Hines asks cool £41m for Edinburgh’s Mint Building

Hines has appointed Lismore Real Estate Advisors to market the Mint Building on St Andrew Square in Edinburgh.   Offers for the office block are sought over £41m, reflecting a net initial yield of 6% and reversionary yield of 7.3%. The building was acquired by Hines’ European Core Fund from the Chris Stewart Group in 2018 for £53m.  The Hoskins Architects-designed 70,467 sq ft building, adjacent to the Edinburgh Grand five-star hotel, provides grade-A office space across seven floors. It has been occupied by fund manager Baillie Gifford since 2018 on a 15-year lease.  There are also three ground-floor retail units, two of which are let to restaurant chains Tattu and Carluccio’s. The passing rent levels are reversionary, with rent reviews across all tenancies due within the next six months. Explore the Edinburgh office market >> Photo from Hines