Property group seals seven-figure deal for Dundee halls
Dundee property and investment firm Carling Property Group has acquired Alloway Halls in the city from Abertay University in a seven-figure deal.
Carling said the purchase, which brings with it 148 tenancies, turns the firm into Scotland’s largest independent residential landlord and one of the biggest of its kind in the UK. It also sees its portfolio reach more than 350 properties.
Group co-founder Graeme Carling said: “This is a significant purchase for our business and is part of a multi-million pound plan for the site. There’s a tangible shortage of quality affordable housing in Scotland, and a collection of well-maintained properties like this will help us to plug that gap.”
He added: “As a sustainable business with the intent to provide affordable housing at our core, Carling Property Group believe scale is vitally important to ensuring the future of affordable housing in the UK providing good quality and value for tenants and we’re well on track to achieving those aims.”
Situated to the north of Dundee, Alloway Halls were built by the university in the 1980s. As well as three blocks of student accommodation, the purchase includes two caretakers’ bungalows, each with three bedrooms.
The deal was part-financed by Bank of Scotland, and overseen by Glasgow conveyancer McVey & Murricane.