Aberdeen-based Knight Property Group has strengthened its portfolio with the purchase of its second Edinburgh property in a deal worth in excess of £5 million.

Knight is using the correction in commercial property values to its advantage, purchasing 3-11 Melville Street, Edinburgh, at what the company sees as a fair price thanks to the current economic climate.

James Barrack, Knight Property Group Managing Director, said: "The fall in property prices over the last 18 months has provided us with an opportunity to acquire prime commercial property in city centre locations at realistic prices."

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The property, with a total net area of 18,510sq ft and ten external car parking spaces, has a mixture of high quality open plan and cellular offices behind a Georgian façade in a popular central location.

"Although the current market conditions present a unique set of challenges to a business such as ours, Knight is in an excellent position to capitalise on several exciting opportunities, allowing us to expand our portfolio across the UK.

"With headquarters in Aberdeen, the majority of our properties are currently based in the North-east, but it has been our intention for the last few years to spread the geographical reach of our portfolio out of the North-east, with present market conditions providing an ideal time to buy out with Aberdeen."

Established in Aberdeen, Scotland in 1987, Knight Property Group provides a complete range of property investment and development services. The company has extensive experience in the design and build of new facilities and the refurbishment and upgrading of existing properties.

(GK/KMcA)