Commercial Property News

Discovery Properties has submitted a full planning application to Darlington Borough Council for the development of a new £100m shopping and leisure centre in Darlington town centre.

The three-level scheme, to be known as 'The Oval' after its iconic oval-shaped roof feature, will comprise 380,569 sq ft of new retail and leisure space. 30 new shops are proposed plus a major 92,250 sq ft department store, a multiplex cinema and a new 850-space multi storey car park that will be connected to the scheme by a new footbridge across St Augustines Way. 'The Oval' will also provide the 'Winter Gardens', a new public exhibition space for the town.

The scheme will be built on the site of the Commercial Street and Kendrew Street car parks together with some adjoining land. It will be linked to Northgate through the existing Queen Street Shopping Centre, which will be upgraded as part of the process.

Discovery Properties, the London based retail and leisure specialist was selected by Darlington Borough Council as its chosen developer in May 2005 and this application is the fruition of an extensive amount of preparation work.

Hugo Hawkings, Chief Executive of Discovery Properties says: "We think this scheme will be a huge success and are delighted to be submitting this application. We believe these plans represent a tremendous opportunity for the town.

"Our development will provide a dramatic improvement to the existing town centre, supplying attractive modern retail and leisure space and giving the opportunity for major occupiers who could not previously be accommodated to look again at Darlington.

"Our plans, alongside the significant investment in public realm improvements being made by the Council, will be a huge boost to for the whole of Darlington, attracting more people to shop in the town centre and hopefully acting as a catalyst for further investment."

The planning application follows a full public consultation exercise carried out in the summer which received a strong positive response. Following comments received from the public and local stakeholders a number of alterations have been made, most notably the height of the multi storey car park has been significantly reduced and the residential flats facing North Lodge Park have been redesigned to ensure this element of the scheme reflects its location adjacent to the conservation area.

Subject to receiving approval for these proposals, Discovery Properties hopes to commence construction in 2008 with opening due in 2010.

Colliers CRE advised Darlington Borough Council whilst Discovery Properties has been advised by Sanderson Weatherall. The scheme has been designed by the architectural practice of Lyons Sleeman & Hoare.

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Goodearth, advised by Savills, has entered into a collaboration agreement with Dhillon Hotels on a residential development site and existing hotel in Birmingham's Eastside.

The international Asian hotel group, Goodearth, has entered into agreement on the Paragon Hotel, comprising 250 beds with restaurant, banqueting and conference suites. The Grade II listed building is located in the Eastside of Birmingham and is to be operated under the Dhillon hotel brand.

The residential site is awaiting planning permission for a landmark 200-apartment development, and will be constructed over the next two years. It will be a niche development to a very high specification.

Philip Johnston of Savills says: "This successful partnership draws it's strength from Goodearth?s solid global positioning and Dhillon's local expertise, increasing the profile of both companies and enhancing this £50m scheme."

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DTZ, on behalf of CNC, has let office space at 375 West George Street, Glasgow, to liability adjusters, Garwyn.

Garwyn, the largest specialist liability adjuster operation in the UK market is moving from Atlantic Chambers in Hope Street to the 11 storey office block at West George Street.

The firm has taken the 397.1 sq m (4,275 sq ft) office space on the 3rd floor, 375 West George Street on a ten-year lease with a break at year five, on a rental of £11.50 per sq ft.

The fully refurbished accommodation is Disability Discrimination Act compliant and is home to existing tenants French Duncan Chartered Accountants, Strathclyde Police, Scottish Federation of Housing Associations Ltd and Health and Safety Executive.

Stephen McKenna, surveyor at DTZ said: "There is a very healthy demand for good quality accommodation with DDA compliance in the Glasgow office market at the moment. The Garwyn deal confirms that 375 West George Street is well placed in the market and the building now has only one suite of 2,290 sq ft remaining on the ground floor".

Steven Griffiths, regional director for CNC commented: "375 West George Street is one of CNC's landmark buildings and to secure a quality tenant with the stature of Garwyn is a strong reflection of the buoyant office letting market in Glasgow city centre".

DTZ represented CNC while Garwyn acted for itself. Lambert Smith Hampton was the joint agent on the deal.

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The Ashtenne Industrial Fund has completed the purchase of a portfolio of nine properties from a Manchester-based property company for a price in excess of £22 million.

The acquisitions, which are predominantly industrial assets, are spread across locations throughout the UK, although mainly Scotland including Aberdeen, Lanarkshire and Cumbernauld, plus Gwynedd and Crawley.

The initial yield was in the region of 6.5%, with an annual rent of just over £1.5 million on floor space that extends to in excess of 310,000 sq ft. The portfolio is mainly multi-let, with more than 25 tenants from companies spread across all sectors.

Angela Caldwell, Regional Director of Ashtenne, said "The purchase of this portfolio fits well with our existing Scottish portfolio and provides the Industrial Fund with its first significant holding in Aberdeen."

Simon Cusiter of King Sturge advised Ashtenne, whilst Alex Robb of Paul Gee & Co acted for the vendor.

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Land Securities announced plans for a £90m retail expansion of Livingston town centre have been given the final go-ahead by West Lothian Council.

The Council has given reserved matters approval for over 350,000 sq ft of new retail and an additional 25,000 sq ft of leisure and catering space to be developed. The scheme will link the existing Almondvale Centre and the McArthur Glen shopping malls in Livingston.

The proposals centre on a dramatic new two-storey building, featuring a magnificent transparent arched roof, emulating landmark buildings such as the Eden Project in Cornwall. Internally, the plans show an impressive new shopping 'avenue' anchored by a major department store, which has already been pre-let to Debenhams.

The additional retail space will attract new outlets to the town, combining a unique contrast of high street names, designer brands and independent boutiques. The shopping element will be integrated with stylish and lively restaurants, cafes and bars.

Externally, wide walkways; new civic spaces and open terraces will be introduced to create a bright, welcoming environment for shoppers and provide new facilities for the local community.

The plans also provide 28 one and two-bedroom flats, including affordable housing, an 84-bed hotel, and a new multi-storey decked car park (1,523 spaces over four levels) to be built on the site of the former bus station.

Award-winning urban design firm Building Design Partnership has been retained as project architect. Miller Construction has been appointed as main contractor for the scheme which is expected to start on site in Spring next year. Completion is expected in winter 2008.

Dominic O?Rourke, development manager for Land Securities said: "The new development will create a striking architectural focal point at the heart of the town centre. The community will benefit through the upgrading of existing facilities and the introduction of new facilities such as new civic areas with dedicated space for events, exhibitions or concerts.

"The integration of retail with leisure, cafes, bars and restaurants will bring life and vibrancy to the town centre out side normal shopping hours."

Convener of West Lothian Council's Enterprise and Development Committee, Councillor Willie Dunn, said: "These new plans will bring major benefits to Livingston town centre, making it even more attractive to shoppers, businesses and visitors. The new development will link the existing centres at Almondvale in an exciting and innovative way, which will considerably increase the shopping choice available to visitors and local people. It will add a dynamic dimension to the existing Almondvale Centre in Livingston.

"In addition, approximately 306 full time new jobs will be created during construction and 1,614 FTE jobs after completion in catering, leisure and retail, which is very welcome."

Land Securities has a long-term commitment to Livingston, including the ownership of the Almondvale Shopping Centre, Almondvale Retail Parks and part ownership of the McArthur Glen Designer Outlet centre. If successful, the proposed redevelopment will see the value of Land Securities' Scottish portfolio exceed £1.1bn.

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Strategic Sites, the development company launched earlier this year, has announced plans for a 50,000 sq ft office scheme at Wynyard Park in the Tees Valley. The scheme, to be known as Evolution, will be Strategic Sites' first major development project and will comprise 20 high specification office units ranging from 1,300 sq ft to 15,000 sq ft in size.

