The property development arm of Bam Construct has reported “encouraging signs” in the commercial and retail market.
It also sold two retail units in its Buchanan Street development in Glasgow to Royal Liver for approximately £7.5 million, among other significant deals.
BAM Properties managing director John Burke said: “The investment market is beginning to recover in the UK, assisted possibly by the effects of quantitative easing working through the economy.
“A more positive attitude to property is evident from occupiers and investors. But the appetite for commercial property is only for highly specified, sustainable properties in prime locations, consistent with our forecast of a gradual recovery at the high end of the market.
“Similarly, in the retail market, we see signs of increasing demand but only for the very best locations.”
He added: “These are encouraging signs that the market is beginning to function rationally again. However, we remain highly selective and will sell only when the market is right and at fair value.”