Shepherd Sells Modern Office Building In Elgin

Acting on behalf of property investment company Mapeley, Shepherd Chartered Surveyors has sold an office investment in Elgin with a combined rental of £37,000 per annum to a private purchaser for an undisclosed price, though offers over £500,000 had been sought.

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 has a vacant ground floor office suite extending to 909 sq ft.


Sandy Rennie, Head of Shepherd’s commercial department in Inverness, said: “We are delighted to secure the sale of Phoenix House which, due to manageable lot size and tenant mix, represented an attractive asset management opportunity.”

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)