Edinburgh Property Lets

Mactaggart & Mickel own over 487 residential properties in Edinburgh which are managed by DJ Alexander who help us achieve rental premium rates and occupancy rates. The letting division has recorded year on year increase and had a turnover of £2.9 million, which represents a £1.8m profit in 2009.

The group’s investment properties are valued at £49 million based on open market valuations undertaken by our letting agents in 2009. We continue to look for opportunities to add to our portfolio.

Shared Equity

With our Major Ownership Scheme customer’s pay 85% of the purchase price of a new home. There is a 10 year limit on the 15% customers pay back and we charge no interest on the 15% equity share. The 15% is payable when the customers sell or cease to occupy the property and is based on the current market value of the home at that time.

Income from this revenue stream contributed £0.9 million to turnover in 2009, which represented 54 redemptions. This is down from £1.4 million in 2008. We are on target to increase our income from redemption to above £2 million this current financial year.
Mactaggart & Mickel’s shared equity redemption is valued at approximately £15 million.

Commercial Property Acquisition

In 2011 we made our first major commercial property acquisition - a 32,327 sq ft office building in Anniesland, Glasgow.

The 1.32 acre site was purchased for £2.1 million from Stockland Investments. Located on Herschell Street, adjacent to Anniesland Train Station and Anniesland Retail Park, the property is currently let to The Secretary of State for Communities and Local Government until May 2016. The 1970s style property offers accommodation over four floors with a Job Centre operating on the ground floor and open plan office space on the remaining levels.  The site includes barrier controlled parking for 69 vehicles.

The Herschell Street site is ideally located and offers great potential both as a long term investment and for future redevelopment.