Adding significant value to an investment whilst regenerating key urban space has long been Maritime Capital’s methodology.
Our project in central Inverness is an excellent illustration of our core principles.
Situated in a prime city centre location close to key tourist spots and infrastructure, the Bridge Street complex of buildings in Inverness was an attractive investment opportunity for Maritime.
With a blend of retail and office space, the site comprised a 50,000 sq ft retail unit, let to Littlewoods, as well as 33,000 sq ft of office space leased to the Highlands and Island Enterprise organisation.
Separate to the HIE, a further 10,000 sq ft was let to the Highland Council local authority, and a popular Irish pub sat in the centre of the development, facing the river on Church Street.
In the early years of Maritime’s engagement leases were extensively regeared, with Primark replacing Littlewoods as the tenant in the largest retail unit, Highland Council renewing their lease and Highlands and Islands Enterprise vacating after their term expired.
We took a pragmatic view on the vacant 33,000 sq ft of office space, and obtained permission for a change of use to residential and restaurant units.
Working with partners, Maritime developed 33 luxury apartments in the vacant upper floor of the complex, including two penthouse suites offering stunning views over the River Ness and the city centre.
Two A3 restaurant units were created on the first floor, again taking advantage of the site’s scenic riverfront location.
Immediately adjacent to the core development was the historic home of the Inverness Courier newspaper. Maritime purchased the property as an additional investment, and it was quickly leased by a major estate agency.
Recognising that the luxury apartments required a highly focused marketing strategy, Maritime chartered a private jet and flew journalists from key national titles to Inverness to help raise the profile of the properties to discerning buyers on the lookout for a Highland bolthole or investment opportunity.
Over the course of a six-year engagement, Maritime transformed the Bridge Street complex into a successful, profitable mixed-use development.
The retail unit investments were then sold to Threadneedle, with six of the apartments retained as holiday rental units as part of our exit strategy.
