Commercial Property News

Our magazines are published bi-monthly with in-depth features and news for the commercial property industry. On this page we have the latest news to keep you constantly updated on the market. On the left hand side of the page you can search our archived news which is stored monthly.

Thursday, August 31, 2023

McKay Securities sells Chancery House, Sutton for £13.33m

McKay Securities has announced the sale of Chancery House, Sutton for £13.33m to Arlington Property Investors, acting on behalf of Nottinghamshire County Council Pension Fund. The sale price was in excess of book value, and represented an initial yield of 6%.

Chancery House, a 55,000 sq ft office headquarters in Central Sutton, was developed by McKay in 1982 in partnership with Hill Samuel. In 2004 McKay acquired the controlling 80% head lease interest for £4m, and after refurbishment, achieved full occupation with a number of lettings totalling 24,000 sq ft.

Commenting on the sale, Simon Perkins, Managing Director of McKay said "the sale has realised the significant uplift in value generated by the well executed refurbishment and successful letting programme, and the current high levels of institutional demand for this type of investment. The proceeds from the sale will be used for acquisitions and new development and refurbishment projects within our existing portfolio".

Mellersh & Harding acted for McKay Securities plc and Montagu Evans acted for Arlington Property Investors.

Pentad secures tenant to complete retail line up

Pentad - the centre of Edinburgh's South Gyle area - has now secured a tenant for the last remaining retail unit in its hub building.

The News Stand will provide a much-needed facility, adding to the mix of retail services on offer to Pentad's tenants and other businesses in the local area. The News Stand plans to apply for a sub-Post Office license in the near future.

Let on a 15-year lease, the 1140 sq ft (105.9 sq m) unit completes a line-up which now includes a hairdresser, a Chinese restaurant and sandwich shop. Office Depot the multinational office supplies company, is based in Pentad's first floor offices.

"Having a range of retail and leisure services on the doorstep will help to attract other business to the South Gyle area," said Ian Wall, Chief Executive of the EDI Group. "Pentad is a unique business park development that recognises just how important these facilities are to the office and business occupier."

Once complete, Pentad will provide 17,187 sq m (185,000 sq ft) of Grade A open plan office accommodation over five buildings fanning out from the central courtyard, each with its own gardens.

Ryden acted on behalf of EDI and The News Stand represented themselves.

Dundee Chartered Surveyors return to their roots

Following the sale of their landmark building, Waverley House, fronting West Marketgait, GRAHAM+SIBBALD are moving their offices to another landmark building, namely 1 Greenmarket, which also fronts the Inner Ring Road and is adjacent to the City's Tay Bridge Railway Station.

Developed by Discovery Quay Developments, a joint venture between HBG Properties, Scottish Enterprise Tayside and Highbridge Properties, G+S have leased the ground floor, extending to some 6,000 sq.ft., together with exclusive car parking. The office will accommodate the firm's 40 Dundee-based personnel. The upper floors are already let to the Scottish Ministers in the guise of Community Scotland and Her Majesty's Inspector of Education. Knight Frank advised DQD on the lettings.

1 Greenmarket is the final phase of the Discovery Quay development, a mixed use scheme of some 25 acres, comprising the development of a 67,000 sq ft superstore, 30,000 sq ft non-food retail unit, hotel, a visitor centre which is the home for Capitan Scott's historic vessel - RRS Discovery - and 200,000 sq ft of offices.

This will be a return almost to the spot where G+S was founded by Sandy Graham and the late Greig Sibbald back in 1959 on South Union Street, above the Perthshire Bar, in a property subsequently demolished along with others, as part of the Tay Bridge Landfill Area. From those modest beginnings, the Firm now has 13 offices throughout Scotland, together with a presence in England and employs some 250 people.

G+S Partner, Alistair Todd comments: "This Greenmarket scheme is at the vanguard of the City's Waterfront redevelopment and is ideally located to service several of our commercial clients' own developments in the area, including Whitehall directly opposite, which is currently undergoing a major refurbishment to accommodate a letting to Thorntons, Tayside's largest firm of Solicitors; a second proposed scheme which has Planning Permission for a 114-bed hotel, 70,000 sq.ft. of offices and a bar/restaurant; 'Seabraes', aimed at the digital media sector and the imposing Vision building also in the digital media district. The move also brings us closer to many of our city centre sources of residential valuation instructions."

It is anticipated that the Firm will be in its new premises by Christmas following an extensive fit out.

ING Britannica acquires Church Square Shopping Centre, St Helens for £75m

ING Retail Property Fund Britannica, the UK shopping centre fund managed by ING Real Estate Investment Management, has acquired Church Square Shopping Centre, St Helens from Analytical Properties Limited, a 50:50 joint venture between London & Associated Properties plc and Bank of Scotland. The purchase price of £75m reflects an initial yield of 5.18% and an equivalent yield of 5.56% and takes the value of the Fund to over £600m. The transaction represents the Fund?s first acquisition since launch in March 2005.

Church Square, which was originally developed in 1972 and most recently refurbished in 1991, is located 11 miles east of Liverpool and forms the dominant part of St Helen?s prime retail core. The centre is divided into two phases and comprises a total of 29,496 sq ft of retail space, including two multi-storey car parks providing over 600 spaces. The centre is anchored by Bhs and Boots and its tenant line up includes B&M; Household, HMV, TopShop and River Island.

The centre currently generates a net rental income of £4m per annum and offers good reversionary potential with a number of opportunities for ING Real Estate to apply its asset management skill to enhance the tenant mix. New equity for the acquisition has been raised from ING Britannica's existing investors, which include ABP, clients of Cushman & Wakefield Investors, Canada Pension Plan Investment Board and KP.

ING Britannica was created to provide investors with exposure to a portfolio of town centre shopping centres which offer opportunities for active asset management. The regionally diverse portfolio currently comprises the following assets: County Square, Ashford; The Strand, Bootle; The Gates, Durham; Rivergate, Irvine; Haymarket, Leicester; Town Square & The Spindles, Oldham; and the Swansgate, Wellingborough.

Aleks Hughes, Fund Manager, ING Retail Property Fund Britannica, commented: "The investment reinforces our existing portfolio and demonstrates further good progress for the Fund. ING Britannica has outperformed our expectations. It has produced a return of 31.7% in the 12 months to 30 June 2006. We are confident that this asset will enable us to build on these results as we move forward to deliver further growth for our investors."

