Wirefox expands UK portfolio with £18m Scottish investment
North Down based property investment and development firm Wirefox has extended its Scottish portfolio with the acquisition of a major Grade A office building in Edinburgh.
The Holywood firm has invested £18m in Silvan House, which includes almost 90,000 sq ft of prime office space currently let to the Scottish Government.
Located on the main arterial route connecting Edinburgh city centre with West Edinburgh, the five-storey Silvan House is a continuation of Wirefox’s expansion in Scotland.
It follows the acquisition last year of the Southergate Centre, a major retail-led asset in Dumfries town centre, and speculation of an office-based portfolio in Glasgow.
“The strategic acquisition of Silvan House represents a significant addition to Wirefox’s expanding portfolio across the UK, which includes residential, retail and office-led assets in Scotland, England and Northern Ireland,” said director of asset management Michael Wright.
“A fantastic property in a sought-after Edinburgh location with a strong tenant, the office investment was a fantastic opportunity that attracted significant interest from the market.
“Comprehensively refurbished in 2002 to provide open plan offices to Grade A specification, Silvan House has become a hub for Government departments.
Wirefox has been active in the office market recently, acquiring the five-storey building which is home to Bittles Bar in Belfast city centre and revealing plans for office development.
Last year the firm acquired two city centre office developments - Oxford and Gloucester House and Longbridge House.
Derek Paterson of DPL, acted in the purchase of Silvan House.