Working in partnership with Wynyard Park Ltd, the company behind the development of the former Samsung site at Wynyard, Strategic Sites will deliver a major regional office scheme that will eventually accommodate up to 250 staff.

Paul Barber, managing director of Strategic Sites, comments: "It is fitting that our first project should involve bringing a flagship office development to the North East. Our aim is to appeal to companies looking for high quality office space in a top class location. Encouragingly, we are already in detailed discussions with a number of potential occupiers."

Strategic Sites is a joint venture between Helios Properties plc, Kilmartin Property Group and Wynyard Ltd. The company is headed by Paul Barber, a former director of English Partnerships, who spearheads a team of individuals with extensive experience of delivering large-scale development projects.

The combined expertise of the team will focus on developing office and industrial schemes throughout the UK and in unlocking the potential of complex sites. With around £50m of resources to invest over the next 3 years, the company will play an integral role in developing the Wynyard Park site, along with others in the North East, and throughout the UK.

Wynyard Park is a 700-acre mixed-use development located in the Tees Valley. The park, which stands on the site of a former Samsung electronics factory, offers a range of high quality office, warehouse, distribution, leisure and conference facilities. The first phase of the development is now complete and the latest stage of development, to add a further 800,000 sq ft of office and production space, is currently underway.

Storeys: ssp and King Sturge are letting agents on Evolution.

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Urban regeneration developer, Alba Town, has begun construction on a £14 million development which will complete the transformation of St Andrews Square, in Glasgow.

The 20,000 sq ft development will feature fifty-two luxury flat and loft conversions as well as 20,000 sq ft commercial space. The new accommodation will be marketed as St Andrews Apartments and the renovated accommodation will become St Andrews Lofts.

Alba Town has established a strong reputation in the area having completed the first phase of College Heights on Bell Street in 2005 and recently launching the first phase of The Merchant Building, a landmark building which looks out towards the iconic Tolbooth.

The new development has been designed by architects Page and Park, and will transform the final corner of this attractive square which also features St Andrews in the Square, regarded as one of the finest classical churches in Britain. Work is expected to be completed by summer 2007.

St Andrews Apartments will be an entirely new structure on a site which formerly housed a manufacturing warehouse which had fallen into a state of disrepair. The accommodation will comprise mainly two bedroom apartments with a limited number of one and three bedroom accommodation.

The existing building, formerly the Lawson Fisher department store, will be transformed into St Andrews Lofts which will feature industrial-styled loft apartments, with high ceilings and exposed walls, each one an expansive 1000 - 1200 sq ft.

The ground floor and first is available for commercial use. However, the entire first floor of the loft building has already been purchased by the building's architects, Page and Park, and will become its new headquarters.

Andrew Borthwick, Managing Director, Alba Town said: "We are very pleased to be commencing work on St Andrews Apartments and St Andrews Lofts. It is a development that we hope will provide a catalyst to stimulate and encourage further regeneration in this area. By mixing commercial space with residential we feel we can extend the core city centre, opening up the east of the city to create a vibrant and cosmopolitan neighbourhood."

David Page, Partner, Page and Park said: "This important project will bring to fruition the fruits of a 15 year old plan to redevelop the city around St Andrews Square. Once again this exquisite church, now a music centre, will be framed by active buildings, further contributing to the transformation of the east end of the city. Our own practice's commitment to the area and project can be summed up by the relocation of our 30 strong office to the development in the new year."

Fifteen apartments have been sold off-plan. For further information on St Andrews Lofts and St Andrews Apartments or the commercial space available call Alba Town on 0141 552 4000.

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Land Securities announced that the City of London Planning Committee has resolved to grant planning permission for its proposed development at 20 Fenchurch Street,London, EC3.

Designed by international architect Rafael Vinoly, 20 Fenchurch Street will be a 160m (525 ft) 37-storey tower complex, totalling approximately 600,000 sq ft of office and retail space.

Vinoly's innovative design also features a public 'Sky Garden' at the top of the building. This will be the highest 'accessible park' in London and will offer visitors an outside roof terrace, gardens, restaurant and cafe and a panoramic view of London. In addition, the development of 20 Fenchurch Street will significantly enhance the public realm around the base of the building, creating new views of the adjacent Wren Church and St. Margaret Pattens.

Once full planning permission is obtained, the intention is to go to the market to seek a pre-let of part of the building prior to construction starting on site.

Mike Hussey, Managing Director of Land Securities' London Portfolio, commented: "This building responds to the City's need for increased density and the market's demand for efficient large floor plates. We are also extremely pleased that the building combines outstanding design with progressive features that will ensure it meets rigorous sustainability criteria.

"20 Fenchurch will set new benchmarks for office design and we are delighted with the City of London's decision."

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A major scheme to transform Aberdeen into the region's number one shopping destination passed a major milestone today when its outline plans received approval from Aberdeen City Council's planning department.

The Bon Accord Quarter Masterplan, a £200 million project to revitalise the heart of the city was approved as Supplementary Planning Guidance. The decision means that the council has agreed in principal to the proposed development but that each stage of the project will still require individual planning approval.

The Scottish Retail Property Limited Partnership (the Partnership), a joint venture by Land Securities and British Land who jointly own the Bon Accord Centre and St Nicholas Centre, has worked closely with Aberdeen City Council for the last two years to develop the Masterplan.

John Wilson, Portfolio Manager at Land Securities commented: "This is a major step forward towards developing Aberdeen city centre into a fantastic destination for local residents, shoppers and visitors and we are delighted that Aberdeen City Council has approved the Bon Accord Quarter Masterplan as Supplementary Planning Guidance.

"The decision is a significant milestone towards developing a modern, multi use development in the heart of Aberdeen and the mix of quality retail, leisure and catering facilities will ensure the city can compete with other outlets such as Dundee and Inverness. We look forward to working with Aberdeen City Council as this exciting project progresses."

The Bon Accord Quarter Masterplan promises new and exciting retail and leisure opportunities including high profile anchor department stores, modern double-height retail unit layouts for larger tenants and a new food court based in the St Nicholas Centre

The area has been divided into three distinct but connected hearts: the Retail Heart, which will be centred around the Bon Accord Centre; the Green Heart which will focus on the impressive surroundings of St Nicholas Kirk; and the Civic Heart, which involves a proposal to create a public square, hotel and restaurants on the site of, Aberdeen City Council's offices at St Nicholas House which has been earmarked for demolition.

Glazed walkways at the St Nicholas Centre will enable visitors to truly appreciate the stunning historic architecture that frames the Bon Accord Quarter and improved pedestrian routes will enable them to move easily between the shops, open public spaces, green oasises, cafés and restaurants.

The Partnership is ideally placed to attract some of the high street's best loved names to the centre. It has developed fantastic working relationships with national and international retailers through its network of retail outlets throughout the UK. The Partnership and its joint agents RG Burnett and Young & Co are in active discussions with a number of retailers and have recently secured French beauty store L'Occitane and a gadget shop.

Work is already underway to transform the Bon Accord Centre. An extension is being built to accommodate anchor store Next which will occupy retail space on the upper trading level of the Bon Accord Centre. Shoppers will benefit from an additional 300 car parking spaces which will be created above the store and a lift will take them directly into the outlet.

Next is not the only store to benefit from extra space - the development will see a significant increase in the total retail space from 55,740 square metres to 74,300 square metres.

The central atrium of the Bon Accord Centre is also undergoing a major revamp with the refurbishment of the escalators and the creation of a café and ice cream parlour which will offer shoppers the chance to relax before some serious shopping.

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A local joint venture between Clackmannanshire Council and Scarborough Development Group has sold a number of prime office and industrial properties at two business parks in Central Scotland.

'The Oval' and 'The Pavilions' sites at New Alloa Business Park and Dumyat Business Park comprise circa 55,000 sq ft of a mix of industrial and office units which have been sold by CSBP Clackmannanshire Investments Ltd for in excess of £3.36 million collectively, with Knight Frank and Clackmannanshire Council acting as joint agents on their behalf.

