£60 mil­lion Dundee prop­erty port­fo­lio sold

City could be­come prop­erty ‘hot spot’

The Courier & Advertiser (Perth and Perthshire Edition) - - BUSINESS - ROB MCLAREN busi­ness@the­courier.co.uk

A Dundee prop­erty port­fo­lio worth £60 mil­lion has been sold by the James Keiller In­vest­ments group to a North­ern Ire­land firm.

The 45 prop­er­ties bought by Lo­tus Prop­erty have a to­tal of 1.3 mil­lion sq ft and fea­ture a mix­ture of in­dus­trial, re­tail and res­i­den­tial as­sets.

The port­fo­lio in­cludes the West Mar­ket­gait mixed-use de­vel­op­ment whose ten­ants in­clude Trav­elodge, Pure Gym, Grosvenor Casi­nos and Tesco.

Around 60% of the as­sets are in­dus­trial, with Her­mes Parcel­net, En­con In­su­la­tion, UPS and Buck­ler Boots among the cur­rent ten­ants.

The pur­chase has been led by Lo­tus Prop­erty’s manag­ing di­rec­tor Alastair Coul­son who ne­go­ti­ated with Bruce Lin­ton from James Keiller.

He said: “I was born in Dundee and have known the Lin­ton fam­ily for years. There was a sig­nif­i­cant pe­riod of ne­go­ti­a­tion.

“As a prop­erty in­vest­ment com­pany we look for where the next op­por­tu­nity city is and we’ve been track­ing Dundee for a num­ber of years.

“We think what’s hap­pen­ing in Dundee is al­most a mir­ror im­age of Belfast — a city which at­tracted a lot of re­gen­er­a­tion money, a water­front de­vel­op­ment and a ma­jor tourist at­trac­tion.

“There’s no rea­son why Dundee won’t be the next prop­erty hot spot.”

Mr Coul­son said the port­fo­lio com­prised in­come gen­er­at­ing as­sets and did not in­clude de­vel­op­ment sites.

The site of Wal­lace Craigie Works, also known as Hal­ley’s Mill, which was con­tro­ver­sially torn down ear­lier this year, is not in­cluded in the sale.

Mr Coul­son added: “Bruce had quite a di­verse port­fo­lio. We de­cided that we couldn’t see the value he saw in some of the de­vel­op­ment sites.

“We left the de­vel­op­ment sites and took the in­vest­ment as­sets.”

Mr Lin­ton did not re­spond to a re­quest for comment.

The sale in­cludes the mixed-use de­vel­op­ment at West Mar­ket­gait in Dundee.

Lo­tus Prop­erty’s manag­ing di­rec­tor Alastair Coul­son.

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