INVESTMENT firm Grant Property yesterday signalled its intention to grab a slice of the Aberdeen market after unveiling a £20 million war chest to buy up to 15 properties in the next year.
The cash, much of it coming from expat investors in 30 countries, will be used to buy three and four bedroom houses for workers in the oil and gas industry, students and “young professionals”.
The Edinburgh-based firm, which already owns and rents out properties in 12 locations throughout the UK on behalf of its investors, chose to enter the market after chief executive Peter Grant’s son, James, began studying international business in Aberdeen.
Grant said: “There are more than 150,000 people employed by 2,000 companies in the oil and gas sector, many operating from offices in Aberdeen.
“Our research shows that there is [also] a vibrant student market and a shortage of student accommodation. James helped with the research and trial purchases and already has a list of friends from university seeking to rent properties.” Grant added: “Having, studied in Aberdeen, I bought my very first property in the city when I graduated and started my career in the media.
“I then got moved around the UK by my employer. It’s great to now have come full circle.”
The father and son team have calculated returns on the first 15 properties in the area, expecting investment yields to reach about 8 per cent, similar to those the company receives from properties in Dundee and Stirling. Grant founded his business in 1997 with his wife, Colette.