Scotland’s First Minister Nicola Sturgeon may be making plans to hold a second Scottish independence referendum, but property investors are not deterred from putting money into Scotland by the prospect of constitutional turmoil, according to a leading expert.
Acuitus auctioneer, Richard Auterac, reports that investor demand for property north of the border is growing, which suggests that the possibility of Scotland separating from the UK is not affecting their decision to invest in the country.
“There has been strong private investor interest in Scottish investments,” said Auterac.
More than a third of the lots on offer at the forthcoming Acuitus’s March auction are Scottish investments, as Acuitus continues to make a sustained commitment to this market in order to satisfy high demand from investors.
A total of 34 of the 90 properties at the March 30th sale are located north of the border and comprise a range of retail, office, bank, leisure and restaurant assets.
Notable among the Scottish lots are the 8,778 sq ft Raeburn House (pictured) in Edinburgh – an office investment which currently produces annual income of £119,00pa and has potential for residential conversion subject to the necessary consents. It is being offered for sale with a guide price of £1.75m.
A bank investment in Gilmour Street, Paisley is being offered with a guide price of £950,000. Let to Bank of Scotland Plc on a new 15-year lease from 2016 with no break options, the 9,242 sq ft building currently produces annual income of £58,000.
“We are looking forward to offering these assets in the room as they represent a wide range of both locations and sector types,” the auctioneer added.