Key transactions included Pontegadea’s £42.5m acquisition of The Mint Building, a prime office in Edinburgh, from Hines HECF Sarl.

In Glasgow, Aviva acquired a direct-let PBSA at Gilbert Street from PVP Developments for £23m, and the largest deal of the quarter was Iroko Zen’s £50.4m acquisition of 122 Waterloo Street from KFIM. The building is let to Morgan Stanley.

The sale of award-winning Belgrave Logistics Park in Bellshill was also concluded during September. The park was speculatively developed by Knight Property Group, with tenants Wincanton, Likewise Group, RES & Bunzl.

“Change is in the air,” said Chris Thornton, associate at Lismore. He said “we have not seen this sort of pricing in the market for several years”, adding “it feels like a watershed moment”.

He continued: “We are seeing more solidity in pricing and even some hardening but very specifically focused at the very prime end of sectors. Recent high-profile sales have established stronger pricing for Edinburgh offices, central belt logistics, and long-leased PBSA has found a new stronger level.

“We are also witnessing corporate M&A activity increasing, which is motivating sellers as portfolios are reshaped, to align with their sector-specific and wider strategic goals.

“In addition, improved lending conditions, with five-year swap rates around 3.5%, and lower margins, is making debt more attractive for high-quality assets. For the first time in several years, UK Funds are re-entering the market, acquiring prime properties across a range of sectors including supermarkets, logistics and PBSA.

“The Housing (Scotland) Bill may reinvigorate BTR investment, while on-going struggles with contractors could stall new developments, enhancing demand for value-add assets. Finally a shift in the political landscape is also helping to put Scotland back on the map.”