Joint venture seals £10m commercial property acquisition in Edinburgh

MACTAGGART & Mickel has announced it has reunited with Mactaggart Family & Partners to make a £10 million acquisition of two commercial properties in Edinburgh’s New Town.

The other investors in the joint venture are Edinburgh-based Rennick Property and Millard Estates Ltd.

The two ‘Mactaggart’ companies were joined from 1925 until 1943 as Mactaggart & Mickel before the latter became entirely a Mickel family concern.

The acquisition comprises adjacent office buildings, situated on the corner of Fettes Row and Dundas Street. The two buildings are known to many as Centrum House and Bupa House with top floors views stretching to Edinburgh Castle.

Andrew Mickel, director at Mactaggart & Mickel said, “We are delighted to complete this acquisition, situated right in the heart of Edinburgh’s New Town. It offers a rare opportunity to purchase two sought-after office blocks, perfectly positioned in the capital. With the number of jobs in the city set to grow rapidly over the coming years, there is a need for quality office space at affordable rental prices and we will continue to invest in these buildings in the future.”

William Laxton, chief investment officer at Mactaggart Family & Partners added, “Edinburgh is a market with strong fundamentals across multiple sectors and further capacity for growth in rents and capital values. We are very pleased to work together with our Joint Venture partners in Scotland and specifically in a micro-location that has the capacity to outperform the wider market.”