ONE of Scotland’s biggest landowners has snapped up a “prime” asset in Edinburgh’s New Town.

The Duke of Buccleuch’s commercial property business has acquired 49 George Street in a deal worth £3.325 million.

The property, which had been owned by Columbia Threadneedle Investments, enjoys a prominent location at the heart of a bustling retail and leisure district.

The Grade B listed building has tenants such as White Stuff, the retailer that recently signed a 10-year lease at the site, and includes an unoccupied mews apartment at the rear, said to offer an opportunity for renovation and refurbishment.

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Philip Eves, investment director at Buccleuch Property, said: “The addition of 49 George Street to our portfolio complements our existing prime retail assets on Northumberland Street, Newcastle, and Glasgow's Buchanan Street.

“49 George Street is in perfect alignment with our investment strategy, providing the compelling combination of a secure covenant on prime retail space and the potential to enhance value through rental growth and redevelopment of the mews space."

Chris Thornton, associate of Lismore Retail Estate Advisors, noted: “Edinburgh is one of the UK’s strongest regional cities, and we are pleased to have secured this prime asset on behalf of our client.

“49 George Street is a prominent retail unit situated in the heart of George Street’s prime pitch, which is now fully let with significant occupier demand, with 49 George Street well placed to generate strong rental growth over the coming years.”

Monica McRoberts, director of Springford & Co, which with FMX Urban Property acted for Columbia Threadneedle Investments on the deal, said: “Investor interest in prime regional retail assets remains strong and following a successful marketing campaign, we were pleased to conclude this deal.

“George Street, a well-known and highly sought-after address, presented a rare opportunity to acquire one of the most impressive properties along this coveted street.”