Town Centre Securities plc (TCS), the leading investment and property development company, has completed the sale of 1-23 Shandwick Place and Princes House in Edinburgh to 83S Ltd for £6.3m.
The mixed-use scheme in Shandwick Place is located on one of the city’s most prominent corner blocks and fronts the central Edinburgh crossroads that joins Shandwick Place with Princes Street. The property generates more than £400,000 of rental income a year due to its prime location.
Shandwick Place is a vibrant pitch benefiting from a variety of different uses including restaurant, hotel, bars and retail. Occupiers of Shandwick Place include Cityroomz, Ask Italian, Optical Express, Subway and Shuropody.
Edward Ziff, Chairman and Chrief Executive of TCS, said: “The sale of Shandwick Place represents an important step in our strategy to move our focus to new areas and identify assets where we can add value. We also completed the sale of Empire House in Glasgow earlier in the year as we begin to look at new investments in London, the M25 corridor and other core cities across the UK.
“Shandwick Place is in a prime location and we are confident it will continue to prosper under its new owners. “
TCS was represented by Sheridan Property Consultants, Edinburgh, Harmer Ray Hoffbrand, London.