Shepherd Chartered Surveyors has been instructed by property investment company Mapeley to sell an office investment in Elgin with a combined rental of £37,000 per annum for offers in excess of £500,000.

Phoenix House is a 4600 sq ft modern open plan purpose-built office building at 1 Wards Road, Elgin that is 75% let to government agencies The Scottish Children’s Reporter Administration (SCRA) and The Scottish Commission for the Regulation of Care (SCRS), both of which signed up to lease terms of 15 years in 2003.


In addition, Phoenix House offers a vacant ground floor office suite extending to 909 sq ft.

Sandy Rennie, Head of Shepherd’s commercial department in Inverness, said: “Phoenix House represents an attractive asset management opportunity and its manageable lot size will appeal to private investors.

“The SCRA has an annual budget of £26 million whilst the SCRC has an annual budget of around £30 million and, as such, we regard both tenants as representing low risk to potential investors.

“We are seeking offers in excess of £500,000, which reflects a net initial yield of 7.05%, assuming acquisition costs of 4.75%.”

Elgin is the principal town of the Moray district in the northeast of Scotland, 40 miles northeast from Inverness. Phoenix House is situated immediately to the south of the city centre in an area of mixed usage, accessed from one of the principal inner arterial roads in Elgin.

(GK/KMcA)