Both CSBP Clackmannanshire Investments Ltd and CSBP Clackmannanshire Developments Ltd are public/private sector joint venture partnerships between Clackmannanshire Council and Scarborough Development Group plc who are working towards successfully developing quality business accommodation on both Dumyat and New Alloa Business Parks in Clackmannanshire.

The prime business site at 'The Oval', comprising two 10,000 sq ft industrial units with additional land for development has been sold for £1.14 million to MCW Properties Limited. One unit is currently let to Scottish Furniture Distribution on a ten-year lease and both units will be used as a central location for furniture from abroad to be stored and then distributed throughout the whole of Scotland.

An office unit on 'The Pavilions' site has been sold to Beechcrest Properties Limited for a price of £850,000, reflecting a net initial yield of 7.41%. 'The Pavilions' comprises a modern self-contained pavilion finished to a basic shell, with an industrial/production fit out at ground level and office fit out at first floor level.

In addition to the current development on site at 'The Pavilions', CSBP Clackmannanshire Developments Ltd is developing a further 20,000 sq ft of high quality office accommodation which is due for completion May 2007. Clackmannanshire Investments Ltd, Clackmannanshire Council, Scottish Enterprise Forth Valley and the European Regional Development Fund are funding the development.

Rory Grant of Scarborough Development Group plc said, "We are delighted with the progress we are making in Clackmannanshire and it's extremely exciting to see another office development coming out of the ground. With many enquires coming in for industrial and office accommodation we are in the process of applying for further funding with a view to creating a critical mass on both business parks."

Both 'The Oval' and 'The Pavilions' sites are set within New Alloa Business Park - a plot of over eight acres, situated two miles west of Alloa town centre on the south side of the A907. The 25 acre Dumyat Business Park is also situated on the A907 and both parks enjoy easy access to the main Motorway network. A railway link servicing Stirling, Alloa and Kincardine is due to open in 2007 and will provide a new station in Alloa, linking it to the major cities of Edinburgh and Glasgow. In addition, the new Upper Forth Crossing is due for completion 2008.

Roddy Abram, from Knight Frank, says; "New Alloa Business Park is set in an ideal location and both 'The Oval' and 'The Pavilions' have been very well developed to provide high quality office and industrial space. There is constant demand for this type of space due to the park's central location off the A907 and the high spec finish and amenities offered by the surrounding area."

Dumyat Business Park sold to The Ashtenne Industrial Fund Limited Partnership for £1.375 million reflecting an initial yield of 8.74 per cent a modern 25,420sq ft building, equally subdivided to provide space for two separate tenants. Each building offers modern warehouse accommodation incorporating ancillary offices.

Unit 3a is let to C & G Gas (Training & Assessment) Ltd - the company provides training and assessment to the gas industry and the unit is let until 2016. Unit 3b is let until 2017 to Daniel Europe Ltd, a leading energy industry supplier.

Margaret Paterson, Leader of Clackmannanshire Council said; "I am delighted at the amount of interest that the Business Parks have attracted. The next phase of development at 'The Pavilions' will provide further business growth and investment for Clackmannanshire. The new rail links, together with the new bridge over the River Forth, will open up and enhance Clackmannanshire as an ideal environment where businesses can flourish."

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Reduced availability of office space in Edinburgh has put upward pressure on rents,
according to the most recent survey produced by Drivers Jonas in Edinburgh.

Ian Lochhead, Partner at Drivers Jonas in Edinburgh, commented: "The low level of
development completions in 2005, coupled with the steady take-up of Grade A office
space has reduced availability and put upward pressure on rents, increasing lease
lengths and decreasing incentive packages. This will lead to a period of
supply/demand imbalance; however, this could be addressed by 2008 when potentially
up to 1.3 million sq ft of space will be delivered."

Lochhead continued: "A large proportion of the traditional office stock has been
returned to residential accommodation in the form of complete town houses and
residential conversions. Three major City centre schemes are now under construction
leading to an improvement in the new build office development pipeline. Whilst
there is potentially a large amount of Grade A space in the pipeline, the majority
of this remains in the planning stages."

The survey looks in detail at some of the headlines in the commercial property
sector in Edinburgh during the past 12 months, including the new 350,000 sq ft RBS
HQ at Gogarburn and how the predicted de-population of City centre offices due to
the loss of RBS as a major occupier has failed to materialise. In the past 12
months, most of the significant moves came from members of the surveying community
including Knight Frank, GVA Grimley and Drivers Jonas, who all moved from
traditional City centre accommodation into modern open plan office space on the
edges of the expanded Exchange District.

In the pipeline, there are approximately 16 schemes planned for Edinburgh City
centre which will provide 2.1 million sq ft, predominantly in the Exchange District.

Prime rents slipped back in the years 2001 - 2004 from the previous high of £29 per
sq ft. Recent transactions agreed at headline rents of £27.50 per sq ft have been
accompanied by generous incentive packages often equating to up to one month per
year of term certain and in some circumstances, more.

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Glasgow's iconic new £20 million river crossing, the Clyde Arc, has opened. Funded by Scottish Enterprise Glasgow and Glasgow City Council, the bridge provides the first new city centre traffic crossing over the river for more than 30 years. The four lane bridge links Finnieston, near the SECC on the north bank, to the Pacific Quay site on the south side.

The distinctive arched structure provides a new landmark on the river and is a key link in the continued regeneration of the Clyde Waterfront.

It was officially opened by Scottish Enterprise Glasgow, chairman, Willie Haughey OBE and the leader of Glasgow City Council, Steven Purcell.

"Getting this bridge open on time and on budget is a key milestone in the regeneration of this part of the river. Work to turn Pacific Quay into the city's media and creative industry quarter is pushing ahead and this crossing will open up the site and the surrounding area to new development and investment opportunities," said Mr Haughey.

"The Clyde Arc bridge is visual evidence of both the crucial role we can play in developing the city economy and the regeneration potential that's now being realised along the length of the river."

Both BBC Scotland and the Scottish Media Group are in the process of opening new corporate HQs on the former Garden Festival site. It's estimated that when complete the development will support more than 3,500 high value jobs.

Glasgow City Council is the key partner in the redevelopment of the river and has been instrumental in the successful completion of the bridge.

Opening the new bridge, Steven Purcell, leader of Glasgow City Council, said: "This is an iconic structure and a symbol of the ongoing regeneration of the Clyde. Glasgow's skyline has changed dramatically in recent years, with record investment bringing more jobs than ever before and a real opportunity for everyone to share in our economic success story.

"The Clyde Arc connects once derelict banks of the river to new and thriving neighbourhoods which have become the catalyst for a city-wide renaissance."

One of the key features of the 140 metre span is the capability to cope with a light transport system, such as a tram, in the future. It was designed by the Halcrow Group and is being built by Kilsyth based civil engineering contractor Edmund Nuttall Ltd.

Nuttall's divisional director for Scotland, James Scobie said: "We are delighted that the new crossing has delivered the dramatic visual impact that we envisaged as we developed the design. What is not so readily apparent however is the creativity, engineering innovation and detailed planning that allowed us to complete the construction process quickly, safely and with minimal impact on the environment."

Iain Salisbury, project director at Halcrow added: "The setting of the bridge makes its visual appeal vitally important. While it was inevitable the bridge would become a landmark, we have ensured that the design is in keeping with its surroundings. The final blueprint is a simple, classic design which reflects Glasgow's reputation as a city with style."

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Warner Estate Holdings, the property investment company, has announced the sale of £41.85m worth of property to the Ashtenne Industrial Fund, which Warner Estate co-manages with Morley Fund Management, reflecting a net initial yield of 6.4%.

The purchase by AIF comprises eight industrial properties from Warner Estate's wholly owned portfolio. Located nationwide, from Abingdon to Manchester, the properties total circa 530,000sq ft (49,237sqm).

