MCR Property Group begins Scottish expansion
MCR Property Group has acquired its first office investment in Scotland as it begins its expansion into the country.
The 33,000 sq ft Merlin Business Centre in Glasgow is located in Hillington Park, which is situated between Glasgow Airport and the city centre.
MCR is aiming to purchase over 100 commercial and industrial properties over the next three years, including development sites.
Investments will typically range from £1m to £10m, though higher valuations will be considered.
The firm will also be targeting additional residential acquisitions.
MCR is already very active in Scotland and, in the last 12 months, has completed Centrum, which houses 50,000 sq ft of refurbished industrial units in Coatbridge, North Lanarkshire, as well as Embankment West, a residential development of 165 apartments in Edinburgh.
The purchase of Merlin Business Centre coincides with an expansion of MCR’s team in Scotland.
Fiona Paton has joined as a business centre manager while Graham Evans, formerly of Osborne+Co, has been appointed acquisitions & development manager, alongside former Knight Frank surveyor Rhu Wishart.
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.”