Business

Northern Ireland property firm Lotus secures new letting within multi-million pound Scottish portfolio

Lotus Property has secured a new letting at its West Port House development in Dundee

A NORTHERN Ireland-based property investment firm has secured a significant new letting within its multi-million pound portfolio in Scotland.

Lotus Property, part of the Lotus Group, which owns The Boulevard and The Junction shopping complexes, has secured a new tenant at its

West Port House development in Dundee.

The final two remaining suites of 9,056 sq ft have been let to Scottish Courts and the Crown Prosecution Service on a 15-year term and they join existing tenants Curtis Banks, ChilliConnect and WRLD3D at the development.

The Dundee site on Marketgait is one of 45 properties that make up the 1.3 million sq ft James Keiller Investments portfolio in Scotland, acquired by Lotus last year and valued at approximately £60 million.

Almost two-thirds of the assets are industrial, with a variety of mixed use, retail, leisure and residential also forming part of the acquisition. The majority of sites within the portfolio are located in Dundee.

Alastair Coulson, managing director of Lotus Property said they are delighted to confirm the new lease with the Scottish Courts and Crown Prosecution Service.

"We look forward to working with them as they embark on an eight week fit-out project," he said.

"This deal confirms that there is positive movement in the Dundee property market following the significant and ongoing period of regeneration which the city is currently going through. I remain confident that Dundee is primed to become one of the UK’s next property investment hotspots."

“We are excited about the future of our Scottish portfolio as a whole. The composition is very similar to the portfolio which we own in Northern Ireland, and coupled with the positive historic experience, market intelligence and the network we have in Scotland, this first investment of ours in Dundee is a great platform to build on," Mr Coulson added.

Lotus Property owns and manages over 2 million sq ft of shopping centres, retail parks, residential, leisure, offices trade counter and industrial assets.

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