How to change rotation point?

As the title mostly explains my question, Is there a way to change the rotation point in unity so instead of a object rotating around the center it rotates around from a point. If there isn’t a way to do that can i possibly do this through script and how?

I’m currently using the following code to rotate my Game Objects:

transform.Rotate (new Vector3 (1.0f, 0.0f, 0.0f), (Speed));

I think the easiest way of doing this would be to parent your object to another GameObject. Set the LocalPosition to the offset which you want to use, and then rotate the parent.