Michael Stevens, Property Director at Warner Estate comments, "Warner Estate's key focus in the industrial sector is the Ashtenne Industrial Fund, which has the resources and specialist skills to generate consistent total returns through intensive asset management. The sale of these properties from our wholly owned portfolio to AIF maintains that focus."

Karen Fox, Fund Manager at Morley Fund Management, comments: "In a competitive market, this acquisition provides the fund with an opportunity to acquire well located assets which are forecast to add to the fund's overall returns and provide continued outperformance to investors."

This transaction, which results in an increase in AIF's floor space to just over 20m sq ft, follows the purchase in November 2005 of £80m worth of property from Warner Estate's wholly owned portfolio and its former joint venture with Barclays Bank, the Bareway Industrial Fund.

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Glasgow's first new road traffic bridge to open in 30 years opens today (18 September 2023), creating a new gateway to the £150 million Pacific Quay Developments project.

The £20 million Finnieston Bridge will play a major role in the regeneration of Glasgow's Clydeside and opens up the entire area to new development and investment opportunities. Already the new home to STV which moved in earlier this summer, Pacific Quay will combine 500,000 sq ft of high quality office space with 300 homes and a 150-bed hotel. The new BBC offices are currently under construction and will be completed in 2007.

Alan Somerville, Director of Pacific Quay Developments comments, "Today's opening of the Finnieston Bridge is a significant milestone in the regeneration of the entire Pacific Quay area and will improve access to what will be seen as one of the most important city centre regeneration sites in the UK.

"Pacific Quay will be a highly desirable place in which to work, combining waterfront access and open green space with excellent transport links. We anticipate that the planning application will move forward this autumn, with construction of offices and the hotel scheduled to commence at the beginning of 2007."

Funded by Scottish Enterprise Glasgow and Glasgow City Council, the Finnieston Bridge is supported by a total of 27 steel piles, which are being anchored at sub-bedrock level underneath the Clyde. The bridge carries four lanes of traffic and links the Finnieston area of the city on the north bank of the Clyde to Pacific Quay, and also has the capability to cope with the addition of a light transport system in the future. Construction has been carried out by the Kilsyth-based civil engineering contractor Edmund Nuttall Ltd.

The Pacific Quay Developments masterplan will redevelop the former Glasgow Garden Festival site along the south bank of the River Clyde and is designed to provide the framework for a mixed development for the area - combining high quality offices, residential accommodation, retail and leisure facilities. Offices will form the largest component of the scheme with all having dedicated parking spaces. Each office site is designed to be flexible and capable to responding to market demands. Buildings will range from 50,000 to 110,000 sq ft and will vary from three to eight storeys.

Pacific Quay, formerly known as Prince's Dock, formed an important part of Glasgow's once thriving industrial docklands, being the first dock in the city to install the full range of cranes capable of lifting the heavy engines and boilers so important in establishing Glasgow's industrial influence across the world. The cargo docks existed for more than 100 years before closing in the 1970s; the site was subsequently selected for the Glasgow Garden Festival in 1988 and remained largely redundant until its rebirth as Pacific Quay in the early 1990s.

Pacific Quay Developments Ltd is represented by Jones Lang LaSalle and CB Richard Ellis.

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Halladale, the UK property co-investment, trading and development company, has announced it has completed the second letting at its major office refurbishment, Onesixty, Dundee Street, Edinburgh to the Sinclair Knight Merz Group ( SKM ) a leading global professional services consulting firm.

SKM has taken space on the top floor of the building, extending to some 542 sqm (5,830 square feet), together with fourteen car spaces on a ten year lease with provision for a tenant's break option at the end of year five, at asking terms.

Onesixty is a joint venture between Halladale and Glasgow-based, investor/developer Gregor King and comprises a total of 4,506 sqm (48,500 sqft) of fully refurbished grade A offices complete with a stunning atrium and feature bridges. Externally, the building sits in its own landscaped grounds just minutes from the Exchange district and benefits from a parking ratio of around one space per 500 square feet of offices.

Despite a poor first half of the year for office take-up in Edinburgh, Onesixty has broken into a rich vein of demand for flexible leases in high quality space with the agents reporting a large number of viewings. Halladale have now confirmed over 868 sqm (9,350 square feet) is let with a further approximately 929 sqm (10,000 square feet) in solicitors' hands. In addition, the agents have terms issued in respect of a number of the remaining office suites, which range from 232 sqm (2,500 square feet) up to 1,144 sqm (12,315 square feet) with quoting rents ranging from £19.00 to £22.00 per square foot.

Ken Lindsay, Halladale's Property Director commented: "We are delighted to welcome SKM to Onesixty, our second tenant prior to completion of the works following quickly on from the recent letting to Gardner and Theobald. The level of interest is very encouraging, and we hope to announce further lettings shortly."

Shahram Hemmati, Manager of SKM's Edinburgh office stated: "As a leading firm providing engineering services to clients across the UK, our move to Onesixty demonstrates our on-going commitment to our Scottish operation and to achieving outstanding success for our clients. We look forward to servicing our clients from this new location."

Agents at Onesixty are Cushman & Wakefield and CB Richard Ellis. Jones Lang LaSalle represented SKM in the transaction.

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F&C; Property Asset Management has acquired Phases 1 and 2 of Trax Park in Doncaster, South Yorkshire, from clients of Smiths Gore for £22.5m. The deal reflects a net initial yield of 5.35%.

The 310,000 sq ft scheme comprises two units of 175,000 sq ft and 135,000 sq ft, which are both let to supply chain solutions company Wincanton at a total rent of £1,275,000 per annum on leases each with 16 years unexpired.

Chris Nicoll, Industrial/Distribution Asset Manager for F&C; Property said: "Trax Park is a modern, secure and well located distribution scheme, and Phases One and Two benefit from a strong covenant. The market leading distributors are looking further afield to the less traditional parks and regions with links to not only road but also rail and sea, and F&C; Property is following suit in order to acquire sound stock to achieve longer term solid returns."

F&C; Property Asset Management, advised by Atisreal UK, acted on behalf of Friends Provident Life Assurance Limited. Smiths Gore acted for a syndicate of private individuals co-ordinated by Tritax Assets Ltd.

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The international architecture firm which has been responsible for key developments, including the transformation of the US city of Baltimore, has been appointed by Forth Ports to set out a detailed masterplan for Britannia Quay and Waterfront Plaza, the first two of the villages within Leith Docks.

RTKL, a global architecture, urban and graphic design firm, which serves clients across the world from offices in London, Madrid, Tokyo, Hong Kong and throughout the US, will devise the masterplan for Britannia Quay and Waterfront Plaza, including a proposed extension to Ocean Terminal Shopping Centre. Capital Investment for the area could be in the region of £700m, and will form part of the wider Forthside development which includes Granton and Western Harbours.

The RTKL team will be led by John Gosling, head of the firm's Planning and Urban Design, with commercial strategic input from the head of its London practice, Ken Christian. Day to day operations will be managed by the firm's Associate Director Mahmood Faruqi.

John Gosling has been responsible for directing many of the firm's award-winning projects including its revitalisation of Baltimore's inner harbour. RTKL's association with the city goes back to the 1950's when it began work on transforming the decimated waterfront and downtown areas of the city. Baltimore is now a changed city - it has become one of the top 10 summer destinations in the world as named by Frommer's, the world's leading travel guide publisher, with over 11 million business and leisure visitors annually. Its growth continues today with more than $1 billion in new development planned.

The project will build on the initial LDDF supplementary planning guidance and the Western Harbour masterplan produced by UK-based architects, RMJM and Robert Adam. Working with Forth Ports, the local community and key stakeholders, RTKL's key remit is to produce a residential, retail and commercial development plan for the area which maximises the economic value and diverse potential of the area in a context which benefits and compliments both Leith and the City Centre.

