Top five Q2 Scottish commercial property deals of 2026

The figures mark a clear cooling from the elevated levels recorded throughout 2025, driven largely by a slowdown in larger retail and portfolio transactions following several unusually active quarters.

Industrial property proved the standout performer, with quarterly investment of £75.1m down only marginally on the £79.9m recorded a year earlier – a far more resilient showing than the market as a whole.

Retail fell from £123.3m to £51.7m year-on-year, while hotel investment surged to £115m for Q2 on the back of the sale of Cameron House by KSL Capital Partners to Victory Group for £100m.

Office and “other” categories, which include healthcare and alternative assets, remained active, together accounting for close to half of all activity in the quarter.

Grant Lonsdale, senior director of market analytics at CoStar, says: “Scottish commercial property investment has cooled from the highs of a year ago, with the second quarter down 29 per cent year-on-year and 13 per cent on the previous quarter.

“Larger retail and portfolio deals have slowed, and geopolitical uncertainty has added caution. But industrial has bucked the trend, falling marginally against a sharper decline elsewhere, while healthcare and hotels continue to draw capital.”

That resilience showed through in the quarter’s headline deals. Both55 Fullarton Drive in Cambuslang and 7 Clydesmill Place in Glasgow changed hands, underlining sustained investor appetite for industrial assets with strong occupational fundamentals and constrained supply.

Private capital featured prominently throughout the quarter. Teesside-based Cable Properties beat competition from institutions and industrial specialists to secure Fullarton Drive in under a month, while a private investor took on 81–85 George Street in Edinburgh’s prime retail thoroughfare.

At the top end of the market, the Cameron House sale represented one of the largest hospitality transactions in recent Scottish commercial property history.

7 Clydesmill Place

Wittington Investments, the Weston family’s holding company, has acquired 7 Clydesmill Place for £11.4m.

The industrial property sits within Cambuslang Investment Park, an established distribution hub six miles south-east of Glasgow city centre with M74 access.

The Westons are a Canadian-British business dynasty, founded by Canadian businessman and philanthropist W Garfield Weston in the 1920s, today controlling Associated British Foods, Fortnum & Mason, Primark and Wittington Investments through the Garfield Weston Foundation.

81-85 George Street

A private investor has acquired 81-85 George Street, Edinburgh, in a retail and office deal worth £20.2m.

The Grade B-listed, mixed-use building is fully let to Virgin Money, Anderson Anderson Brown, InterGen and Phase Eight, with the banking firm accounting for 46 per cent of income until 2036.

The George Street address is a collection of historic properties dating back to circa-1775 that were later combined into a modern mixed-use commercial building.

Caledonia House

Drum Property Group has re-acquired Caledonia House, a 103,000sq ft Grade A office building at Aberdeen’s Prime Four Business Park, having originally developed and sold the asset in 2012.

The reacquisition for £4.9m coincides with a ten-year pre-let to CB&I Asset Solutions, which will relocate from Bridge View in Aberdeen city centre in Q4 2026.

It’s the Granite City’s largest office deal since 2017. Outgoing occupier Apache North Sea is winding down UK operations by 2029.

Cameron House

Investment firm Victory Group has acquired Cameron House, the five-star Loch Lomond resort, from KSL Capital Partners for £100m.

The 400-acre estate comprises a hotel with 208 bedrooms, 115 lodges, a spa, two golf courses and a marina.

The deal is Victory’s first Scottish acquisition, joining assets including the Fairmont Grand Hotel in Geneva.

Advisers included Bryan Cave Leighton Paisner, Alvarez & Marsal, Shepherd and Wedderburn, Turner & Townsend, JLL and Howden for Victory. Financing from Apollo-managed funds was advised by Gibson Dunn and Burness Paull.

55 Fullarton Drive

Teesside-based Cable Properties has acquired the 80,000 sq ft industrial asset at 55 Fullarton Drive, Cambuslang, for £10.85m in cash, advised by Avison Young.

The 5.94-acre site is let entirely to SP Distribution – a subsidiary of Scottish Power, which in turn is owned by Iberdrola – until September 2031, with a rent review due later this month.

Vendors were Swiss Life Asset Managers UK clients, advised by Lismore Real Estate Advisors. The deal completed in under a month, with Cable Properties beating competition from industrial specialists.