HBG invest £35 million in Scottish Property

12 June 2006 09:54 - BAM Property Ltd

Colindale, London, 12 June 2006 - HBG Properties has added to its portfolio of national office and retail projects, by making two purchases in Scotland.

The retail corner plot 20/28 Buchanan Street and 38/47 Argyll Street in Glasgow’s city centre has recently been purchased for £31million. The majority of the 62,000 sq ft property is being let on long leases.

‘HBG Properties is delighted with this acquisition. Buchanan Street is one of the UK’s top retail locations. This is one of the best pieces of real estate to come onto the market in some time and we believe that added value can be created’, Nicola Harmon, asset manager from HBG Properties, said.

HBG Properties has also announced the purchase of the last available site in the Haymarket Yards Office Park, Edinburgh, for £3.95 million. The site was purchased from Haymarket Yards Limited, a joint venture between PPG and Betts Properties. Work will start on site in October this year.

The site benefits from existing consent for an office building totalling some 38,000 sq ft and HBG is currently in discussion with the planners regarding some minor modifications to the existing scheme.

Both of these purchases add to HBG Properties’ portfolio in Scotland, where current developments include the Wellgate Centre and Discovery Quay, both in Dundee.

HBG Properties is a division of HBG UK Ltd, one of the UK’s largest construction services organisations with a turnover exceeding £770 million. It operates throughout the UK from regional offices in Bristol, Cardiff, Birmingham, Coventry, Glasgow, Edinburgh, Leeds, London, Manchester and Newcastle. HBG UK Ltd is part of the €7.4 billion turnover European construction organisation, Royal BAM Group.

For further information contact: HBG Public Relations Department: Alan Smith, telephone (020) 8338 2635, or Carrie-Anne Savage, telephone (020) 8338 2341.