Specialist business property adviser Christie & Co has reported that buyer appetite for retail businesses in Scotland remains strong, following the sale of two stores in Perth and West Lothian.
Muirton Post Office, located in Perth, is an established local business with longstanding loyal trade. The business was sold following the previous owner’s retirement to Irfan Ashghar, a local convenience store and Post Office owner who wanted a standalone Post Office business to add to his portfolio.
The second property, J Dunbar & Sons, is a busy Premier-branded store located in Armadale. The business was placed on the market as a retirement sale following 60 years of ownership, and was sold to existing local operator, Abdul Manan, who has plans for a refit.
Both sales were handled by Liam Bain, Retail Business Agent at Christie & Co. He commented: “J Dunbar & Son was a fantastically popular instruction, garnering 18 offers over a two-week period. After a closing date was set, we were able to secure a cash offer at 15% over asking price from a local shop owner. This proves the market for high turnover convenience stores in good locations is competitive, with buyers eager to go above asking price to secure the right business.
“Whilst Post Office businesses have received mixed press recently, they remain a solid investment which continue to attract buyers. The sale of Muirton Post Office was completed without going to market as we were able to use our extensive network and find a buyer close by, who was looking for this exact type of business. After several viewings and conversations, we were happy to move ahead with the purchase and accept an offer at asking price.”
