The award winning family housebuilder Mactaggart & Mickel Group has concluded its first commercial property acquisition as it continues to diversify its business.  Building on the recent success of its mixed use development in Edinburgh’s East Craigs, the Group’s Commercial Property division has purchased a 32,327 sq ft office building in Anniesland, Glasgow.

The 1.32 acre site was purchased for £2.1 million representing an initial yield of 10% from Stockland Investments Limited with Knight Frank acting on behalf of Mactaggart & Mickel for the purchase. Located on Herschell Street, adjacent to Anniesland Train Station and Anniesland Retail Park, the property is currently let to The Secretary of State for Communities and Local Government until May 2016.

The 1970s style property offers accommodation over four floors with a Job Centre operating on the ground floor and open plan office space on the remaining levels.  The site includes barrier controlled parking for 69 vehicles.
 
Mactaggart & Mickel land & planning manager Craig Ormond comments: “The Herschell Street site is ideally located and offers great potential both as a long term investment and for future redevelopment. 

“The expansion of our commercial property portfolio is a key priority for the company over the next three years. We completed the construction of our East Craigs development in December 2010, which is let to Co-op and Lloyds Pharmacy who are now trading successfully.  With a number of existing and planned mixed use developments, in association with our Homes division and a desire to complete further acquisitions, this year looks to be an interesting one.  Construction of a retail development on our recently consented land in Greenan by Alloway will begin this summer and we also hope to secure tenant interest at our Thornybank, Dalkeith site which recently secured planning permission for 3 acres of commercial use.  ”

For further information on Mactaggart & Mickel Commercial Property please visit www.macmic.co.uk