Rettie & Co cheers seven-figure sale of major residential property portfolio in Central Belt
The firm’s investment team has sold the portfolio, which covers three sites in Edinburgh, Falkirk, and Hamilton, for £7.25 million to a local buyer on behalf of Picture Living Investments, and the new owner plans to hold the units as a long-term investment while the properties remain available for tenants.
Sandy Gilmour, an associate director at Rettie and head of the firm’s investment team, said: “In a year that has seen disruption to inward investment in the Scottish residential property sector due in part to emergency government intervention with the rent freeze and adverse changes within the debt markets, the sale exemplifies the durability of residential investment in Scotland.
“Private rented sector investments of this size are important within the residential market, to maintain stock levels and choice for tenants in well-located areas close to public transport.”
Mark Bonner, an asset-manager at PfP Capital, the property investment division of Picture Living Investments, said: “We were delighted with the market response to this sale, and that the properties will be staying in the private rented sector in Scotland. Completing the sale will allow us to continue our strategy of investing in single family rental housing across the UK.”
Legal firm Eversheds and property management group Touchstone also advised the vendors, while Tay Lettings and law firm Harper Macleod advised the buyer. Rettie & Co is headquartered in Edinburgh with 180 staff across 11 offices, mainly in Scotland but also including Berwick, Newcastle, and London.