MCR Property Group has made its first office investment in Scotland as it eyes rapid expansion north of the border. The 33,000ft² Merlin Business Centre in Glasgow is located in Hillington Park, Scotland’s largest business park, which is ideally situated between Glasgow Airport and the city centre, with easy access to the M8 motorway and excellent rail links.
Hillington Park already has a wide ecosystem of businesses. It is home to more than 500 companies employing over 8,000 people. The Merlin Business Centre is currently only 50% occupied despite being an attractive, comfortable building with modern facilities. The MCR team expects to be able to rapidly improve the occupancy rate of the building as it has extensive experience in this sector. The company already owns and manages a dozen similar multi-let business centres in England but this is the first time the firm has made a purchase of this kind in Scotland. Most of the offices will be eligible for 100% Small Business Rates Relief and tenants enjoy good local amenities, ample parking, 24-hour access and a staffed concierge desk during the day.
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 multi-let 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.”
