Opportunities for commercial relocation could arise following deal

Thursday, February 25, 2010

Scarborough group announces a number of acquisitions, which may allow for commercial relocation opportunities.

By Ashley Brunskill

Kevin McCabe's Scarborough Group has revealed a number of acquistions totalling £37 million.

The company announced that it has purchased Modus Properties and seven other Modus businesses for the overall figure.

Asset management may be required for the companies that own a number of large schemes, including the proposed Ocean Plaza development in Rhyl which would see commercial space, apartments and a hotel split across 175,000 sq ft.

Commercial relocation opportunities could also arise in Wigan as the group will oversee the third phase of the Grand Arcade project - an 18-storey tower to be constructed in the town housing 30,000 sq ft of office space.

Ernst & Young's Tom Jack, joint administrator, said: "This is a significant deal to have completed, particularly given the current challenges in the property market for developers and investors."
He added that the acquisitions will ensure commercial, retail and leisure schemes will now be finished in locations including the North West and Wales.

Valuations of the Abbey Road Studios in London may be boosted with renovation plans after the building recently received a Grade II listing.

Source: ask-re The Property People LLP