CB Richard Ellis acted on behalf of ING Britannica and Donaldsons and Gooch Cunliffe Whale acted on behalf of Analytical Properties Ltd.

Drivers Jonas Scotland appoint senior surveyor in Edinburgh office

Drivers Jonas in Edinburgh has appointed Sandy Gilmour as a Senior Surveyor within
the transaction team - specialising in commercial property development, agency and
property investment.

Sandy joins Drivers Jonas from Roxburgh & Company where he was head of agency
and development. Prior to Roxburgh & Company, Sandy gained extensive experience
of the Scottish commercial property market with a number of blue chip organisations,
including Montagu Evans, Jones Lang LaSalle and Graham & Sibbald.

Sandy's key skills include specific experience of assessing the viability of
development projects and he has considerable experience of the Edinburgh office
market. Sandy has also been involved in the acquisition, disposal and development
of some 278,000 sq ft of Edinburgh office space during the last two years.

Alasdair Ramsay, Head of Drivers Jonas in Scotland, said: "Sandy has gained considerable knowledge of a range of commercial property sectors and this will help strengthen Drivers Jonas' range of services in the Edinburgh area"

Tuesday, August 29, 2023

King Sturge helps to secure new Glasgow depot for Graham's Dairies

King Sturge, acting on behalf of Graham's Dairies has secured 2.91 acres of land at Keppochill Road, in the city's Port Dundas area as the site of a new depot, to supply milk and other dairy products to Glasgow and the surrounding areas.

The new depot is set to provide a jobs boost for the area, as more than 40 delivery drivers and office staff will be based there and more are to be recruited.

Robert Graham Jnr, managing director of Graham's Dairies said: "The new depot at Port Dundas provides us with a central location in Glasgow. The city and its surrounding areas are an important market for us and our new depot will enable us to further enhance our high standards of customer service. Port Dundas is a welcome addition to our network of regional depots in Ayrshire, Fife, and Angus, all of which are essential in allowing us to provide customers with a localised service."

Cass Hibbert, associate at King Sturge, said: "The site at Port Dundas offers Graham's an ideal central location for the new depot. The site benefits from excellent communication links which will assist Graham's business objectives."

Family dairy Graham's was established in 1939 and has grown into Scotland's largest independent dairy firm and the UK's seventh biggest milk processor.

Graham & Sibbald completes Scandinavian valuation for Texaco/Norsk Hydro

Graham & Sibbald's specialist Petroleum & Roadside Services Team have just completed an extensive portfolio valuation exercise on behalf of the Chevron Group's joint venture partnership between Texaco Investment Netherlands Inc & Norsk Hydro ASA, in Scandinavia.

Following the valuation, the U.S.-based Chevron Corp. and Norsk Hydro ASA announced the sale of their joint Hydro Texaco gas station chain to Norway's Reitan Servicehandel group.

Norsk Hydro said it will receive 1 billion kroner (US$161 million, euro126 million) for its 50 percent stake in the 768 gas station chain, which operates under the Hydro Texaco and Uno-X brands in Norway and Denmark.

In a separate statement, Chevron said its Texaco Investments (Netherlands) Inc. subsidiary will also sell its half interest, but did not disclose the price.

Calum Campbell Partner in charge of Graham & Sibbald's Petroleum & Roadside Services Department said, "Our portfolio review included the provision of strategic advice in relation to the value of the portfolio for existing use, together with an appraisal of the latent development value of the property base. When considering a disposal of this nature, it is essential that the Company is aware of the true underlying value of its property assets, for alternative use, which can frequently far exceed the value of the properties for their existing use."

Norway's family owned Reitan group has 210 7-Eleven stores in Norway, Sweden and Denmark, and the convenience store chains Narvesen in Norway and Pressbyran in Sweden.

Hydro Texaco was formed in 1995 through the merger of the Norwegian oil and light metal's company's Hydro Olje unit in Norway and Denmark with the Chevron-owned company in the same countries. The sale requires regulatory approval, and should be completed in the fourth quarter of 2006.

The Uno-X chain operates fuel-only automated stations, while the Hydro Texaco stations include convenience stores.

Trondheim-based Reitan Servicehandel managing director Magnus Reitan said his group will begin by converting about 100 of the Norsk Hydro stores to 7-Eleven stores. He said they will continue to sell fuel under the Norsk Hydro YX logo.

"The 7-Eleven concept will give motorists something new, including a more varied selection of fast food," said Retain.

The Reitan group will take over as employer of the all 346 Hydro Texaco staff in Norway and Denmark.

Big Lottery Fund signs lease at Apex House, Edgbaston, Birmingham

Birmingham has hit the jackpot with the largest city centre office letting in almost three years.

Wrenbridge, the Palmer Capital Partners backed development company, has signed up Big Lottery Fund, advised by DTZ, for its high profile, 58,000 sq ft Apex House in Edgbaston.

The high-spec landmark building will become a new operational centre for the Big Lottery Fund - the UK's largest distributor of lottery good cause money. The expansion is a result of the Fund's decision to establish key operational centres in Birmingham and Newcastle to take the lead in distributing lottery cash, a role previously carried out in London and eight other regional centres.

Stephen Dunmore, chief executive of Big Lottery Fund, said this investment in the region was a positive outcome of the Lyons Review, which identified and promoted the relocation of civil service jobs from London and the South East.

He commented: "We opened our Newcastle office in May and have looked at several other cities across England as potential locations for a second new centre. We were very impressed with Birmingham's many facilities, its excellent transport links and high calibre employment potential."

Big Lottery Fund plans to re-locate to Apex House in December. The move will bring up to 200 new jobs to the city and comes within a month of The Gambling Commission setting up its national offices in Victoria Square House, Birmingham city centre.

Jamie Hockaday, Development Director at Wrenbridge responsible for the original acquisition and letting, said Big Lottery Fund was attracted to the building for a number of reasons including its excellent location, extensive car parking facilities and because the headline rent represented a discount of almost £15 per sq ft on prime alternative locations in the city centre with no compromise on specification.

Alex Price, Fund Manager of the £200m Palmer Capital Development Fund, which financed the development, said: "We are delighted to have secured such a prestigious tenant and we believe the project will generate exceptional returns to our investors."

David Tonks, head of Birmingham office agency DTZ, who advised Big Lottery Fund on their move to Apex House, said: "The deal represents the largest office letting in central Birmingham for almost three years and is a massive boost for the Edgbaston office market.

