Humble newsagent is Scotland’s most expensive real estate

A tiny newsagent has been sold for what is believed to be a record sum, equating to more than £41,000 per square metre.

The property is at 499 Lawnmarket in the lee of Edinburgh Castle in the city’s Old Town.

Its tourist hotspot location helped chartered surveyor DM Hall to secure what is thought to be a Scottish record price of £3,871 per square foot for the property.

“We believe, subject to final confirmation, that this investment sale has attracted the highest price per square foot ever paid for a commercial property in Scotland,” Ross Wilson, DM Hall’s head of agency for the east of Scotland, said.

Margaret Mithcell, who concluded the sale, added: “Not only did we achieve a wonderful price for our client but it was positive to see competing offers around this level.”