Lloyds selling off £100m worth of property

In a sign that Lloyds Banking Group is accelerating its disposal of property assets inherited from HBOS, up to £100 million worth of rental properties in Scotland have been put up for sale.

The 300 luxury properties, which were bought by HBOS-backed development firm Heritor's during the boom years, are located at some of Scotland's most sought-after spots, including Edinburgh's prestigious India Street.

The high-profile portfolio of properties has been in the hands of administrators at PricewaterhouseCoopers since Heritor's filed for administration early last year.

It is one of the many Scottish property firms supported by Bank of Scotland prior to its takeover by Lloyds and was well-known for its high-end dealings, buying up apartments in chic roads including Abercromby Place in Edinburgh's New Town.

Alongside the selling off of these properties, more than 700 further properties across Dundee, Edinburgh, Glasgow, Stirling and Manchester may also be coming up for sale. A commercial property consultancy has been lined up to advise on these portfolios, which are said to include flats let mainly to students.

This latest news follows an announcement last week that Lloyds has put 110 Queen Street, a key development site in one of Glasgow's most important conservation areas, up for sale. Previous plans for the site included a mixed-use office and retail development.

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