"We are confident it will act as a catalyst for major investment in the area where plans currently being considered include a major new shopping centre providing 160,000 sq ft of Grade A office space, a 100 bedroom extension to the Marriott Hotel and 100,000 sq ft of retail and leisure facilities."

Balfour Beatty awarded £180m Glasgow hospital construction contract

Balfour Beatty Construction, through an alliance with the specialist developer Canmore Partnership Ltd, has secured financial close on the new Victoria & Stobhill Hospitals project in Glasgow.

BBCL will be responsible for the £180m contract to design and construct the new hospitals which will be built in close proximity to existing healthcare facilities: one to be located on the Stobhill Hospital Campus in the north of Glasgow and the other, adjacent to the Victoria Infirmary on the south side of the city.

Balfour Beatty's Chief Executive Ian Tyler said: "Balfour Beatty is delighted to have reached this landmark stage in partnership with both Canmore and NHS Greater Glasgow & Clyde and now looks forward to delivering two brand new hospitals that will significantly enhance acute hospital care throughout Glasgow.

"We have a long tradition of delivering successful healthcare projects in Glasgow and this is the third healthcare project we have secured in partnership with Canmore."

The facilities, which are scheduled for completion in Spring 2009 form Phase 1 of NHS Greater Glasgow & Clyde's hospital modernisation programme which will radically improve healthcare facilities across the city. Each hospital will be equipped with day-care operating theatres, imaging treatment facilities, Endoscopy and Dialysis units together with MRI equipment, which will be at the forefront of diagnostic treatment provision.

The PFI concession which is for 33 years will be operated by a special purpose company owned by Canmore Partnership Ltd, Barclays Private Equity, UME Investments and The PFI Infrastructure Company.

In Glasgow, Balfour Beatty is currently constructing the new mental health secure care centre on the Stobhill site (Rowanbank Clinic) and is also contributing to the city's position at the forefront of cancer research through the construction of the new Beatson Institute facility at Garscube.

Wednesday, August 23, 2023

Land Securities purchases Westwood Cross proposed leisure scheme

Land Securities has announced that following the purchase of an 8.5 acre site from Rosefarm Estates for £7.2m it has received planning consent from Thanet District Council for a new 96,000 ft2 leisure scheme on the site.

The site, which is adjacent to Land Securities' Westwood Cross shopping centre, has received detailed planning consent for a leisure and entertainment scheme, which includes provision for a hotel, multi-screen cinema complex, casino, bingo hall, restaurants and 530 car spaces.

The £20 million investment will further support Thanet District Council's long term vision for the regeneration of the area, which began with the creation of the new accessible retail heart for the neighbouring areas of Margate, Ramsgate and Broadstairs.

Mark Ashton, Head of Retail Portfolio Management, commented on the scheme: "A leisure element is the perfect addition to Westwood Cross' exciting retail offer and will provide a further draw for the area, creating a thriving and integrated town centre. The development builds upon Land Securities' significant investment in the region which also includes Maidstone and Canterbury."

Land Securities purchased Westwood Cross in July 2005 soon after its opening. The park is anchored by Debenhams, Marks & Spencer, TK Maxx and Next. Top high street retailers include Topshop, New Look and Waterstone's and recent additions include H&M;, River Island, HSBC and Blacks.

The leisure and entertainment scheme will start on site in September and be completed in Spring 2007.

Capital Menswear take space in Edinburgh's Exchange district

Acting on behalf of Scottish Widows, Donaldsons has let nearly 2,000 sq ft of retail space to Capital Menswear on the ground floor of the Scottish Widows building at 71 Morrison Street in Edinburgh

Previously occupied by Space sandwich and coffee shop, Capital Menswear has taken the prime site on a 10 year FRI lease at a rental of £30,000 per annum.

Alan Stewart within the retail department of Donaldsons, explained: "Capital menswear has actively been seeking the right property in the Exchange district for some time and we're delighted to have secured this retail outlet for them."

Donaldsons acted on behalf of Scottish Widows and Murray & Muir acted for Capital Menswear.

Debenhams department store signs for Eldon Square, Newcastle upon Tyne

Debenhams department store will anchor Capital Shopping Centre's Southern Gateway redevelopment of part of Eldon Square Shopping Centre, Newcastle upon Tyne. The 180,000 sq.ft. store will trade on four levels and create an anchor for the new single-level mall extension which will have 30 large shops, trading on two levels.

The Southern Gateway scheme is the third phase of the £170m extension and redevelopment scheme. Debenhams will have an imposing frontage to Newgate Street which, together with other new street level retail units being created, will further revitalise the area, creating dynamic linkages with the leisure and retail activities already established. A new Greenmarket will provide modern market space on Clayton Street. The new stores will open in autumn 2009.

Kay Chaldecott, Managing Director, said: "We are delighted that a major Debenhams department store will be opening in this location, extending the prime pitch in Eldon Square right through from Northumberland Street. The Southern Gateway provides large units to respond to retailer demand to have flagship stores in one of the UK's prime shopping destinations."

Rob Hadfield, Acquisitions Manager of Debenhams said: "We are very excited about bringing Debenhams to Newcastle City Centre & Eldon Square. We have been looking to gain representation in the City for a long period of time and believe that ourselves, in one of the largest new stores that we have acquired recently in the UK together with the Southern Gateway scheme will solidify Newcastle's position as one of the major shopping locations in the country."

Leader of Newcastle City Council, Councillor John Shipley said: "This is a significant milestone in the £170m redevelopment of Eldon Square, strengthening its position as the city's principal shopping attraction and the position of Newcastle as the North East's premier city centre. The signing of Debenhams shows the confidence of national retailers in Newcastle's vibrant city centre and is a fitting highlight to mark 30 years of working in partnership with CSC."

Elsewhere in Eldon Square, work is already underway on ES West, where new shops and restaurants will open in autumn 2006, and ES North, bringing an additional street level mall linking the Old Eldon Square to the new bus station, and connecting to the existing mall above. In all, 480,000 sq ft of new retail space is being created, a net increase of some 325,000 sq ft.

On completion of the three phases, Eldon Square will increase in size to nearly 1.3 million sq ft, further strengthening Newcastle as one of the country's leading retail destinations.

Freckleton Street in Blackburn's tranformation complete

King Sturge regeneration team has acted as consultant on a ten-year regeneration masterplan for the Freckleton Street area of Blackburn town centre

The regeneration team at the Manchester office of King Sturge has acted as consultant on a ten-year regeneration masterplan for the Freckleton Street area of Blackburn town centre.

