THE prospect of Indyref2 could give the property market recovery a dent.

There is still a lack of clarity over the timetable for First Minister Nicola Sturgeon’s referendum bill and that in itself could arguably be enough to prompt investors to sit back.

The spectre of the potential threat that Indyref2 could bring aside, there is positive movement in the hospitality sector, according to agents.

Christie & Co says it is a good time to sell, and is seeing the investors looking at Scotland from Asia and China once more as the global hotels market reopens.

There are buyers from south of the Border looking to make the most of their money with a small profitable Scottish hotel and, says Drysdale and Company, corporate investors so keen to buy into smaller groups of hotels that they are making off-market approaches for target properties.

Hotels including Airds Hotel and Restaurant in Port Appin was sold to businessman Benjamin Andrews after Shaun and Jenny McKivragan retired.
The historic Tongue Hotel was bought from David and Lorraine Hook by Highland Coast Hotels.

Now Murray and Ellie Lamont are selling Mackays Hotel in Wick.

New ventures are also under way and Gleneagles’ first foray away from Perth will open in Edinburgh next week.

It might well be said though that any uncertainty that could slow down the return of the commercial property market more widely, or the Scottish hospitality and hotels market specifically, would probably not be viewed as a positive factor for some.

The Herald: Murray and Ellie Lamont with daughter Jenifer Lamont on the left.Murray and Ellie Lamont with daughter Jenifer Lamont on the left.

Gary Witham, of Christie & Co, said it had been considered a potential point of interest at the first referendum. “I was living and working down south when the last referendum happened, actually working for a different company,” he said. “At the time the Scottish team were bemoaning the whole independence debate had caused a lot of investors just to put things on hold until a decision was reached.

“Weirdly, it didn’t seem to matter to much which way the decision went but until it was made it slowed investment up considerably.

“I don’t know whether the same would happen again. It wouldn’t impact on day to day trading of the hotels I don’t think but some investors it does seem to make nervous.”

It comes as deputy business editor Scott Wright asks this week whether the office market in Scotland is ready to move forward after Covid.

“Given the series of major investment deals and lettings that have been announced in recent weeks, as well as statistics pointing to steadily improving occupancy rates in our three biggest cities, it is tempting to think the market is in full recovery mode,” he opines.

The backdrop, says business editor Ian McConnell in his Called to Account column this week, is an economy that “is not in good shape, as strong global headwinds and calamitous policy errors by the Conservatives continue to take their toll”.

“The inflation crisis, driven in large part by global forces but most certainly exacerbated by Brexit, has for some time now looked like it has potential to tip the UK economy back into recession,” he writes.

The extent of pay disparity was also highlighted this week by business correspondent Kristy Dorsey, who says that chief executives’ pay at 63 times more than wages means that it is high time for a reality check.