Standard Life has just added the latest commercial property to its SIPP platform bringing the total number of properties under management to 1000 in less than five years.
Alistair Hardie, Head of SIPP, Standard Life said: “Our SIPP has been a fantastic success since launch and commercial property has clearly captured the imagination of many investors. Smashing through the 1000 property barrier in less than five years is astonishing, and demonstrates the broad appeal of SIPP for long-term financial planning.
“We have helped syndicates, Doctors, Dentists and other professional people purchase their own commercial premises via a SIPP. Our size, scale, expertise and rock-solid dependency, coupled with unrivalled service, have helped make us a market leader.”
Standard Life has a dedicated in-house specialist property team who aim to make the purchase of commercial property via the SIPP as simple, efficient and safe as possible. The team work alongside solicitors and property managers to help manage the risk and avoid unnecessary costs and delays associated with purchase.
Paul Richardson, Managing Director at Concept Financial Planning commented: “I have placed a good deal of business with Standard Life because of the huge amount of experience the company has in this market. The service is phenomenal and working with partners that understand what my clients and I require in the commercial property market within SIPP really sets Standard Life apart, making the whole process easy, timely and painless. Service is everything. I simply won?t place SIPP property business anywhere else.”
SIPP Property Fast Facts:
- Total gross value of properties under management, £291 million
- Single property with the highest value, £6 million
- Average gross property value, £294,535
- Single property with the smallest valuation, £30,000
- 416 mortgages charged against properties, with a total value of £62.3 million
- 564 properties are held through syndicate purchase
- Quickest property purchase was in Scotland, with a turnaround time of four weeks (quickest in England was five weeks)
- Property portfolio consists mainly of offices, shops, industrial units, dental practises, pubs and storage units
With respect to the economic outlook for the commercial property market, Hardie commented: “We believe that confidence is returning to the commercial property market, although we anticipate further downward pressures in returns for current holders of UK property over the next twelve months. However, longer term investors, particularly those with equity holdings, should begin to look more closely at the property market.”