Working alongside officers from Blackburn with Darwen Council, urban designers from EDAW and transportation specialists from Capita Symonds, King Sturge had a central role to set out the vision for the regeneration of the area.

Paul Waiting, Associate at King Sturge, worked on the plan and explains: "The proposed development of a new landmark bridge to run through the area over rail lines acted as a catalyst for the masterplan.

"The Freckleton Street area is currently used for timber yards and builders' merchants with a number of large vacant sites and, over the years, has slowly declined. As a result, it is a poor visual gateway for visitors to Blackburn from the west, and its archaic road layout is beginning to struggle under the weight of increased traffic volume.

"The masterplan draws together a series of proposals that are both realistic and ambitious, including new roads and bridges, environmental works, new homes, offices and health facilities and the possible development of a new fire station. It is the first step towards the economic and social integration of the area into Blackburn town centre."

Funded by Blackburn with Darwen Borough Council via support from the NWDA, the masterplan aims to pull together various funding sources into the area, including the Council, Blackburn with Darwen Primary Care Trust, Lancashire Fire and Rescue Service and private residential and commercial developers.

Creevy LLH sells Edinburgh city centre public house

Creevy LLH has sold the leasehold interest at Halo Public House, 3 Melville Street, Edinburgh, in an excellent trading location within the city's core licensed circuit.

Peter Darroch, director of Creevy LLH, says that Halo, a contemporary public house, has been sold to a local operator on confidential terms.

Halo is finished to a first-class standard throughout. There is seating for approximately 30 persons over the ground, with attractive modern lighting, timber lined flooring and fabric padded walls. In addition, there are extensive service areas including a fully fitted kitchen, customer toilets, a beer cellar, offices and various stores.

Historically, the business generated a high level of sales and profitability and Mr. Darroch comments that the level of interest was significant. "Throughout the marketing campaign, we had considerable interest and a high number of viewers which resulted in a successful conclusion of the sale."

Creevy LLH believes the market for leasehold and freehold public houses in Scotland is unprecedented, with a large number of purchasers but very few available quality properties.

Mr. Darroch adds: "We have a large database of potential purchasers for leasehold and freehold licensed property, not only in Edinburgh but throughout Scotland. We require other good quality leasehold and freehold public houses, restaurants and other licensed premises to meet these requirements."

Tuesday, August 15, 2023

New Look opens at The Quarry Craigleith Retail Park, Edinburgh

The final new fashion retailer is opening at The Quarry, Craigleith Retail Park, Edinburgh.

Henderson Global Investors, the owners of the park, announced in May that New Look was to take 10,000 sq ft of space and after a fit-out the retailer will open its doors to the public on 17th August 206.

Earlier in the year Burtons, Dorothy Perkins, Clarks, Evans, Wallis and Next all took space at the new extension of the park, which Henderson recently completed, and are now trading.

Andrew Friend, head of the retail warehousing fund at Henderson Global Investors, says: "Following the opening of the stores for all the new retailers, we have experienced a large increase in visitors to the park and we expect this to increase further with New Look opening shortly."

Friend continues: "We have just one of the new units remaining at The Quarry and we are currently assessing opportunities within the existing park for new names going forwards."

Mike Spens, director at joint letting agent Savills, says: "Interest is high on the last remaining unit at The Quarry and we expect to announce a deal in the near future."

Other brands at The Quarry include: Marks & Spencer Simply Food, Mamas & Papas, Homebase, TK Maxx and JJB Sports. There is also a Sainsbury store within the park.

Culverwell is acting as joint agent with Savills at The Quarry.

Hammerson sells Avenue Retail Park, Cardiff for £37.5m

Hammerson has exchanged contracts for the sale of Avenue Retail Park, Cardiff, to The Lanebridge Property Fund for £37.5m.

Hammerson acquired its original investment in the park as part of its acquisition of Grantchester Holdings in 2002. In 2005, Hammerson carried out a major improvement programme and expansion of the scheme at a cost of £25m, increasing its size by 4,500m(2) to 10,500 m(2). Avenue Retail Park currently generates a net rental income of approximately £2.0m per annum.

John Richards, Chief Executive of Hammerson, said: "Having added value through the redevelopment, we are selling this property in order to reinvest in other opportunities in the retail parks sector."

Drivers Jonas Planning team secures resolution for Leeds Tower

On behalf of KW Linfoot and Scarborough Development Group, the Drivers Jonas Manchester Planning team has secured a resolution from Leeds City Council to grant planning permission for 'Lumiere' - two towers of 54 and 32 storeys linked by a fully glazed Winter Garden in the heart of Leeds City Centre. The site is located at the convergence of Whitehall Road and Wellington Street, in close proximity to Leeds' Railway Station.

The decision came after 18 months of intensive work and paves the way for a development that will include a 560 ft (171m) residential tower, higher than the Beetham Tower in Manchester (which Drivers Jonas Manchester also won planning permission for) which currently holds the record for the highest residential accommodation in Europe.

Several factors have been critical in securing planning permission. Firstly, due to the highly visible, high profile nature of the scheme, a truly stunning piece of architecture was required which Ian Simpson Architects has delivered. In addition, the creation of a genuine mix of uses and sustainable tall building community, including 650 apartments and a further 200 serviced apartments, 100,000 sq ft office space, a dentist surgery, shops and cafes and an arts exhibition space.

Fundamental has been close collaboration with Leeds City Council officers and members, particularly in terms of demonstrating that the site is an appropriate location for a tall building amidst the numerous tall building proposals coming forward in Leeds and in light of the City's own emerging tall buildings policy.

Finally, the most comprehensive and robust set of planning application documentation that the City has ever seen was required including full Environmental Impact Assessment containing a detailed analysis of over 100 views of the scheme and the preparation and assessment of approximately 30 verified photomontages.

The Drivers Jonas team advising included: John Adams, John Cooper, Nathan Matta, Adam Donovan and Richard Maung.

PITCH acquire Glasgow office building

The Property Income Trust for Charities has acquired Berkeley House, 285 Bath St, Glasgow for £5.925 million a net initial yield of 5.73%.

Drivers Jonas advised fund manager Mayfair Capital on the acquisition, which is the first multi-let office building to be purchased by PITCH.

The 25,818 sq ft building is let to Axa Equity & Law Assurance, Zurich Assurance Ltd and law firm Thompsons and Partners at a passing rent of £359,290 pa.

