Edinburgh-based property investment specialist SRA Ventures has acquired a former Royal Bank of Scotland branch in Stirling in a deal that is set to further enhance its commercial interests in the area.
Missives for the substantial 3476 square foot listed property in Murray Place have been concluded and SRA Ventures is now actively seeking new tenants to take advantage of the building’s stunning period features and excellent trading location.
The premises – which has Class One and Two consent – is currently undergoing refurbishment, including the removal of ATMs and internal bank fixtures.
SRA believes that, once renovated and restored, the substantial four-floor property would be ideal for a high end retailer, or business seeking high quality office accommodation.
The investment specialist intends to apply for Class Three consent as it feels there may also be significant interest from restaurant or coffee shop owners for this period-rich building.
The well-known building in the heart of Stirling represents a significant addition to the SRA portfolio and another deal concluded in the city, following the purchase of a two-storey retail property in Port Street, currently let to ‘The Works’ nationwide chain, and the acquisition of PureGym Stirling in Upper Craigs.
SRA Ventures – founded and owned by Scots entrepreneur Shaf Rasul – believes that Stirling represents an excellent platform for growth after being named the best city in Scotland to start a new business in a recent study, while offering great connectivity at a highly competitive cost.
Mr Rasul said: “We continue to see huge opportunities in Stirling and this beautiful former RBS property is another great acquisition that we expect to be quickly snapped up by a tenant looking for excellent, freshly renovated accommodation.”
SRA Ventures owns and manages a diverse range of industrial, retail, commercial and mixed use asset properties across Scotland, focusing on under-performing commercial assets.
It was advised on the acquisition by chartered surveyor Graham + Sibbald, which has worked in tandem with SRA on several recent deals.
Partner at Graham + Sibbald, Keith Watters said: “We are delighted to have been part of this acquisition, and are certain that SRA Ventures has secured an excellent investment that will continue to offer value to tenants seeking a property with loads of period character, providing an impressive backdrop for a range of potential uses.”
Murray Stewart, Head of Real Estate at Edinburgh-based Gilson Gray, said: “As retained legal advisors, we were only too pleased to support SRA Ventures on this acquisition, helping to progress it to a satisfying conclusion for all parties.
“We are in no doubt that the property will command strong interest from the market.”
For Further information on the property please call Susana Garcia on 0131 629 4450