Leslie Wolfson acts in £48million sale of Scottish Ministers headquarter building

Gyle Square

Glasgow-based commercial law firm Leslie Wolfson acted in the £48.3m sale of a headquarters office building in West Edinburgh, occupied by NHS National Services Scotland.

The boutique firm, who are known for their commercial property expertise, acted on behalf of Manchester-based private clients in the sale of the headquarters office building, fully let to the Scottish Ministers until June 2029. The disposal of this Grade A accommodation at a price of £48.3m represented a net initial yield of 5.76% after purchasers’ costs.

Howard Beach, Senior Partner, comments: “This significant investment of Middle Eastern funds into the Edinburgh office market, in the run up to the UK referendum, demonstrates the continued appetite of foreign funds to invest in quality assets with long-term secure income and is further evidence of the UK’s appeal on the worldwide stage.  We have, more recently, seen evidence of private equity investment in Scotland at a time when many Funds’ nervousness over the Scottish political situation is creating a clearer path for those who view this as a time of opportunity.”

The past 12 months have been extremely busy and successful for Leslie Wolfson, acting on a number of other large deals including the sale, for a Helical plc-led joint venture, of the Clyde Shopping Centre in Clydebank for £68m; advising Tapi Carpets on the rollout of their Scottish expansion programme; the acquisition, under a Management Agreement, of the Quartermile Car Park in Edinburgh for retained clients, Q-Park; as well as 2Leslie Wolfson press release, September 2016 ongoing property work for established clients such as Leeds-based Town Centre Securities plc, London-based Danobe Securities, Handelsbanken, Game and Beaverbrooks the Jewellers.