Commenting on the deal Andrew Kubski a Partner at Drivers Jonas' Glasgow office said, "This property diversifies from the Fund's existing portfolio which presently consists mainly of single let investments. There are a number of asset management angles which should add significant value."

King Sturge advised the vendor, AWG.

Esk Properties sells further unit at its Edinburgh development

Working on behalf of Esk Properties, Donaldsons and King Sturge has sold a 1,900 sq ft unit at the prestigious Edinburgh New Town mixed use development on the corner of Eyre Place and Dundas Street.

Unit 3, Eyre Place has been sold to Apple Health Care for £485,000 for use as a chemist and will be owner occupied.

Nadir Khan-Juhoor, associate with Donaldsons in Edinburgh, explained: "We have witnessed unprecedented demand for these high quality units which are in a prime location in the heart of Edinburgh. Two months ago we sold units to Pagoda PR and Kitchens International and with only one remaining unit for sale, we're expecting it to be snapped up shortly.

"The marketing campaign has been focused on attracting good quality occupiers that compliment the upper floors of the building which consists of 24 luxurious high quality residential flats and penthouses being developed by Applecross."

Donaldsons and King Sturge acted on behalf of Esk Properties and Apple Health Care was unrepresented.

Thursday, August 10, 2023

Atisreal completes Kittle Yards lettings in Edinburgh

Atisreal, acting on behalf of Morley Fund Management, has secured two lettings at Kittle Yards, Causewayside, Edinburgh.

MTEM Ltd, which provides pre-drilling surveys to the oil industry, has taken a ten-year lease of 1,234 sq ft at an annual rental of £20,250. MTEM retain an option should more space become available in the development.

Data Connection, a leading communications technology supplier, and existing tenant at Kittle Yards, has taken a further 1,395 sq ft. Both spaces were let within six months of the commencement of marketing.

Cliff Campbell, of Atisreal, said: "The level of interest in the space was exceptional, demonstrating that there is high demand for good quality office accommodation on the periphery of the City Centre. We are very encouraged by these lettings as they bode well for the future of Morley's recent investment, Causewayside House, which neighbours Kittle Yards and offers Grade A office accommodation of between 3,500 sq ft and 29,000 sq ft."

MTEM Ltd was represented by Jones Lang LaSalle.

Data Connection Ltd was unrepresented.

Manchester Methodist Housing Association scoops design award

Manchester Methodist Housing Association part of Great Places Housing Group has won a prestigious award for its housing for rent development in east Manchester.

The Piercy Street scheme, the second phase of social housing in New Islington, Manchester's Millennium Community, was announced as a Project winner at The Housing Design Awards 2006, which aim to promote excellence and sustainability in home design.

Developed by MMHA, the 14 homes have been designed by de Metz Forbes Knight Architects Ltd in close consultation with MMHA and the residents who will eventually live in the homes.

The houses, funded by MMHA and with £1.4m Social Housing Grant from The Housing Corporation, are based on a traditional terrace, and are a mixture of one and two-storey buildings featuring private front and rear courtyards and a choice of two and three bedroom properties.

Work started on site in April 2006, and is expected to be complete by Spring 2007.

The homes, which have achieved an EcoHomes rating of Excellent, are part of New Islington, Manchester's Millennium Community, which in turn is one of English Partnerships' seven Millennium Communities.

New Islington is a partnership between national regeneration agency English Partnerships, Urban Splash and New East Manchester Ltd together with appointed social landlord, Manchester Methodist Housing Association.

The 29 acre site, in New East Manchester on the edge of the city centre is being radically transformed to a strategic and ambitious vision created by Will Alsop. A new canal and water park, 1734 new homes, office space, a school, a health clinic, shops, bars and restaurants are planned to be created, using the worlds best architecture.

The Housing Design Awards are sponsored by the Government's Department for Communities and Local Government and were presented by Secretary of State Ruth Kelly in London. They are promoted by the National House-Building Council, Royal Institute of British Architecture and the Royal Town Planning Institute.

Manchester Investment Company acquires Cumbernauld Industrial Property

Acting on behalf of Manchester based property Investment company Jaymar Estates Limited, King Sturge has acquired the long leasehold interest in this single-let industrial investment at 5 Drum Mains Park, Orchardston Woods, Cumbernauld.

The property extends to 31,000 ft2 and is let to iResponse Centres Limited until 31st May 2016 at a rental of £152,725 per annum.

The purchase price was £1.588 million which provided the purchaser with a net initial yield of 8.8%.

The vendors were represented by Montagu Evans and James Barr.

Morton Fraser expands in Glasgow

Scottish Law Firm, Morton Fraser (with Ryden acting), has secured primely located premises on first floor, 183 St Vincent Street, Glasgow, to facilitate its expansion in Glasgow. The 2,904 sq ft office comes with one car parking space at a rental of £53,000 per annum. The lease will run until 2014 with tenant break option in 2010.

Brian Hutcheson of Morton Fraser commented: "We have been looking for the right accommodation for the next step in our expansion in Glasgow for a number of months and are delighted to have secured this ideal suite in St Vincent Street which provides the extra space we need as we continue to grow our business in Glasgow".

Ryden represented Morton Fraser and Fletcher King acted for the landlord.

Forsters lets world's most expensive office space

Property law firm, Forsters, has acted on behalf of the freeholders of 25 Hanover Square London W1 in letting the office space in the building for rents of £100 per square foot. It is believed that this is the first time that any office building has achieved the £100 per square foot level and it is thought to be the most expensive office space in the world.

Forsters acted on all of the lettings to a range of international tenants. Delta Commercial Properties, a subsidiary of a Middle Eastern government, has taken the top four floors of the Mayfair property, while other floors have been let to the Dubai Sovereign Property Corporation and two US hedge funds.

Guy Jordan, the Forsters partner who led the team acting for the freeholders of the building, said: "This is clearly a very prestigious building in a highly sought-after area, and the rents reflect the continuing strength of the London property market. We are delighted to have helped our client achieve these record-breaking lettings."

New type of retail park speeds to Tyneside for UK pilot

A revolutionary new retail park is set to launch in North Tyneside bringing a European idea to UK shores as an eight acre site becomes the country's first Vroom; a car retail park.

Sole letting agent, Lambert Smith Hampton, has already secured four tenants, which will each take 2,100 sq ft of showroom, 2,700 sq ft service and pre-delivery/inspection unit and a sale forecourt to display up to 98 vehicles.

