Property development company Macdonald Estates is looking to the student accommodation market as it seeks to halt its losses.
Due to what has been termed 'challenging trading conditions' for its current portfolio, the Edinburgh-based developers turnover is down £7.8 million for 2015. Founder Dan Macdonald told The Herald that despite the firmhaving a wealth of experience and expertise in the retail-sector, the company is now looking to the office and student sector to divert resources away from a retail market that 'disappeared'.
In accounts filed with Companies House this week, directors at the firm stated, "The loss this year is reflective of the reduced levels of projects being undertaken and the cautious approach to business in the newer niche development market that we are now operating in."
"We have therefore significantly diverted our resources to other niche markets such as student accommodation where there is still occupier and investor demand for new quality developments. This is likely to remain our focus in the coming years."