Commercial property still going strong in Scotland - commercial mortgages

21 August 2007

An office block in Inverness has been sold for almost £1 million, highlighting the gains to be made by landlords with commercial mortgages north of the border.

Upland Developments has bought the Longman office for £975,000 from AWG Property and WG Mitchell, Property Executive magazine has said.

AWG and WG Mitchell will invest a further £100 million in the property market over the next year and a half, bringing the total value of its property investment fund to £250 million.

"The sale is another deal in the north of Scotland and demonstrates that we are continuing to look [outside] the main central belt markets in order to achieve value," commented AWG managing director Tony Donnelly, according to Property Executive.

"Our first ventures into markets in the north of Scotland have been very successful and we are actively seeking further opportunities in these areas," Mr Donnelly added.
The partnership previously purchased the Excel Centre in Aberdeen last month for £11.3 million.

Meanwhile, work on a £25 million development in Glasgow will begin in January following a successful application by Buccleuch Property, according to the Scotsman.