Vroom is strategically located adjacent to the Silverlink Retail & Leisure Park at the A19 and A1058 coast road intersection within easy reach of the A1 and the Tyne Tunnel.

David Nicholson, director of LSH's Newcastle office, says: "Tyneside will be the first to see this type of motor trade concept, which is set to roll out across the rest of the UK. It offers an opportunity for independent and mid sized dealerships to combat the threat of the bigger car hypermarkets targeting the region.

"We have already secured the first letting and have received a great deal of interest. We hope to announce three further deals with a mixture of very different vehicle dealerships and it is this variety that will drive footfall and deliver a whole new dimension to the already established Silverlink Retail centre."

Bedlington Motor Company was the first prospective tenant to take the plunge and sign up for space on the site. Director, Paul Stephenson, says: "I'm extremely pleased to be involved with this great new project. We really couldn?t have hoped to find a better site in the region to showcase our dealership."

The site will offer eight sales areas allowing car retailers to display and sell up to 98 cars within bespoke facilities including showroom and pre-delivery/inspection unit. The concept will also offer point of sale to complement existing dealerships or as a stand alone sales outlet.

Customers visiting Vroom will be highly catered for with ample CCTV monitored parking and a staffed reception area. A café is currently under offer to a national operator to enhance the shopping experience.

Due to commence retailing in January 2007, Vroom lies adjacent to a B&Q;, Tesco Extra and is just a mile from the Royal Quays Factory outlet. Dealerships in the vicinity include BMW, Audi, VW, Fiat, Mazda, Bentley, Mini and Porche and the tenant mix on site will be designed to complement that motor retail offer.

Circle Red Properties is the agent for developer Richville Ltd.

Land Securities and Bovis Lend Lease complete construction of BBC Scotland

Design and build contract completed on time and on budget Land Securities Group in partnership with Bovis Lend Lease and the BBC, is pleased to announce that the construction of BBC Scotland's new five storey digital broadcast centre at Pacific Quay in Glasgow is now finished and ready for the technical fit-out to begin. The design and build contract was completed on time and on budget.

During a formal hand-over to BBC Scotland on 2nd August, Ken MacQuarrie, Controller BBC Scotland said: "Our vision for a world class headquarters connecting all of our BBC centres across Scotland and enhancing our visibility to our audiences is nearing reality. This magnificent building offers us a unique opportunity to create a working environment which will shape the future of broadcasting, inspire our staff and welcome our audiences to come in and see their BBC."

Situated on the banks of the River Clyde and next to Glasgow's Science Centre, the 34,000 sq m building, designed by leading international architect David Chipperfield, incorporates three key elements:digital broadcasting facilities, flexible offices/creative spaces and substantial public areas. To provide an inviting environment for BBC visitors and staff, the 543sq m public reception area will feature leading edge interactive displays and a cafe.

The arresting building is clad predominantly with a triple-glazed system which provides a natural air-conditioning system. A defining feature is an internal, stepped 'street' that rises throughout the entire length of the design, housing acoustically sensitive studios underneath and providing break-out spaces and informal meeting areas on top.

Geoff Taylor, Head of Project Management Land Securities, BBC Scotland's Property Developer is delighted with the result: "The completion of Pacific Quay, to schedule and budget, is a major achievement, which is testament to the teamwork and energy of everyone involved. This development is another example of how the partnership between the BBC, Land Securities and Bovis Lend Lease is delivering modern facilities to meet the Corporation's long term objectives."

Design and build contractor Bovis Lend Lease employed up to 680 people at a peak on the project, many of them working for local contractors. Gordon Anderson, Bovis Lend Lease's Operations Director for Scotland, said: "This building is a striking new contribution to Glasgow's architectural heritage and we are proud to have built it. The work involved many traditional construction skills combined with sophisticated technical installations in readiness for the BBC?s fit-out programme. It's our third major project for the BBC and it ran very successfully from the outset with true co-operation from everyone concerned and a real will to make this a winner."

BBC Scotland's new broadcast centre will be the world's first fully digital operation with high definition capabilities. As the prime systems integrator, Siemens Business Services will be responsible for delivery of the complete technology solution. They will begin the fit-out immediately.

New technology to be implemented includes digital production and post-production (including graphics and dubbing) radio production and studios, TV studios, presentation and playout facilities, a digital library and rich media search infrastructure.

In line with its strategy to direct more money into programme making, BBC Scotland raised the £129.25 million finance for the new building through a Bond Issue. The complex will place BBC Scotland at the heart of unique urban media community of broadcasting and digital media production companies.

Frogmore sells North Point Shopping Centre for over £53m

Forsters, the property law firm, has acted for Frogmore in the sale of the North Point Shopping Centre in Hull for over £53m, in support of the developer's plan to divest much of its current property portfolio.

Frogmore instructed Forsters for the first time on the purchase of the centre in April 2005, and its sale is part of Frogmore's strategy to divest the majority of its £600m property portfolio, while building up its new £1bn Frogmore Real Estate Partners fund.

The North Point Shopping Centre in the Bransholme district in northern Hull was sold to Mark Booth's Wildmoor Properties. It comprises 152,000 sq ft of enclosed space and includes surface car parking, 59 retail units, four retail warehouse units, and a market hall. The Centre is anchored by Kwik Save, Wilkinsons, Netto, Peacocks, Boots, Boyes and Poundstretcher.

The sale was structured as a sale of the company owning the Centre and Craig Eadie led the Forsters team on the corporate side assisted by Angus Dodwell, with senior partner Sophie Hamilton, assisted by Ronan Ledwidge and Chris Riddell, on the property side. Nigel Stone was the corporate partner and Helen Streeton the property partner at Boodle Hatfield who acted for the buyer.

Tuesday, August 08, 2023

Two Edinburgh office deals completed by J & E Shepherd

J & E Shepherd chartered surveyors has concluded a pair of lettings in the
Edinburgh office market.

Hopetoun Gate, situated at 8 McDonald Road in Edinburgh has been let to South East of Scotland Transport Partnership at an initial rental of £40,500 per annum on a 10 year Full Repairing and Insuring (FRI) lease. The modern open plan offices extend to 250 square metres. Shepherd acted for Sane Investments.

Lothian and Borders Police have taken a 10 year FRI lease on Fettes Park, on Edinburgh's Ferry Road. The initial rental for the 255 square metre modern open plan offices is in the region of £50,000 per annum. Shepherd advised Abercastle Holdings.

