Andy it is ok to use a sipp as a tax efficient vehicle to buy commerical properties but you are not looking at the actual product you are buying and the potential down the line, for resale, and the type of property it is, and that will affect capital appreciation etc. Also remember the investment laws in france and you can not do too much buying and selling etc as you will hammered with capital gains tax etc

Leasebacks are a roses thorn, the rose looks beautiful but the thorn is the going to draw blood when you do not see it.

__________________