Commercial Property News

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Thursday, August 09, 2023

Office Development in Inverness Sold for 975,000

Joint venture partners AWG Property and WG Mitchell have sold an office development in Inverness for 975,000.

The 13,138 sq ft property at 35a Harbour Road in Inverness is currently the northern HQ of support services company Morrison Construction, which has leased the building until July 2009.

35a Harbour Road was purchased by the joint venture partners in March 2006 and has been sold on to Upland Developments.

AWG Property managing director Tony Donnelly said: ?The sale of 35a Harbour Road is another deal in the north of Scotland and demonstrates that we are continuing to look outwith the main central belt markets in order to achieve value.

"This property was always intended to be part of a short-term strategy for AWG Property and WG Mitchell, and, as such, we felt now it was an appropriate time to make the disposal."

Patrick Hegarty, managing director of WG Mitchell said: "This disposal has released further capital, allowing us to pursue our strategy of seeking out property with active asset management opportunities.

"Our first ventures into markets in the north of Scotland have been very successful and we are actively seeking further opportunities in these areas."

AWG Property and WG Mitchell were advised by Savills and Upland Developments were advised by Kerr McWilliam.

The joint venture partners have recently launched a new 150 million fund which marks the second phase of the successful investment fund set up by the two companies in April 2005. The initial 100 million AWG/WG Mitchell Property Fund was created to focus on investment across Scotland and has been a huge success.

AWG Property and WG Mitchell aim to build on this success by extending the fund to over 250 million over the next 12-18 months, with the focus remaining purely on Scottish investments, particularly where there is a potential to extract value through active asset management across all sectors - office, retail and industrial.

The fund has recently made a number of high profile purchases, including the Excel Centre in Aberdeen's Exploration Drive for 11.3 million, Westside Plaza shopping Centre in Edinburgh for 23.3 million and a three acre site at Steads Place in Edinburgh for 6.25 million.