David Higgins, director at commercial property specialists Cornerstone points to successful deals completed in 2018 as a sign that there is a market for decent Post Office sites
POST Office retailers looking to sell might be in for a pleasant surprise as experts at commercial property specialist Cornerstone Business Agents have claimed these c-store properties have been selling particularly well this year.
David Higgins, director at Cornerstone, weighed in with his assessment of the Scottish convenience property market, suggesting that Post Office sites are attracting a fair amount of interest.
“We have yet to return to the day where placing a Post Office business on the market would result in multiple applicants being put forward to the Post Office for approval but recently Cornerstone Business Agents have seen a significant increase in transactions involving businesses that include a Post Office within,” said Higgins.
“Activity during the first six months of 2018 included sales with community, local and mains offices across several parts of Scotland.”
Higgins highlighted a number of Post Office sites such as Glamis Post Office – located in the Angus village of Glamis, near Forfar – which Cornerstone has managed to complete sales on in recent months.
“The sale of Glamis Post Office, a community office, sitting alongside Glamis Castle in Angus, attracted significant interest before being purchased by a first time buyer from south of the border.
“Another community office is also under offer and due to complete early July on the beautiful Isle of Islay which again attracted multiple offers before being purchased by a first time buyer to the sector.
“Other transactions that have completed recently include a Post Office in Carnwath, an Edinburgh Post Office with which a quality deli was added to the business as opposed to the traditional retail offering and a newsagents business in Dollar where the Post Office was moved into from a nearby outlet.
“Although some buyers still seem wary of what is involved in the Post Office application and the related timescales, there are businesses where, as well as adding additional income through the Post Office remuneration, the additional footfall is of huge benefit to the ancillary trade.”
The Cornerstone director also highlighted how a Main style Post Office branch which recently came to market in Edinburgh has already received multiple inquiries and early offers, a scenario which Higgins hopes can be seen as “a sign of positivity in the industry continuing.”
A recent strategic partnership between Cornerstone and England and Wales based business sales agent Humberstones will also now allow Post Office owners access to a joint agency service on both sides of the border.
• Founded in 2008, Cornerstone Business Agents is run by directors David Higgins, Derek Burgoyne and Barry McNeil. The firm provides commercial property services across retail and hospitality in Scotland.