New Director for Currie & Brown in Manchester

Currie & Brown, a leading international construction and management consultancy, has strengthened the management team in its Manchester office with four new appointments including John Rayson as manager of the office. John will lead the office forward in his role as Director for Currie & Brown with an objective to strengthen their position as a major consultancy in the region.

The appointment comes after strong performance in the UK over the last year in which the business grew through the expansion of existing business and major new client appointments, adding to an extensive portfolio of public and private sector clients.

John, 41, has a wealth of experience in construction consultancy and will be responsible for the Manchester office, overseeing the business in the North West region.

Prior to joining Currie & Brown he held overall responsibility for the Franklin + Andrews Manchester office and was a Divisional Director of Mott MacDonald.

"Since starting with Currie & Brown, and having delved through the corporate modesty, I have been amazed to learn of what we do, and the clients we do it for. These are exciting times for us, and I am looking forward to the opportunities that lie ahead."

John will be joining three new recruits set to strengthen Currie & Brown's position in the North.

Tim Boyle has been appointed as Senior Project Manager, with extensive knowledge of every stage of the procurement, design and construction process, Tim has over 25 years of experience in both public and private sectors. Senior Quantity Surveyor, Catherine Walsh has joined after a 3 year spell as a Senior Lecturer at Sheffield Hallam University where she was course leader for the BSc (Hons) in Quantity Surveying. Claire McAuley joins the team as Marketing Executive and brings with her experience from the National Lottery and the NHS.

David Burns, Director, Northern Strategic Business Unit commented: "The past year for Currie & Brown has seen significant growth. The appointment of John, combined with other recent external appointments and promotions throughout the business, marks a significant phase of our development and demonstrates both the quality of staff we have, and our ability to attract quality recruits. The promotion and continuing investment in the growth of the office, demonstrates our confidence for the coming year as we aim to grow our business by utilising our expertise across the sector and being the favoured challenging partner of client organisations"

Jonathon Porritt headlines at Burnley's Elevate event

Burnley will host Elevate's Sustainable Construction conference in September where eminent writer and broadcaster Jonathon Porritt will speak about sustainable development.

Jonathon is a renowned commentator on this subject and will be sharing his knowledge and experiences with companies and individuals involved in East Lancashire's multi-million pound regeneration programme.

Elevate, the housing market renewal pathfinder, is running the "Constructing the Sustainable Way" conference on Thursday 7 September at Burnley Football Club, Turf Moor, to promote best practice in sustainable construction in East Lancashire and beyond.

Contractors, suppliers, developers and local authorities are expected to take part, to learn from national and regional experts in the field what it takes to inject new life into local communities and create homes and neighbourhoods that are good for the next 100 years. They will choose from a variety of interactive workshops on topics ranging from heritage and recycled materials to renewable energy and 'greening' the community.

Elevate's Chief Executive Max Steinberg, who will be speaking at the event, said: "Housing market renewal is about more than just bricks and mortar: we are working to build sustainable communities. This is central to our strategy and programmes. With the right policies and actions, we can minimise the impact on the environment and help improve the quality of life for residents and their neighbours."

For more information about the conference or to book a place, call Kathryn Bolton on 01282 411320 ext 2 or e-mail

Drivers Jonas and Mott MacDonald appointed to provide environmental design guidance

Drivers Jonas Scotland has partnered with Mott MacDonald to provide environmental
design guidance for Scottish Schools for the Scottish Executive.

The aim of the project is to improve environmental performance in all new and
refurbished schools which is of increasing importance to create good learning
environments and sustainable educational facilities.

Drivers Jonas will act as project manager for the commission and Mott MacDonald will
lead the technical team, which also includes Sarah Wigglesworth Architects and
Hawksmoor Acoustics.

Commenting on the commission Drivers Jonas project manager Colin Meiklejohn, said:
"School environments are often complex. Stakeholder interest in this issue is
therefore wide ranging and engaging with the relevant stakeholders will form an
important part of the guidance preparation. The initial responses from the various
stakeholders is very positive and we are grateful for their participation in this

Mott MacDonald project manager Gordon Hudson said: "Whilst school classrooms may
appear straightforward and familiar, they are complex spaces that have acoustic,
lighting, air quality and thermal demands that need to be satisfied. Our aim is to
ensure that new schools have the appropriate systems to provide learning
environments that are suitable for the 21st century."

The guidance material for new and refurbished schools in Scotland will be aimed at
client briefing teams, engineers, architects, building contractors and a wide range
of parties interested in school design and facilities management. It is expected to
be complete by the end of 2006.

Whelan Construction plans major move

Whelan Construction Development has announced another significant step forward in its development plans - with a complete relocation of its head office to new premises in Gosforth, Newcastle.

The leading independent construction company has experienced a phenomenal period of growth in the last year, with orders increasing by 50% compared with 2005, and employees by 10% - taking its staff levels to almost 100.

Following a record financial year, which saw turnover at an all-time high of £22million, the company, which has traded from New Bridge Street, Newcastle, for over thirty years, has chosen to move to The Gosforth Business Park on the outskirts of Newcastle, where it will join neighbouring businesses Nomad Housing, TSG, Parkdean Holidays and BT.

Unable to find suitable premises, the renowned construction firm has decided to put its own resources into best practice and recently commenced work on its new 12,000sqft state-of-the-art office accommodation.

Bill Swan, Managing Director, said: "Our present accommodation has served us well, and there'll inevitably be mixed feelings amongst staff towards relocation, as a majority have worked in these offices for over 15 years. However, we are very excited about the move, it marks a very significant step forward for the company and its a superb location - only two miles from the city centre, and with easy access to Newcastle and the airport."

At a total cost of £2m, the new accommodation spread over two floors has been specially designed to provide a comfortable working environment for both staff and visitors, with a landscaped environment, surrounded by a green belt of land and a creatively designed internal layout.

Tony Whelan, Commercial Director, said:" A lot of careful planning and consideration has gone into the design of the new office - so that it not only looks good, but allows us to perform well - for example, we've made sure the open plan design is conducive to information flow, and provides quiet areas for concentration, confidentiality and technical work as well. We've also merged informal meeting areas to allow staff ideas to develop and to be a part of the company growth. Our main aim now is to help maximise staff enthusiasm to ensure the company and the
staff gets 100% benefit from the move -raising morale and job satisfaction from an improved work environment".

