Bank of Scotland Tollcross base ‘on market for £80m’

Bank of Scotland’s base at Tollcross in Edinburgh has been put on the market for over £80 million, according to a report in Property Week.

The report said the Princes Exchange and New Uberior House office development was previously under offer to Korean investors through an off-market deal but is now back on the market at the decision of the vendors, Johannesburg-listed MAS Holdings.

The 158,000 sq ft building is let to the Bank of Scotland over several leases, all of which expire in December 2025.

The annual passing rent for the asset is around £4.2 million.

Roebuck Asset Management bought the development on behalf of MAS Holdings, a subsidiary of MAS Real Estate, for £71 million in 2018, reflecting a net initial yield of 5.81%, the report said.

Knight Frank are acting for the MAS Holdings.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.