Commercial property sales in Aberdeen have topped those in both Edinburgh and Glasgow for the first time since 2014.

During the first three months of this year, the Granite City reported its strongest quarter since the oil price crash . Sales value reached £166m for a second consecutive quarter of growth, according to an analysis of data from the Registers of Scotland by the Scottish Property Federation (SPF).

This compared to £164 in Edinburgh and £96m in Glasgow during the first quarter.

The Aberdeen figure includes the sale of Aker Campus at Dyce for approximately £114m, and the sale of the Statoil building at Prime Four Business Park for £18.7m. Elsewhere, Edinburgh’s APEX123 at Haymarket sold for £26m and in Glasgow, one of the larger deals included the sale of retail units 50-74 Sauchiehall Street for £15.3m.

Combined, these sales supported an 8 per cent overall rise in commercial sales across Scotland as a whole, to a total value of £966m. That was the second consecutive quarterly increase in the total value of sales across Scotland, and the highest figure since the fourth quarter of 2016.

The value of commercial sales was 22 per cent higher compared to the first quarter of 2017, even though the number of transactions fell by 4 per cent on the previous quarter and 15 per cent against the same period a year earlier. This was due to a small number of high value transactions, particularly in Aberdeen and Edinburgh.

“It is the first time since 2014 that Aberdeen has had a higher total value of commercial sales than Edinburgh and Glasgow and the first time in 11 quarters that Edinburgh has not been the top city,” SPF director David Melhuish said.

“Rising oil prices, and a sense of returning confidence within Aberdeen is encouraging and could be paving the way for a sustained pick-up in commercial property transactions, although it is still too early to say for certain.”

The Registers of Scotland data supports findings elsewhere which indicate the first quarter was a positive one for the commercial property sector, he added.

“It should be noted though that the next step is to translate what is a positive investment and transactional market, into a stronger development market,” Melhuish said. “This will allow the commercial property sector to make a greater contribution to Scottish economic growth.”

Source

https://www.insider.co.uk/news/aberdeen-commercial-property-federation-scottish-12680920

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