Buccleuch Property has added to its portfolio by buying a car showroom for £2.1 million.
The premises at 22 Seafield Road in Edinburgh is run by Vertu under their Macklin Motors brand as a Hyundai franchise and will bring Buccleuch a net initial yield of circa 7.15%. The lease has a further 4.5 years and the annual rent is £160,000 per annum.
It comprises 20,000 sq ft of showroom and repair workshop with parking for about 100 vehicles on the 1.15 acre site.
Philip Eves, investment director at Buccleuch Property, said: “We are delighted to complete on this purchase which complements our current ownership in the area at West Telferton. We believe this is a strong location with a very well established motor trade, enabling Macklin Motors to service a growing population within the catchment area.
“We continue to seek similar investment opportunities.”
Buccleuch Property, which was formed in 2003 to commercialise assets owned by the Duke of Buccleuch and his family, has been diversifying from its traditional rural assets into a major private landlord and developer with investments across the UK. Buccleuch Estates manages the family’s four estates at Drumlanrig in Dumfries-shire, Bowhill in the Borders, Dalkeith Palace in Midlothian and Broughton Estate in Northamptonshire.
It was advised by Alan Herriot of Ryden on the purchase while MWM Property Consultants acted on behalf of the vendor.
