Ocean Point, Edinburgh, UK
Background and Opportunity
- Acquisition from an institutional seller of an 8 storey office building totalling 62,500 sq ft with a strong yield of 8.7%, that had been largely sub-let by the immediate tenant
- Business plan to convert the sub-leases to direct leases and re-gear the income towards growing Edinburgh rents
- Lease up is continuing and there are active dialogues with both tenant and sub-tenants
- Cash on cash equity return of 14% p.a.