UNITED AUCTIONS PROPERTY PORTFOLIO

In January 2005, after a lengthy bidding process, Elphinstone purchased United Auctions Group plc for £52 million after which UA ceased to be a listed company and became a wholly-owned Elphinstone subsidiary. UA Group is Scotland's largest livestock auctioneer with property located all over Scotland, including Perth, Stirling, Oban, Dalmally, Huntly, Lairg and Dingwall. This acquisition brought a substantial land portfolio under Elphinstone control. Further value was added by separating the auction company, since sold to its management, from its property portfolio.

Elphinstone took control of a portfolio of 30 buildings and sites located throughout Scotland including a mixture of auction marts, extensive areas of agricultural ground, commercial properties, a surveying practice, a wholesale meat business, leased commercial properties and residential tenanted properties and 95 staff.

After a rigorous and lengthy assessment process, Elphinstone prepared an unique development strategy for each property to realise development potential and maximise value.

Since the takeover in 2005, sales of in excess of £50 million from the UA portfolio have been achieved to date.

A series of further projects still underway to maximise return on the initial investment are as follows:

Perth Agricultural Centre

Masterplan for new business, retail and leisure park to support the growth of Perth is being promoted through the development plan process.

Stirling Auction Mart

The recent completion of the new £15m auction mart at Hill O'Drip, Stirling will allow redevelopment of the existing Kildean facility to begin. Demolition of the old Kildean mart commenced in January 2010.

Forth Valley College have received outline planning consent for their new £29 million campus on a 7 acre portion of the site. Elphinstone will submit a planning application for a mixed use residential and commercial development on the remaining 23 acres of the site.