MCR Property Group

MCR Property Group acquires Glasgow multi-let business office

Real estate investment and development company MCR Property Group has completed its first purchase of a multi-let business office in Glasgow, as it expands its presence in the Scottish market.

The 33,000 sq ft Merlin Business Centre is in Hillington Park.

The MCR team is looking to improve the occupancy rate of the building, which is currently at 50%.

Most of the offices will be eligible for 100% small business rates relief and benefit from local amenities, ample parking, 24-hour access and a staffed concierge desk during the day.

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.

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.

“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.”

MCR has also bolstered its team in Scotland with three new hires. 

Fiona Paton has joined as a business centre manager, while Graham Evans and Rhu Wishart have been appointed as acquisitions and development managers.

In the last 12 months, the company 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.

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