THE Rutland Buildings in Edinburgh have been sold for nearly £16 million in an off-market deal.

The collection of buildings, on Rutland Square and Shandwick Place, include law DLA Piper’s Scottish headquarters.

One of the buildings, a retail unit fronting the Shandwick Place premises, is currently being fitted out as a new travel centre by Lothian Buses, which has taken a 25-year lease over the space.

CuthbertWhite advised buyer Topland Group on the purchase and CBRE advised the seller, AWL Group.

READ MORE: Disruptive spell ends in positivity for post-merger Clyde & Co

David Sanderson, investment manager of Topland, said: “We are thrilled with our recent acquisition which we managed to complete within six weeks and are pleased to have been able to acquire such a well-located asset in Scotland’s capital city.

“This property provides us with some solid income secured by a diverse range of quality occupiers in an undoubted micro-location within the capital city. We also feel it presents some medium-term asset management potential.”

Stephen Kay, director of CuthbertWhite, said: “The lack of speculative office development coupled with strong tenant demand has made Edinburgh an attractive location to invest in and we are pleased to have identified this opportunity off market.

“While the market has been subdued by Brexit uncertainty, there are a significant number of office investment transactions going on under the radar, further underlying the investor confidence in the city.”

Denton’s advised the purchaser and Shepherd and Wedderburn represented the seller.

CuthbertWhite has transacted in excess of £90m of Edinburgh office investments over the last 18 months, including 4-5 Lochside Way, Edinburgh Park, currently home to Diageo’s Scottish HQ, Apex 123, Haymarket, Greenside, Blenheim Place and 9-10 St Andrew Square.