TWO families who split their joint business nearly 80 years ago have reunited to make a £10 million acquisition of commercial properties at a prime location in Edinburgh’s New Town.

Mactaggart & Mickel, the fourth-generation family-owned property and housebuilding company, linked up with Mactaggart Family & Partners after first being joined from 1925 until 1943 as Mactaggart & Mickel, before the latter became entirely a Mickel family concern.

The other investors in the joint venture are Edinburgh-based Rennick Property - director Andrew Rennick led the deal - and Millard Estates Ltd.

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The acquisition includes adjacent offices on the corner of Fettes Row and Dundas Street, known as Centrum House and Bupa House. The buildings sit opposite the former Royal Bank of Scotland site, where the development of a hotel, homes, shops and offices is planned.

Andrew Mickel, of Mactaggart & Mickel, said it offers “a rare opportunity to purchase two sought-after office blocks, perfectly positioned in the capital”.

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He also said: “With the number of jobs in the city set to grow rapidly over the coming years, there is a need for quality office space at affordable rental prices and we will continue to invest in these buildings in the future.”

William Laxton, of Mactaggart Family & Partners, said: “Edinburgh is a market with strong fundamentals across multiple sectors and further capacity for growth in rents and capital values.

"We are very pleased to work together with our joint venture partners in Scotland and specifically in a micro-location that has the capacity to outperform the wider market.”