Scotland
Aberdeen Posts Best First Half for Commercial Property Investment Since 2018
Lone Star Real Estate Fund’s £111 million purchase of Union Square accounted for the majority of investment in Aberdeen, meaning retail accounted for two-thirds (67%) of the six-month total. Industrials was the second most active sector (15%), while hotels were just behind in third (13%).
Investment in Aberdeen accounted for nearly one-quarter (24%) of total investment in Scotland during the first six months of 2024. International investors were the most active buyers, representing 62% of investment volumes.
Alasdair Steele, head of Scotland commercial at Knight Frank, said: “While the uncertainty of when interest rates will be cut has generally slowed deal activity, Aberdeen’s investment market has been comparatively strong – buoyed by the sale of Union Square. The city has also seen a reasonable amount of activity in the industrials and hotels sectors. More generally, market sentiment remains cautiously optimistic and we would hope to see a rise in activity in the next six months both in Aberdeen and across Scotland.”
Aberdeen saw its highest level of commercial property investment for the six months between January and June since 2018, according to new figures from Knight Frank.
The independent commercial property consultancy’s analysis of RCA data found that £181 million was invested in commercial property in the Granite City in the first half of 2024 – more than double the £78 million recorded during the same period in 2023 and well above the £99 million average of the past five years.
Matt Park, partner at Knight Frank Aberdeen, added: “Aberdeen is in a position to offer investors the returns they looking for. There is availability in Aberdeen and it is offering investors the high yields they are seeking Although the first half of 2024 may have been skewed by the sale of Union Square, we are seeing more interest in other assets that are being put on the market – particularly where there is the opportunity to add value through strong asset management.”
ELGIN A853 INVERNESS A9 A95 A96 A90 ABERDEEN A82 A956 A9
CAIRNGORMS NATIONAL PARK
A86 A90 AWPR A96 A941
A9 A82 DUNDEE PERTH A85 A9 A90
FORFAR
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