Forth Properties Managing Director Nathan Thomson said: "We recently visited Baltimore to see first hand the very positive impact of RTKL's input in regenerating urban spaces and linking a city centre to its waterfront. We believe they are by far the best firm to take forward these initial phases of the redevelopment of Leith Docks. Their team brings a wealth of talent and experience in global regeneration projects and we are looking forward to working with them on this key phase of the development of Edinburgh Forthside."

John Gosling of RTKL said: "The Hub is an exciting development which will link Edinburgh to its waterfront. In undertaking this project we will be seeking to build on the momentum of Ocean Terminal and other existing developments within the area. We will also leverage on the many strengths of Leith, including its strong historical traditions and Edinburgh's strong economic and educational platform.

"In development terms, Edinburgh faces many of the same issues of other international cities such as traffic management, affordable housing and retail provision. However, it has a great advantage of being much further advanced than many cities in terms of architecture, housing and international profile."

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RREEF UK Ltd, advised by NAI Fuller Peiser, has acquired the freehold of a new 305,000 sq ft (28,335 sq m) high bay warehouse development at Harworth, Doncaster South for £15m from R H Walker & Sons.

Situated less than two miles from the Blyth roundabout on Junction 34 A1 (M), the development has a minimum internal height of 14 metres and comprises a 300,000 sq ft warehouse, 171 car parking spaces and extensive loading dock facilities. It also includes separate two-storey offices and substantial additional trailer park.

Roger Haworth, partner at NAI Fuller Peiser's Sheffield office, comments: "RREEF recognised that the unit provides for modern distribution needs and is situated close to Doncaster Rail Freight Terminal. The motorway network also offers a quick route to the east coast ports, which are becoming an increasingly important factor in logistics. In towns where labour can be in short supply the surrounding area, with its industrial heritage, provides an excellent supply of both skilled and semi-skilled workers."

Fisher Hargreaves Proctor and Knight Frank acted for the vendor.

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Cyril Sweett has been working as Cost Consultants and Planning Supervisors for developers PRUPIM, on the UK's largest in town shopping centre since 1998 and after some eight years of redevelopment and construction the doors of the final phase opened to the public last week.

During this period Cyril Sweett has been involved in completion of bomb reinstatement works, a new food court, southern mall refurbishment works, re-cladding, internal unit modifications and the main northern extension works.

With some 1.4 million sq ft of retail space and over 200 stores, cafes and restaurants, it is now the largest in-town shopping centre in the UK. The third and final phase in the centre's redevelopment, the spectacular Wintergarden, set around a 100ft high glass atrium, brings the centre together creating complete shopping loops on both upper and lower levels. The £170million of investment, has transformed the Manchester Arndale and it is virtually unrecognisable from the yellow and brown tiled monolith that used to dominate the city centre.

Stephen Arbiter, Director of Cost Consultancy, Cyril Sweett is delighted with the results: "The completion of Manchester Arndale to schedule and budget is a major achievement and it is testament to the teamwork of everyone involved.

Jon Weymouth, development director for PRUPIM, commented: " We are extremely impressed with the high-level of construction consultancy given to us by Cyril Sweett, particularly considering the long duration of the project. Excellent teamwork throughout the project has enabled the design, facilities, quality and value of this project to set a benchmark."

In addition to Cyril Sweett as Cost Consultants and planning supervisors, the professional team comprised of the Chapman Taylor (project architects), Bovis Lend Lease (main contractors), Foreman Roberts (services engineers), and Mott MacDonald (structural engineers).

Cyril Sweett has undertaken the cost consultancy and project management of a number of major retail schemes in recent years and is the UK leading construction consultant in the retail sector.

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Scotland's most eagerly awaited regeneration project opened its doors to the public for the first time this week. Property expert Kevin McCloud, presenter of Channel Four's Grand Designs, joined Edinburgh's Lord Provost, the Rt Hon. Lesley Hinds and members of Gladedale Capital at an exclusive preview of the city's newest quarter.

Potential buyers will be able to get their first glimpse of the luxury apartments and penthouses when the Quartermile marketing suite opens to the public on Friday 15 September.

The first phase of new build apartments, designed by world renowned architects Foster and Partners, will go on sale from Friday. Over 50% of the initial release properties have already been snapped up through Quartermile's option to buy scheme.

Kitchen, bathroom, and bedroom areas are on show in the sophisticated marketing suite, allowing potential buyers to get a feel for their new home. Developed by Gladedale Capital and the Bank of Scotland, the first one, two, three and four bedroom apartments will be ready for occupation summer 2007.

Jim McIntyre, Managing Director of Gladedale Capital, said: "The opening of the marketing suite is a very exciting stage of the Quartermile development and we have already had an incredibly positive response through our option to buy scheme.

"Potential buyers will be offered a glimpse of the ultimate 21st century living and unique blend of period charm and modern day luxury that Quartermile will offer. The range of properties we have to offer has a flexible and stylish layout to suit a variety of lifestyles."

The Quartermile development, located just quarter of a mile from Edinburgh Castle, will offer over 900 luxury apartments, both conversion and new build, 350,000 sq ft grade A office space, 85,000 sq ft retail and leisure including a 65 bedroom boutique hotel.

Bordering The Meadows, Quartermile will become one of Edinburgh's most significant mixed use developments, incorporating residential, business and retail communities in an exciting new cohesive format.

Lord Provost Lesley Hinds said: "I am delighted to have been invited to Quartermile today to see the former hospital site, which holds such fond memories in the hearts of so many people in Edinburgh, be brought back to life.

"The transformation of this landmark site will see the creation of a place where people can come together to work, live, eat and drink. The £400m regeneration project is a testament to the capital city's ability to attract such a high level of private investment in this new and exciting quarter."

The Quartermile Marketing Suite, 1 Lauriston Place, EH3 9AU, will open on Friday 15 September: 10.30 - 5.30 daily and until 10.30am - 7.30pm on Thursdays.

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DTZ has secured two new retail lettings at the Kingdom Centre in Glenrothes, which will see the Fife shopping centre near full capacity.

Major UK fashion retailers, Select and Passion for Perfume - both new names for Glenrothes - have signed deals for a combined total of 381 sq m (4,104 sq ft) of space. Select has taken a 15-year FRI lease for 292 sq m (3,147 sq ft). Meanwhile, Passion for Perfume - one of the UK's fast-expanding contemporary perfume retailers - has agreed terms on 89 sq m (957 sq ft).

The 40,000 sq m (430,000 sq ft) shopping centre, which has been extended over the years to meet increasing consumer demand in Glenrothes, recently won an award for Corporate Social Responsibility (CSR) at the Scottish Business in the Community awards. It is anchored by Dunnes Stores, New Look, Co-op, Woolworths and Boots and attracts 190,000 people per week. Key to the scheme is a 1,345 space multi-storey car park which is free for shoppers to use.

David Conroy, associate director at DTZ said: "Select and Passion for Perfume are major signings, particularly in the current retail climate. These are strong market deals and the new names further strengthen the attraction of the Kingdom Centre in Glenrothes and highlight significant demand for space in the town centre."

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Drivers Jonas' Manchester Planning team has secured planning permission for a new striking 13 storey Grade A office building in Manchester city centre on behalf of one of the north of England's leading office providers, Bruntwood.

Strategically located in the heart of the city centre - 45 Mosley Street - the impressive new tower will provide 101, 471 sq ft of high quality Grade A accommodation and is due to be ready for occupation by mid 2009.

Graham Stock of Drivers Jonas commented: "We are extremely delighted to have secured planning permission for this landmark office building. This is the first time that Bruntwood has undertaken a new build development and we worked closely with them to ensure that we got the scheme right and obtained planning permission first time round."

Head of Sales and Development at Bruntwood, Peter Crowther, added, "Forty-five Mosley Street represents Bruntwood's first city centre complete new build development. We are exceptionally excited about the high specification property we will be bringing to market and the whole process, thus far, has been helped by the hard work and quality of advice Drivers Jonas has provided."

