Buccleuch revs up with purchase of showroom

Edinburgh-based Buccleuch Property has boosted its commercial portfolio with the purchase of a car showroom on the east side of the capital for a sevenfigure sum.

The firm has snapped up the site at 22 Seafield Road for £2.1 million, reflecting a net initial yield of about 7.15 per cent. The asset comprises 20,000 square feet of showroom and a repair workshop, with parking for about 100 vehicles across the 1.15-acre site.

The property is let to Vertu Motors who operate a Hyundai franchise from the site under its Macklin Motors brand. The lease has a further 4.5 years and the annual rent is £160,000.

Philip Eves, investment directoratbuccleuchproperty, said the deal complements its ownership in the area at West Telferton.

“We continue to seek similar investment opportunities,” he added.