A Manchester property developer has acquired its second multi-rental shopping complex in Scotland as it continues its rapid expansion north of the border.
MCR Property Group is investing £ 6million in the Pentagon Business Center to create a modern and comfortable home for over 100 businesses. The company chose to keep all the staff in place and created ten additional positions.
The historic six-story building at 36 Washington Street overlooks the River Clyde and is in the heart of Glasgow’s financial district. It was built over 120 years ago as a whiskey bond, a type of bonded warehouse where bottles were stored before duty was paid. MCR is modernizing the building with high quality equipment, and positive results are already visible with an increase in the building occupancy rate of 18%.
The acquisition is part of MCR’s ambition to acquire more than 100 commercial and industrial properties over the next three years, including development sites. Investments will typically range from £ 1million to £ 10million, although higher valuations are taken into account.
MCR is already very active in Scotland and, over the past 24 months, has completed Centrum, which houses 50,000 square feet of refurbished industrial units in Coatbridge, North Lanarkshire, as well as Embankment West, a residential development of 165 apartments in Edinburgh.
Nick Lake, Asset Manager at MCR Property Group, said: “We have a firm belief that these multi-purpose business centers will continue to function well after the pandemic, even if the changes in the world of work are not yet fully realized. visible.
“There’s definitely going to be a shift towards working from home, that’s obvious. However, what is likely to increase as the dust settles is that the freedom to visit an office less frequently will change the nature of the premises favored by businesses.
“Sometimes it will be satellite bases outside of urban centers like the Merlin Business Center. In other cases, companies with a greater geographic distribution of employees or, perhaps, a younger workforce will continue to want tailored, flexible solutions that are close to the action.
“The Pentagon Business Center is a prime example of such a development, providing a base for businesses close to the city’s commercial and cultural life, and giving them the chance to be part of a very cosmopolitan business community.
“It is the large private offices dedicated to large staff that will be less popular in the future, with many employers no longer requiring their staff to be present full time and en masse.”