Inverurie’s retail sector is proving a top draw for investors and retail operators alike, according to a North-East commercial property expert.
Richard Noble, a director of Aberdeen and Glosgow-based chartered surveyors and property consultants FG Burnett, said the high level of interest in a development nearing completion by Tor Ecosse is an indicator of the continuing popularity of the Aberdeenshire town.
All 11 residential flats and two of the four retail units in the West High Street/Burn Lane project have been sold pre-completion. FG Burnett expects the remaining units to appeal to both investors seeking a steady rental return and retailers looking to extend operations in the affluent town.
According to Mr Noble, the Inverurie economy appears to have continued performing well throughout the current downturn. “Inverurie has traditionally been an attractive proposition and it has weathered the economic storm better than other locations”, he said. “There are next to no other vacant retail units available to purchase in the town and we expect these remaining units to be snapped up in short time.
“From an investment point of view, new build units don’t come along that often in Inverurie, while on the operator side we are aware of a number of businesses which are seeking to upsize or relocate, which will also generate interest.”
Eddie Innes, managing director of developer Tor Ecosse, said: “This is a prime town centre location and replaces the former Bugles diner. One investor came onboard before a brick was laid and given the vibrant local economy, we expect the other units will prove popular both as an investment vehicle and for leasing purposes.
“The residential part of the project has provided affordable housing units so this development is addressing the dual needs of Inverurie in terms of accessible, quality housing and extra retail facilities.”