The building has been designed by Australian architects, Denton Corker Marshall, who are also the architects behind Manchester's new Civil Justice Centre at Spinningfields.

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Carillion have announced the appointments of Don Kenny as an Executive Director and Steve Mogford as a Non-executive Director

Don Kenny, age 51, the managing director responsible for six Carillion business units, has been appointed as an executive director with immediate effect. Don joined Carillion from Johnson Controls in 2002, having held a number of senior positions in Johnson Controls and prior to that in Mowlem. With extensive experience of Carillion's key market sectors he will make a valuable contribution to Carillion's development. Don will continue to be responsible for Carillion's National Building, Health, Integrated Solutions, Facilities Management, Facilities Services and TPS businesses. Don is also a director of Aspire Defence Finance plc.

Steve Mogford, age 50, is appointed as a non- executive director. Steve has been a main board director of BAE Systems plc for over six years and is currently the Chief Operating Officer responsible for Programmes. Steve joined BAE Systems in 1977 and held a number of senior managing director roles before taking up his current position in 2000. Steve brings to the Board considerable experience as a senior business leader who has managed major capital projects in a FTSE 50 company.

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EDI has sold Pentland Gait, a 62,000 sq ft office development in Edinburgh, for £16.85million to a private Irish investor. The price paid reflected a net initial yield of 6%.

Pentland Gait comprises three high quality office pavilion buildings situated at the junction of the A71/A720 city bypass and M8 interchange on the west of the city.

Internally, the buildings provide good quality open plan office space, extending to 62,603 sqft plus 275 car parking spaces.

The accommodation is let to Sykes Global Services Ltd, Scottish Water and Capital Bank plc on leases expiring between 2017-2021, with some tenant break options in 2011/2012. The total income generated by this investment was £1,066,525, which reflected rental rates of between £16 and £18 per sqft.

Commenting on the sale, Ian Wall, Chief Executive of EDI pointed out EDI's proven record of success has allowed it to generate significant value for its shareholder, The City of Edinburgh Council. He said: "EDI's valuable property portfolio, developed over the last 10 years, has enabled us to dispose of selected assets at the top of the market, to generate a special dividend to our shareholder, the Council.

"We have a strong and deep portfolio and will continue to develop this in the years ahead. Our development role is unaffected and we presently have both residential and industrial schemes on site.

"Several major projects are in the pipeline including Freer Street in the city's Fountainbridge area and Albion Road, while our new company, PARC, is going on site next year in Craigmillar with three projects with construction costs in excess of £15 million."

Montagu Evans marketed the site for EDI and there were expressions of interest reported from a number of parties.

The purchasers were represented by James Barr.

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City Residential are delighted to announce the release of phase 1 The Courtyard on Wednesday 6th of September.

Located on Oldham Place off Renshaw St in Liverpool's city centre, this superbly located development will offer a selection of one & two beds apartments from £114,995.

The anticipated build complete on this off plan development is set for Nov/Dec 2007.

For Further information on the development to include a price list and floorplans please contact a member of the sales team on 0151 231 6100.

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Property Executive have just launched a new online business directory on this website for commercial property businesses and associated business sectors.

The directory covers the whole of Scotland and the North of England in 26 different business sectors. As the directory has just been launched we're looking for companies to sign up for a free listing for their business.

You can sign up your company for a free directory listing here. The process should take only a couple of minutes and your listing will then be checked by our admin team before going live on the website.

A free listing includes your company's address and telephone number plus a description of your business. There is also a premium listing version which includes many more features to advertise your company online at Property Executive.

The Property Executive website had over 6,000 unique visitors in August 2006 and that number is set to store as the new sections to the website become more known. The website is heavily marketed online and within the print editions of Property Executive.

A&A; Investments has purchased the Express Building in Manchester for £20.5m, producing a net initial yield of 6%. The vendor was a joint venture between Stockbourne and Cargill Value Investment.

The Express Building is iconic within Manchester, having been built in the 1930s for Express Newspapers as a copy of their London Headquarters. Refurbished in 1995, the imposing grade II listed building provides approximately 76,000 sq ft (7,060 sq m) of high specification offices and has been described by Sir Norman Foster as one of his top five favourite buildings in the world. Current rents total £1,311,431.

David Hammond, Partner at Allsop comments "The purchase provides our client with a platform to increase their exposure to offices in Central Manchester and reflects their confidence in continuing rental growth in the centre."

Allsop acted on behalf of A&A; Investments, GVA Grimley represented Stockbourne and Cargill Value Investment.

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Wichford has announced the disposal of two of its property investments in Nottingham and York for a total consideration of £13.6m. The properties had a total book cost of £10,884,985 and were last valued for the March interims at a combined £12,050,000.

The two properties are as follows:

Ruddington Fields, Nottingham

The property consists of 29,392 sq. ft. and is let to the Secretary of State for the Environment until 2017 at a rent of £327,000 per annum. The Government have sub-let the property and are not in occupation. The sale price was £5,842,500 and this compares favourably with a book cost of £4,860,000 and a book value as at March 06 of £4,950,000.


St James' House, York

The property consists of 34,395 sq. ft. and is let to the Secretary of State until 2015 at a rent of £450,000 per annum. The sale price of £7,806,250 compares favourably with a book cost of £6,024,985 and a book value of £7,100,000. The properties were sold separately to different private investors.


Michael Sheehan, Chairman of Wichford plc commented: "These properties were sold at good yields and produced a healthy profit for the company. In addition the prices achieved are comfortably ahead of the book values as at the March interim stage".

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Flemington Securities Limited has this week completed the purchase of a 12,500 sq ft office building at 120 West Regent Street, Glasgow from Interim Properties Limited for a price of £3.175m, reflecting a net initial yield of 5.85%. The building is fully let to HSBC Bank plc at a total passing rent of £196,300pa, under two leases expiring in September 2015.

The passing rents in the building reflect a rental rate of less than £15 per square foot, compared with prime Glasgow rents now established at around £25 per square foot. The property, constructed over six levels in 1990, comprises open plan floor plates of 2,500 square feet and offers raised floors, lift access to all levels and seven garage car spaces.

Flemington Securities is a newly established company specialising in longer term, well-let investments offering a secure income stream with above average rental growth prospects. The company is owned by Glasgow-based investor/developer Gregor King, who also owns property trading company Oban Bay Properties Limited and developer Black King Developments Limited, with total gross assets now approaching £10m. In addition, King owns a 25% interest in an office refurbishment and development project known as Onesixty at 160 Dundee Street, Edinburgh, a joint venture with Halladale Group Plc which has a potential completed investment value of around £40m.

Gregor King commented: "Having taken advantage of the trading market over the last few years, we now see the potential being for longer term holds where there is a very real prospect of rental growth. This property fits the bill perfectly and we are keen to source more, similar product in the future."

Debt finance for the purchase was provided by Nationwide Property Finance and Knight Frank acted for Flemington in the acquisition. Interim Properties Limited represented themselves.

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Following a period of sustained business growth within its Edinburgh-based Integrated Property Management (IPM) division, DTZ has launched a recruitment drive to expand the team further.

DTZ associate director Fiona McNeil has already moved from the Glasgow office to head up the expanding IPM team. McNeil, who has worked for DTZ for seven years, provides property management and asset management services to a range of clients including funds, property companies and corporate organisations.

McNeil aims to make a number of new appointments for management surveyors and facilities management technicians to strengthen the company's property management resources.

The recruitment drive follows the recent instruction to manage new corporate real estate portfolios in Edinburgh and the company will now take on 200 leases for new clients.

Fiona McNeil, associate director of DTZ comments: "I am looking forward to the challenges of my new role as head of the Edinburgh IPM team. I believe that the substantial growth of our business portfolio and our increased presence in Edinburgh will strengthen DTZ's position as the leading Corporate Real Estate Management (CREM) provider in Scotland."