Tuesday, August 01, 2023

Hammerson buys further 50% stake in Aberdeen development for £20.1m

Hammerson has acquired for £20.1m a further 50% interest in the proposed Union Square development in Aberdeen, taking its interest in the scheme to 100%. The vendor is R & M Investments (BVI) Ltd, a 50:50 joint venture between Multiplex Ltd and Aldersgate Investments.

Hammerson acquired its original 50% interest as part of the portfolio purchased in December 2002 from RT Group plc (formerly Railtrack Group plc).

Multiplex has acted as development manager for the 50,000 m² scheme. Following this transaction, Hammerson has taken full control of the development, with Multiplex retained as project managers for the Phase I freight terminal relocation and station development works.

The proposed scheme on the nine hectare site adjacent to Aberdeen's railway station is a hybrid of a traditional mall and retail park, providing: 21,000 m² of retail units; a 16,300 m² retail terrace; 7,800 m² of leisure and catering; a 4,200 m² Cine UK multiplex cinema; 1,700 parking spaces; and a civic square. The first phase of the development is expected to begin later this year and around 40% of the scheme is pre-let or in solicitors' hands.

The estimated total development cost of the scheme is approximately £190m and the projected net rental income is £13.7m per annum.

John Richards, Chief Executive of Hammerson plc, said: "Hammerson is very pleased to take total control of this exciting development opportunity. We believe there is significant potential for this type of hybrid scheme, which meets retailers' needs for large, efficient floorplates and high footfall. Union Square will be the largest scheme of its type in Scotland.

Aberdeen's economy is buoyant and this development will bring well-configured retail space to boost the city's growth."

Jayne McGivern, Chief Executive, Multiplex Developments UK Ltd said: "This sale to Hammerson allows Multiplex to realise value generated over the past three years. We have improved the planning consent and advanced the project, thereby increasing the value of the site. However, having reviewed the letting risk, programme for delivery and timing of profit release, both Multiplex and Aldersgate concluded that Hammerson is best placed to take the scheme forward as sole owner on the basis that the early profit can be reinvested in other opportunities."

Mantle strengthens commercial team to kickstart portfolio expansion

Mantle, the Stansted-based development and investment company, has strengthened its commercial team with the appointment of Russell Tame and Matthew Chandler to assist in its development portfolio expansion.

Russell Tame joins Mantle as director of development. Previously of Targetfollow and Turnstone Estates, Russell has 11 years' experience in property development and investment in the UK and Europe, with excellent regional and national knowledge across all sectors.

Matthew Chandler joins as development surveyor, having previously worked for Strutt & Parker. He has a broad range of commercial property experience and will be providing technical support for all acquisitions.

Russell and Matthew will be working alongside Guy Baker, executive director of Mantle. Guy comments: "With Russell and Matthew on board the ball is already rolling with two new development site acquisitions this month and more in the pipeline. The expansion of the team strengthens Mantle's position to act swiftly on opportunities that arise within our focus region."

Atisreal completes multi-million pound hat-trick of deals

Atisreal has clinched a series of high-profile deals totalling more than £20m, having overseen the disposal of four parcels of surplus land at St Richard's Hospital, Chichester, for residential development, achieving new record land prices in the area.

Atisreal secured the planning consents for all four sites and negotiated the Section 106 Agreements.

In the first deal, a plot of just over three acres was sold to Persimmon Homes. This was followed by developer Bellway Homes snapping up two parcels of land totalling slightly more than three-and-a-quarter acres.

And in the final transaction, Kingsoak Homes purchased a four-and-a-quarter-acre site for housing. As part of the Section 106 Agreements, the developer pledged to build a new rehabilitation unit used to help prepare patients to get used to life at home after their treatment has finished.

The Atisreal team was led by Tim Cann, Director of Residential Development and Healthcare and included surveyor Simon Williams.

Simon said the company was delighted to have secured such a profitable disposal for its client the Royal West Sussex NHS Trust, which runs St Richard?s Hospital.

"This is an established leafy residential area within walking distance of the centre of Chichester, so there was strong demand from developers.

"We had a great deal of interest in all the sites, which was very encouraging for the local residential market and our client was very pleased with the record land prices achieved."

Atisreal ensured the best possible price was obtained for the trust by phasing the sales and running and informal tender process. It also commissioned and managed the trust's consultants to make sure the project timetable was achieved.

The sites will all be used for a broad mix of housing, ranging from flats to two and four-bedroom houses.

GVA Grimley appointed on RAF Balado sale

One of Scotland's best known landmarks, the distinctive 'golf ball' satellite installation at Balado Bridge in Kinross, is to be decommissioned and sold by agent GVA Grimley. The much loved iconic structure has been put on the market by Defence Estates.

Situated just to the west of junction 6 on the M90, RAF Balado was built by the government during the 1930s and was opened in March 1943 as a satellite to Grangemouth as part of 81 Group. It was originally used to train pilots to fly Hurricanes and Spitfires during the Second World War and was most recently used as a NATO communications operation, opened by HRH Princess Anne in 1985.

The 'golf ball', a popular local landmark, encompasses a satellite installation which was used to provide long distance secure communications between NATO forces.

The site currently accommodates a series of single storey offices and storage buildings, and is bound by farmland on the east and west elevations. Once fully decommissioned, the site could facilitate rural business use or residential development.

Commenting on the instruction, Katherine Pollock of GVA Grimley, said: "We have already received a lot of interest in this site, not just because of the famous golf ball, but also because of its highly visible location".

"At 3.36 hectares and with easy access to main roads and motorways, Balado Bridge offers huge development opportunity to potential buyers, as it is suitable for a variety of uses."

Letting of London House - 20-22 East London Street, Edinburgh

C&W; Assets Limited are pleased to announce the letting of the whole of London House, extending to 12,430 sq ft, a prestigious air conditioned office building developed to provide best quality open plan office space with twelve private car parking spaces.

The entire property has been let to Reed Elsevier Science Limited on a new ten year FRI lease at £17.50 per sq ft with a date of entry of October 2006. Atisreal acted for the tenant and DM Hall and DTZ Debenham Tie Leung acted for the landlord.

Jane Oliver of C&W; Assets commented, "We are delighted with the deal to Reed, which continues to support our view of good quality office accommodation around the core of Edinburgh. Our next project, Bridgeside House at MacDonald Road extending to approximately 24,000 sq ft, has already begun on site with works on the retained façade."