Standard Life adds 1,000th property in SIPP portfolio

Standard Life's SIPP platform has brought its total number of properties under management to 1,000 in less than five years with its latest commercial property addition.

Standard Life now has £291m gross value of properties under management.

The highest value of one building is £6m, while the average gross property value is £294,535.

The firm's property portfolio mainly consists of offices, shops, industrial units, dental practices, pubs and storage units.

Alistair Hardie, head of SIPP at Standard Life, believes confidence is returning to the commercial property market although he anticipates further downward pressures in returns for current holders of UK property over the next 12 months.

"Longer term investors, particularly those with equity holdings, should begin to look more closely at the property market," he says.

Hardie adds: "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."