MCR Property plots Scottish expansion after debut office deal
MCR Property Group has completed its first office investment in Scotland with a multilet acquisition in Glasgow. It comes as part of its strategy to buy more than 100 assets in the country over the next three years.
The firm aims to buy more than 100 commercial and industrial properties, including development sites, with each investment ranging from £1m to £10m. It will also be targeting residential deals.
Its first purchase in this arena is the 33,000 sq ft Merlin Business Centre in Hillington Park, the freehold for which was previously marketed at less than £1m by selling agent Ryden.
MCR Property Group has completed its first office investment in Scotland with a multilet acquisition in Glasgow. It comes as part of its strategy to buy more than 100 assets in the country over the next three years.
The firm aims to buy more than 100 commercial and industrial properties, including development sites, with each investment ranging from £1m to £10m. It will also be targeting residential deals.
Its first purchase in this arena is the 33,000 sq ft Merlin Business Centre in Hillington Park, the freehold for which was previously marketed at less than £1m by selling agent Ryden.
Half of the Merlin Business Centre is vacant; however, MCR said it expects to “rapidly improve” its occupancy rate.
To support its expansion in the Scottish market, MCR has hired Osborne & Co development manager Graham Evans and former Knight Frank surveyor Rhu Wishart as new acquisitions and development managers. It has also appointed Fiona Paton as a business centre manager.
Nick Lake, asset manager at MCR Property Group, said: “This purchase marks our first major salvo in a campaign to expand in Scotland, where we see ample investment opportunities.
“Asset price and yields are still generally attractive across the country. This is the perfect time to enter the multilet office sector in Scotland, as firms all over the world look to accommodate their employees’ new relationship with physical offices and how they use them. Productivity and flexibility will be the focus now and, naturally, there will be a switch away from traditional office space.
“We will be seeking investment and development opportunities of all sizes, from single properties to portfolios, as well as distressed assets that haven’t been performing as expected.”
MCR’s development activity in Scotland in the past year includes Centrum, which comprises 50,000 sq ft of refurbished industrial units in Coatbridge, North Lanarkshire, and Embankment West, a 165-flat residential development in Edinburgh.
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