qualifications in Scotland. The lease to the SQA was “re-geared” last September, providing 20 years of certainty, at which point the property was put on the market.Buccleuch completed the property in 2011, having secured a pre-let from Scottish Ministers on behalf of the SQA before completion. Placid Invest has made its first investment in Scotland in purchasing the property.Phil Eves, director at Buccleuch Property, said: “We received excellent levels of interest in the building and were able to secure a deal in a relatively short timescale.“Our asset management expertise allowed us to effectively secure a long-term tenant and deliver a bespoke facility, before taking a strong offering to market with guaranteed income from a government covenant.“We continue to look across the UK for similar projects to invest in, enabling us to demonstrate our full range of capabilities across development, asset management and investment.”JLL and Montagu Evans advised Buccleuch Property, whilst Property Vision acted for Placid Invest.
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