12 June 2006

The Old Academy building in Perth has recently been acquired by Frederick Properties. The Grade A listed building, built in 1807 and originally the home of Perth Academy until the 1930’s, was refurbished by owners Muirfield Investments during the 1990’s to provide good quality office accommodation.

The historic property is situated on Rose Terrace and overlooks North Inch in a well established mixed residential and commercial district. It comprises almost 10,000 square feet of office accommodation divided into seven individual suites. Current occupiers include BT Local Business, Hardie Surveyors and IPS Resourcing Solutions.

Jonathan Reid of J & E Shepherd chartered surveyors who represented the vendor, said: “This deal represents a net initial yield of 8.71% and provided a rare opportunity to acquire such a historic building within the heart of Perth. J & E Shepherd have been retained by the new owners, Frederick, in respect of the vacant accommodation. Suites available range from 1,300 – 1,600 square feet, or combinations thereof.”

George Northam, Frederick MD, said: “This is a very impressive Grade ‘A’ building, providing good quality office space in essentially open plan format, with parking available. We hope to announce our first new letting very shortly.”

For further information please contact:
Jonathan Reid, J & E Shepherd, 01738 638188