The property which is home to Edinburgh’s Audi dealership has been sold in a deal worth £9.1 million.
The showroom, which is operated by Lookers subsidiary Lomond Motors, has been acquired by financial services firm Wesleyan from Legal & General. Lookers will continue to trade from the site, which having been in operation since 2009 is Audi’s long-term home in the Scottish capital.
Purpose-built to a high specification, and spanning 43,774 square feet, the dealership at Bankhead Drive, Sighthill, underwent a £2m expansion and upgrade in 2016, following a strong period of trading.
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Knight Frank acted for the vendor on the sale, with Galbraith representing the buyer.
Euan Kelly, capital markets partner at Knight Frank Edinburgh, said: “The deal for Edinburgh Audi underlines the value available in the commercial property market for alternatives.
“Car sales have been remarkably robust in the years since the pandemic and the occupier is committed to the site long term, with RPI-linked rent reviews providing a level of protection against inflation. We expect more alternative property assets to transact in the next few months as investors look to different opportunities for long-term income in a more settled interest rate environment.”
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