Latest News

Friday, 21 January 2011 12:58

Property AM is delighted to announce the successful sale of two residential sites on behalf of Hansteen plc.

At Bridge of Earn, Perthshire, a 1.99 acre site with detailed planning consent for 20 residential units has been sold to a private developer for £955,000. The site represents phase 2 of the successful development at Stathearn View at Glenearn Terrace.

At Milton Road East, Edinburgh, a 0.622 acre site with detailed planning consent for 37 residential flats has been sold to Springfield plc for £720,000. The site forms phase 2 of the Brunstane Court development, which consists of 44 one and two bedroom flats. Hansteen own, and are in the process of completing 12 flats within phase 1, which are now being marketed by Rettie & Co.

Derek Heathwood of Property AM commented;

"Hansteen purchased both sites as part of the second former Kilmartin portfolio they bought in August 2010, so we are pleased with the quick turnaround.  Both sales demonstrate that demand does exist for well located sites, which have the benefit of existing consents taking a lot of uncertainty and cost out for developers.

We are also marketing sites at Cherrybank in Perth, which has detailed consent for 122 residential units and a 65 bed care home facility, and Condoratt, Cumbernauld which has detailed consent for 34 residential units. We have quite a bit of interest in both sites and hope to have them under offer over the next few weeks."

Further information on Cherrybank and Condorrat can be found here on the website. Rettie & Co acted for Property AM at both Bridge of Earn and Milton Road.

Wednesday, 08 September 2010 13:10

Acting on behalf of The Henderson UK Property Fund, Property AM are delighted to announce that following the recent letting of unit 11 to Direct Savings, the estate is now fully let.

Commenting on the success, Grant Scrimgeour of Property AM said;

"We’ve been aggressive with our marketing and completed a number of deals on the estate over the past 12 months. In these tough times, its great to get the estate 100% occupied."

Tuesday, 31 August 2010 07:58

Property AM Limited, the asset management company recently formed by ex Ashtenne men, Derek Heathwood, Grant Scrimgeour and Joe Havery have advised Hansteen Holdings plc on their successful acquisition of a portfolio of properties from Kilmartin Joint Ventures for a total price of £13.5m.

The portfolio comprised 10 heritable and 2 long leasehold properties located in Scotland. 54% of the value is in 5 commercial assets with the rest 5 consented residential development sites totalling 20 acres and 17 partially completed flats. The net rental is £839,533 and equates to a net initial yield of 11.46% and a vacancy rate of 28% in the commercial properties.

Derek Heathwood of Property AM said;

"Together with Hansteen we purchased the portfolio within a very short timescale of 15 days from agreeing terms to completion. The assets present an excellent opportunity to add value with a focused and vigorous asset management plan which we will implement with Hansteen.  Property AM provide a unique asset management service designed to achieve results in a difficult market and we look forward to working with Hansteen on this portfolio."

Monday, 10 May 2010 08:10

Property AM have been appointed by Lasalle Investment Managers to asset manage an office development at Strathclyde Business park in Bellshill.

Dalserf House and Bothwell House, both vacant, provide approx 15,000 sq ft of fully refurbished, highly specified air conditioned space in a brilliant location within Strathclyde Business Park.

Both buildings are subdivisble and we are able to provide suites from 1,400 sq ft upwards at exceptionally competitive rentals.

Grant Scrimgeour of Property AM said ‘Strathclyde Business Park is where out of town office occupiers want to be. We have brilliant refurbished office space, available on flexible competitive terms with bags of dedicated parking. We will be making sure that everyone in the market place knows what we have and look forward to filling the space up quickly’

For more information please click here