PPG in £8.5m Aberdeen property deal
SIR David Murray’s Premier Property Group (PPG) has stepped up its activity in Aberdeen with the purchase of a mixeduse development for £8.5 million.
The acquisition of Caledonian House, in Union Street, comes hard on the heels of the disposal of Denmore House and the JGB Centre on Woodside Road for £3.75m. Edinburghbased PPG only bought the buildings three years earlier for a little over £2m.
Caledonian House encompasses 55,000sqft of office, banking and retail space set over six floors. Current occupiers include Clydesdale Bank, Mobil, the British Heart Foundation and McLeish Brothers.
PPG said it would adopt a "flexible approach" to the future of the building, which was constructed in the mid1970s and is said to be in need of "complete modernisation".
Stuart Paterson of PPG said: "The Aberdeen office market performed strongly in 2006 and 2007 on the back of a booming local economy."
Property agent Montagu Evans acted for PPG while the vendor, Jaymar Estates, was advised by Gilfillan Paterson.
Accounts last year showed PPG to be one of the strongest performing parts of Murray’s business empire, booking an 18 per cent rise in profits to £12.2m.
Original source : Business.Scotsman.com
