Cowiesburn Asset Management facilitated the sale of the historic Old Academy in Perth on behalf of a client based in the north of Scotland.
The purchase of the former school building on Rose Terrace is a landmark deal for the firm, which was set up earlier this year to provide bespoke services to help clients in Scotland invest in commercial property.
Donald Simpson, who owns and manages Cowiesburn Asset Management, said: “This is a very striking historical building that is regarded as one of the most high profile and prestigious office locations in Perth.
“The property contains a number of impressive business suites, which are currently occupied by high-profile tenants. The most unique of these suites is the domed Octagonal room, which used to be the school assembly hall.
“Opportunities to secure properties such as this are very rare, so we’re very pleased to have helped our client to source and successfully purchase the Old Academy, and in turn manage the property, which will reap impressive financial returns for them in the future. The property will yield an initial annual rent of £75,000 with upcoming reviews increasing this in the short to medium term.
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“Our client is extremely happy at the outcome of this investment. We are looking to seal a number of other investments around Scotland – and remain on look out for other suitable properties to add to our clients’ portfolios.
“This is a landmark deal for us – both in terms of the high profile nature of the property and in completing a major and complex transaction in the current financial climate.”
The deal for the building - which consists of 10,000 square feet of accommodation divided into seven individual suites of open-plan office space - represents a net initial yield of 9.4%.
The Grade A-listed Old Academy on Rose Terrace was designed by renowned Scottish architect Robert Reid and was built in 1807. It was the original home of Perth Academy until the 1930s and was renovated in the 1990s to provide high profile office accommodation in the city.
Current occupiers of the building include property and construction consultants Hardies LLP, Hays Recruitment and BusinessInsure.
Cowiesburn Asset Management is a unique company developed to allow private investors to exploit the high yields that can be delivered from commercial property - as an alternative to speculation in the stock market or in other more risky investments –without the hassle usually associated with investment in this sector.
The company provides an investment service which is unique in Scotland and offers clients bespoke packages that incorporate every stage of the investment process – including sourcing and buying the property, as well as managing their asset.
(GK)
