An Aberdeenshire businessman has sold one of his commercial property investments for £1.75 million.
The seller is Fraser Milne, who owns and runs Inverurie Garden Machinery and Inverurie Garden Centre.
And the property changing hands is the headquarters of Duncan and Todd Group, the Aberdeen-based optical and hearing care chain.
The building, Unit 4 in Kirkhill Commercial Park, Dyce, totals of 15,400sq ft of accommodation, comprising 5,400sq ft office space and a 10,000sq ft workshop.
There is also a concrete yard of 7,150sq ft.
Duncan and Todd is Scotland’s largest independent optometrist and hearing care specialist.
It has a manufacturing laboratory on the Dyce site, which is let to the firm on a 15-year deal.
The property sale to an unnamed private company in England was secured by Shepherd Chartered Surveyors.
Shepherd said the unit was “comprehensively refurbished” before Duncan and Todd moved in earlier this year.
Property expert says investors have confidence in Aberdeen
Chris Grinyer, managing partner, Shepherd, said: “We have experienced good levels of interest in investment property from both the domestic market as well as foreign funds.
“This sale demonstrates a continuation of confidence from investors in the Aberdeen property sector.”
It is the second investment sale Shepherd has completed on behalf of FWM Investments, owned by Mr Milne, during the past year.
Mr Milne, who has majority owned the Inverurie garden centre and machinery shop since 1993, could not be contacted for comment.
In accounts lodged at Companies House by FWM Investments last year, he said he was “content” with a “strong” commercial property portfolio he had built up over the years.
As of May 2022, he owned five commercial properties – all with tenants.
He also said his firm’s exposure to the risks of property commercial property ownership was “high” due to the nature of the portfolio and type of business carried out by tenants in a local economy “influenced heavily” by the fortunes of the energy sector.
Mr Milne, whose business previously included residential property development, added: “The board’s core plan is to maintain the yield generated by the investment properties, while seeking further opportunities to add to the portfolio and consolidate the garden centre business.”
Fresh accounts covering the year to August 2022 are due to be lodged at Companies House by the end of this month.
They should reveal more up-to-date details about Mr Milne’s commercial property investments.
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