THE much-publicised change from the stamp duty regime to the Land and Buildings Transaction Tax in 2015 was followed by a storm of controversy, with property experts flagging the dampening effect it has had on sales at the top end of the market. While that trend would appear to be continuing, there are exceptions to the rule. Glasgow-based Ambassador Group has reported strong demand for the first tranche of luxury homes it is developing at its flagship Park Quadrant Residences development, where the price-tag on a townhouse is close to £1 million. It has now sold 24 of the first 33 properties made available since its marketing campaign was launched in August, despite the general economic malaise we are living through.
That the Park Quadrant project will complete the masterplan envisaged by Victorian architect Charles Wilson is likely to be a big part of its appeal, as is the fact the Park Circus area remains one of the most prestigious postcodes the city of Glasgow has to offer.
But the architectural attraction of the properties is only part the reason why sales are progressing so well. In a week where we have seen the weakness of the pound cited by overseas investors in moves to spend big on Scottish hotels over the last year, Ambassador’s Gordon Coster noted that 40 per cent of Park Quadrant’s sales to date have been made to foreign buyers. Sterling’s depreciation since the Brexit vote may not have been the primary motivation for these purchases, but it certainly would have made the price seem a little more attractive.
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