Bumper deal for capital newsagent premises

The sale of a shop in the heart of Edinburgh’s Old Town to a private investor is thought to have set a new Scottish record.

The heritable interest in the retail premises at 499 Lawnmarket has been sold for £3,871 per square foot by property firm DM Hall, which was acting on behalf of the vendor.

The 258 square feet premises, which currently operates as a newsagent, sits close by Edinburgh Castle. Its current occupier, J&S, pays an annual rent of £18,100 on a full repairing and insuring lease due to expire in April 2034.

Margaret Mitchell of DM Hall said: “Not only did we achieve a wonderful price for our client but it was positive to see competing offers around this level.”

Ross Wilson, the firm’s head of agency for the east of Scotland, added: “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. It is safe to say that this acquisition represents an exceptionally attractive long-term investment.”