Ocean Point office building put up for sale
Offers are sought for this strategically located tower.
The "Ocean Point" office building in Leith, Edinburgh has been brought to market.
Designed by Sir Terry Farrell and completed in 2004, Ocean Point offers 5,803 square metres (62,467 square feet) of open-plan office space over eight storeys along with 35 parking bays on the ground floor. The steel-framed building is equipped with raised access floors and suspended ceilings.
Ocean Point is currently fully leased to to the Anglican Water Group until 26 February 2024 for a passing rent of £1.379 million per annum; there are various sub-leases in place, all also expiring in February 2024. The building is available to purchase for offers over £13 million, representing a net initial yield of 9.94%. The sale is proposed to be executed as a transfer of going concern.
Ocean Point is located on Edinburgh's waterfront, next to the Ocean Terminal shopping centre. It is a short distance from Victoria Quay, the principal office of the Scottish Government. Current developments in the vicinity include Skyliner, a development of 338 built-to-rent flats in blocks of up to 14 storeys by Goodstone.
Offers are invited by the selling agent, CBRE.
Further information can be found here.