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Terrace Hill has sold two prime retail park developments to Morley Pooled Pensions Ltd for a combined total of £28.0m in cash. The pre-sale of Gala Water Retail Park at Galashiels (43,500 sq ft) and the Blyth Valley Retail Park at Blyth in Northumberland (61,000 sq ft), both which were due to be completed in the summer of 2007, provides Terrace Hill with yields of 4.75 per cent. and 5.15 per cent respectively.

Both parks are almost fully pre-let. Marks and Spencer plc, Next plc and New Look are amongst the tenants at Gala Water, while a 35,000 sq ft let to Homebase anchors Blyth Valley. Other occupiers at Blyth include Storey Carpets, Bedshed and a KFC drive-in. It is estimated that up to 500 new and sustainable jobs will be created at the two parks.

Managing Director Philip Leech said: "Both Galashiels and Blyth have proved popular locations as highlighted by the number of prestigious pre-lets secured. The sale of these parks, ahead of completion and at yields above expectations, further emphasises our ability to recognise lucrative opportunities, expanding both the Terrace Hill brand and its growing reputation as a leading UK property development and investment group."

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Wilson Bowden reported a fall in pre-tax profits for the six months to June, down to £82.2m from £98.5m, below analyst forecasts of £86m. Revenue fell to £525.2m from £554.9m with the company blaming a sluggish housing market at the start of the year.

-Revenue in the half year was £525.2m (2005: £554.9m)

-Pre-tax profit was £85.5m (2005: £99.6m)*

-David Wilson Homes completed 2,135 units (2005: 2,190) at an average selling price of £206,300 (2005: £194,500)

-David Wilson Homes operating profit £74.2m (2005: £90.2m), operating margin 16.7% (2005: 19.6%)*

-Wilson Bowden Developments operating profit £20.4m (2005: £20.1m), operating margin 24.9% (2005: 21.0%)

* Earnings per Share of 60.6p (2005: 72.2p)

* Half year dividend increased by 10% to 16.5p (2005: 15.0p) reflecting

confidence in future growth prospects

* Owned and controlled land bank increased by 1,900 plots to 20,000 plots

* Forward order book 2,266 reservations, with sales value of £387.3m

(2005: 1,488, £270.5m)

* Before goodwill impairment £2.1m (2005: £1.1m) and reorganisation costs of

£1.2m (2005: nil)


David Wilson, Chairman of Wilson Bowden, said: "2006 began with a sluggish housing market, but reservations and site numbers picked up strongly from Easter onwards. Volumes in David Wilson Homes were down slightly due mainly to the timing of new site openings and, as expected, margins remained under pressure. Wilson Bowden Developments delivered a strong first half performance, with operating profit and margin ahead.

"We have entered the second half with a record forward order book and record number of active sites - in line with our strategy of increasing housing volumes. We are seeking to protect margins by minimising build cost increases and controlling overheads as well as by increasing our strategic land bank.

"We are increasingly focused on improving asset turn and return on capital by exploring joint venture approaches to land purchase, increasing the use of site swaps, improving build processes and dual branding.

"Lastly, I was delighted to welcome a new generation of leadership to the Wilson Bowden Board, with the appointments of Greg Locke as Chief Executive, David Wilson Homes, and Jane Aikman as Group Finance Director."

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Property consultancy Knight Frank has brokered two new property deals in central Scotland.

Unit 1 at Straiton Business Parc has been sold to Curzon Limited, an IT company specialising in public sector contracts. Knight Frank acted on behalf of Morston Assets Limited in the sale of the unit comprising 2,194 sq ft for £325,000 plus VAT.

Knight Frank also acquired 1,422 sq ft of office space at Pavilion 1, Castlecraig Business Park in Stirling, at a rent of £17,500 per annum. The deal was agreed on a five year lease term with a tenant only break option at year three, and a period of three months rent free. Knight Frank acted on behalf of purchasers Scottish and Southern Energy.

Straiton Business Parc is a development of new office and commercial buildings, available for sale or lease, with units ranging from 1,757 sq ft to 7,143 sq ft. The first phase of this development comprises nine, two storey terraced buildings. Each office building provides a flexible space that can be sub-divided on a floor-by-floor basis or combined to provide larger accommodation.

The site is situated within Midlothian and is conveniently located for direct access onto the A720 Edinburgh Bypass. Adjoining occupiers within Straiton Retail Park include Sainsbury's, Costco, Ikea, Homebase, Marks & Spencer, Boots, Next, McDonalds and TK Maxx.

Curzon Limited represented themselves.

The office space at Pavilion 1 is part of Castlecraig Business Park which is located off the A905 within commuting distance of Stirling. J and E Shepherd acted on behalf of the landlord.

Nick White, Partner, Knight Frank said: "Central Scotland continues to be a popular location for office and commercial property space but business parks in the central belt have witnessed unprecedented popularity in recent months as companies are realising the benefits of an out-of-town location. The recent deals at both Straiton and Castlecraig demonstrate a high demand for business park space as both a rental and investment opportunity."

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Following a number of recent project wins, and with ongoing involvement in some of the city's biggest projects, Halcrow has made 5 new appointments within its Glasgow office.

The global engineering consultancy behind recent projects such as Kelvingrove Museum and Art Gallery, Finnieston Bridge and the White Cart River Flood Prevention Scheme, has made the appointments as part of a major recruitment drive in Glasgow.

Halcrow is committed to training and developing over 420 staff within a range of sector groups across Scotland. It has strengthened its Glasgow team by introducing 5 new faces at various levels within the company. Looking forward to a planned office move later this year, Halcrow anticipates several additional appointments will be made in the coming months.

Recent appointments include; Debbie Reilly, graduate electrical engineer; Alan Ruiz, senior nuclear safety engineer; Stephen Gorton, major bids manager, nuclear; Emily Rudkin, energy engineer; and Douglas King, environmental health officer.

Recently relocated from Halcrow's Leeds office, Debbie Reilly moved to Glasgow 3 months ago and has already been given the opportunity to work on a prestige construction project in Sharjah in the Middle East.

Debbie commented; "Halcrow offers the opportunity to build a rewarding career and the chance to travel has been a real bonus for me. Halcrow has offered support every step of the way and facilitated my training and development. I'm looking forward to working in such a different environment in Sharjah and the reassurance that Halcrow will encourage me all the way calms any anxieties I had of working in a new country."

Part of Halcrow's refreshed nuclear business; "Nuclear Focus", Stephen Gorton, major bids manager, and Alan Ruiz, senior nuclear engineer, re-affirm Halcrow's position as one of the leading consultants in the nuclear industry. Alan brings specialist nuclear experience to assist Halcrow on some challenging projects, developing appropriate nuclear engineering and safety solutions. Stephen, who is completing an MBA at Warwick Business School, has been instrumental in the company's "Nuclear Focus" launch.

The recent appointments signal on-going growth for Halcrow in Scotland, following on from the appointments of Neil Johnstone to head its operations in Scotland and northern England and Donald Bell as Glasgow office regional director.

Halcrow is a recognised leader in the maritime, transportation, water, property, and development sectors. Its skills range from planning and design to frontline project management and construction supervision. With a staff of over 5,000 professionals, Halcrow is currently undertaking projects in over 70 countries from a network of more than 60 offices worldwide.

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UNITE, the UK's largest student accommodation provider, has expanded its presence in Scotland by constructing a new-build, 229-room facility next to Edinburgh College of Art, which officially opens this month.

Formally opened on 8 September 2023 by Councillor Chris Wigglesworth from Edinburgh City Council and Professor Ian Howard, Principal of Edinburgh College of Art, the nine-storey Portsborough Court, which extends to around 70,000 sq ft, will be home to 229 students from the College of Art and surrounding Universities, who will live in a mix of traditional flats with three, four and five bedrooms with living kitchen diners, alongside both single and double studios.

The Bristol-based group which has a Scottish office in Edinburgh, now provides high-quality accommodation to nearly 4,000 students in Edinburgh, Aberdeen, Glasgow and Dundee, making it Scotland's largest student accommodation provider.

UNITE currently has nine student facilities in Scotland and another two sites are currently planned in Edinburgh with a 59-bedroom studio scheme presently under construction at Carlton Road. In Glasgow, phase two of Blackfriars, UNITE's third student accommodation in Glasgow is underway.

Matthew McAdden, UNITE's Development Managing Director for Scotland said, "UNITE provides a choice of good quality accommodation and hospitality services that are conveniently located for students who want to be close to the buzz of a city. Portsborough Court is an example of accommodation which has a striking façade, fantastic facilities and is close to amenities."

The £7 million building has been constructed on a site that has been vacant for many years, using a steel frame and pre-cast concrete slabs with screed. The main elevation to Lady Lawson Street has stone panels with full-height windows. The floors have been stepped back to reduce their impact to the street and were designed intentionally for occupants to have views of Edinburgh Castle and the Forth.

Edinburgh City Council has commended the property for its design, which is largely glazed to the front and takes advantage of the scenic city views to the Pentland hills.

At street level, there is curtain walling to the retail, common room and reception areas with the principal part of the elevation clad in stone. The stone is set into large 'picture frames' which define the type of accommodation contained within. At either end of the building, the studios contain large areas of glazing which cover an entire wall within the living area of the studios.

The rear of the building is bright render with Trespa cladding panels in charcoal grey and timber.

Although visibly complex for a masonry façade, the individual panels of the elevation have been 'zipped up' with aluminium flashings giving the building a modern, state-of-the art appearance.

The main contractor for Portsborough Court was Carillion.

UNITE has invested over £140 million to provide much needed, quality and affordable accommodation to students in Scotland and is already home to nearly 4,000 students in Edinburgh, Aberdeen, Glasgow and Dundee.

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Hammerson has recorded a 55.6% increase in first half pre-tax profit, buoyed by strong demand for office space in the UK and France.

Key points

-Adjusted net asset value per share increased by 12.3% to £13.89.

-Strong portfolio capital return of 8.1% in the first six months of 2006.

-During the first half of the year, the group invested £168m and raised £138m from disposals. Several major transactions have been contracted since 30 June 2006, including the acquisition of a portfolio of retail parks in the UK for £425m and the sale of Liberty Shopping Centre, Romford, for £281m.

-The redevelopment of 9 place Vendôme in Paris was successfully completed; two major developments were started at an estimated total cost of £360m.

-In May, Hammerson announced its intention to become a REIT in January 2007, following which the group will be exempt from corporation tax both on UK rental income and gains arising on UK investment property sales.


The Chairman, John Nelson, said: "I am delighted to report an excellent set of results for the first six months of 2006. Adjusted net asset value per share increased by 12.3% to £13.89, whilst adjusted earnings per share of 15.1 pence were 5.6% higher than in the first half of 2005. The interim dividend has been raised by 10.0%.

This year has been one of vigorous activity. We made good progress in letting space within the office portfolio and maintaining high occupancy levels at our retail schemes. We completed a very profitable development at 9 place Vendôme in Paris, advanced the two major retail schemes currently underway in Bristol and Leicester, and enhanced our development pipeline. In addition, we have continued our active recycling of capital. Some £550 million has been raised from disposals this year and over £600 million invested in properties and development projects offering the potential for higher returns.

We are maintaining our strategy of focusing on key property markets in the UK and France and adding value through asset management, development activity and capital recycling. The group has an investment portfolio and development programme of exceptional quality and I have great confidence in Hammerson?s future performance."

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The Property Income Trust for Charities has acquired Berkeley House, 285 Bath St, Glasgow for £5.92m 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.

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Westfield and Hermes, joint owners of the new £340m Westfield Derby shopping centre, have secured a further seven national retailers across 70,000 sq ft for the centre's targeted opening in Christmas 2007.

Westfield's on-site construction team has also confirmed the development is progressing extremely well and Westfield Derby remains ahead of schedule for its targeted opening in Christmas 2007.

Leading fashion retailers H&M; and Monsoon have confirmed they will open their first stores in Derby; H&M; will open a 19,437 sq ft double height store providing an extensive range of contemporary women and men's fashions trading over two levels. Monsoon, another brand new offering for the city, will open an 8,833 sq ft double height store also trading over two levels and providing men's and women's fashion, as well as collections from Monsoon Children and Monsoon Home. Also arriving in Derby for the first time are high street jeweller Beaverbrooks and mobile telecom retailer 3G, taking 1,198 sq ft and 1,158 sq ft stores respectively.

Further significant deals for the centre include New Look which will considerably increase its presence within the city by relocating from its existing store to a larger 21,239 sq ft double height unit in the development, as will Dorothy Perkins with a double height unit of 12,733 sq ft and Accessorize in a 2,011 sq ft unit.

David Slade, Leasing Director at Westfield commented: "These exciting new retailers join anchor stores Marks & Spencer and Debenhams, and major fashion names Topshop, Next, Zara and Bershka, which have all taken major units between 20,000 sq ft and 50,000 sq ft. We are delighted to see H&M;, Monsoon and Accessorize join the line up of new fashion names coming to Derby. The size of units these retailers are taking is real testament to the city's demand for a strong retail destination.

"With these deals in place nearly 80% of the space is now committed and we are well on track for a Christmas 2007 opening."

Richard Low of Hermes said: "We are delighted that all these new retailers will be opening in the development. These key lettings further strengthen the retail line-up in Westfield Derby and are another major step forward in bringing a top brand retail offer to the people of Derby and the surrounding areas."

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Manchester-based Ask Developments has sold a 25% stake to Morgan Stanley Real Estate, facilitating the launch of a new £300m investment drive.

The deal will enable Ask to invest in large schemes of more than £100m around the UK and will allow it to retain long-term ownership of its assets. Ask, which has until now been funded mainly by the personal equity stakes of founding partners Ken Knott, Simon Bate and Andy Dodd, already has £111m of completed schemes and a further £78m under construction.

Its projects include Central Spine in central Manchester, Central Park in east Manchester and Exchange Greengate in Salford. It is also working on developments in Sheffield, Bury and Ashton-under-Lyne and is undertaking the redevelopment of the Boddingtons Brewery site in Manchester.

Ken Knott, chief executive of Ask, said: "The Morgan Stanley Real Estate investment is a significant vote of confidence in our management team and in the future of Ask Developments.

"The capital will accelerate existing developments and enhance our overall capacity and flexibility."

Toby Phelps, Executive Director of Morgan Stanley Real Estate, added: "In a market where multi-phased mixed-use projects are increasingly to the fore, Ask has a proven ability to deliver.

"This is another key investment for Morgan Stanley Real Estate and reinforces our continuing commitment to the UK real estate market." Following the deal, Phelps, Robert Falls and David Lockyer of Morgan Stanley will be appointed to the Ask Developments board.

Drivers Jonas advised Morgan Stanley on the deal.

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The UK's leading children's charity, Barnardos, advised by King Sturge is pleased to announce the sale of 22 Broughton Place, Edinburgh to a private Irish investor for £826,000.

Situated within the Gayfield area of Edinburgh, the Grade A listed building is a traditional Georgian town house arranged over lower ground to second floors and benefits from private parking for six cars. It extends to 3,232 sq ft and will be transformed into a stunning residential development, as has been the case with a number of similar buildings in the immediate vicinity. It was built around 1800 and retains retaining many of its original features.

Commenting on the sale, Neil Allan from the King Sturge Edinburgh office said: "Barnardos was seeking to re-organise its property portfolio and is delighted with the outcome of this sale. We received ten offers for this building which went to a closing date on offers over £650,000."

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