Commercial Property News

Atisreal and their joint agent Edwards & Co, have recently secured Croma restaurants as a key tenant for the £30m mixed-use Radius development in Prestwich.

Croma has signed a new 15 year lease on a double height unit of 2,694 sq ft. They will start fitting out the unit very shortly and expect to be open for trade in early September. The restaurant will serve traditional and innovative gourmet pizzas, together with Mediterranean salads and oven baked pasta. An extensive wine list expertly selected to compliment the imaginative menu will also be offered.

Croma hit the scene in 2000 with their first restaurant opening in Manchester City Centre. They then went further a field opening their second in Boston USA, and then back to home ground, opening the most recent Croma in Chorlton, just south of Manchester City Centre. Croma Leeds is also due to open in April, with two more in the pipeline for Boston, USA later this year.

Kirsty Marshall, Owner Manager of Croma Prestwich says, "We are really impressed with the quality of the units at Radius, which seem to suit our needs exactly, as well as its fantastic location. With Croma's reputation for good quality food, design and service, we hope we will be a welcome addition for all those Prestwich foodies."

Martyn Markland, Director of Investment and Development Agency at Atisreal says; "Radius is a high quality mixed use scheme in an area experiencing exciting change within its commercial and residential market. We hope to announce further lettings to other exciting retailers and leisure operators in the near future."

"We believe that Croma's stylish restaurant format will compliment the Radius scheme extremely well and should encourage other high quality restaurant and retail operators to join the likes of Croma, Sainsbury Local, Barracuda and Superdrug."

Radius was developed by Countryside Properties and comprises 150 contemporary new apartments, arranged over 30,000 sq ft of prime retail space, in Prestwich Town Centre. Alongside Croma restaurant, tenants include Sainsbury's Local, Barracuda and Prestwich Pharmacy.

Members of the public are being invited to have their say on proposals to double the size of Buchanan Galleries, one of Glasgow's most popular shopping destinations.

Owners of Buchanan Galleries, Henderson Global Investors and Land Securities, are hosting a public consultation in the malls of the centre, seeking public opinion on a proposed 600,000 sq ft (55,742 sq m) extension.

Exhibition stands will be in the centre during opening hours from Thursday 22 February until Sunday 25 February. Feedback is being sought on the choice of new facilities, car parking and improvements to the entrances and surrounding areas.

The consultation forms part of an outline planning application which is scheduled to be submitted to Glasgow City Council in spring of this year.

The centre currently comprises around 600,000 sq ft of retail space and has over 80 of the UK's leading store names, including John Lewis, H & M, Next and Gap. The proposed extension would see the centre more than double in size to provide approximately 1.2 million sq ft of retail and restaurant space.

Plans are to demolish the existing multi-storey car park and relocate this above Buchanan Bus Station, the city's main bus terminus. The extension to the shopping area will be built on the space created by the demolished car park. There are also plans to extend the centre over some of the north cutting railway lines between Queen Street Station and Buchanan Galleries.

In addition, new shop frontages will be introduced on North Hanover Street and Cathedral Street which will have a hugely positive impact on the north area of Glasgow while making the centre more accessible and providing further retail choice for shoppers.

Part of the development plans are to introduce a 21st century transport 'hub' at Buchanan Bus Station. A new concourse will be introduced, as well as improved passenger facilities including lounges, customer waiting areas, shops and cafes. The bus station will remain operational throughout the redevelopment.

A high level pedestrian bridge link between the new car park and the extended shopping centre is also planned.

Improvements to the public realm around the centre, such as upgrading the paving finishes and introducing new street furniture and public art, will be introduced to the streets and areas around the centre.

Nick Davis, Development Director of Land Securities said: "Buchanan Galleries is one of the city's most successful shopping centres. The aim is to make it bigger and better. We need to improve the choice to shoppers and visitors to ensure that the city centre maintains its attraction and 'pull' as a key retail destination in the UK."

Myles White, Fund Manager at Henderson Global Investors said: "We are really excited about the start of the public consultation and keen to hear people's opinions, which we will then factor into our plans to more than double the size of the existing Buchanan Galleries."

"The proposed development could herald a new era for the retail industry in Glasgow not only regenerating the north side of the city centre but also creating new jobs and improving transport facilities."

Buchanan Galleries General Manager, Hamish Millar commented: "We want to share with Glasgow shoppers the exciting ideas we have for the centre and aim to create a top retailing destination to rival any UK city centre location".

To date, the owners have been consulting extensively with local stakeholders and will be engaging further with local residents, shoppers, community groups and businesses as the planning process develops.

If approved, construction could start on site in 2008.

Quartermile, the joint venture development between Gladedale Capital and HBOS, has secured Edinburgh's largest city centre pre-let of speculative accommodation in five years.

Leading law firm Maclay Murray & Spens (MMS) has agreed to take 50,000 sq ft of No.1 Quartermile Square, almost half of the flagship grade A office building, as its new Edinburgh office.

The conclusion of a deal eight months in advance of the building's completion is a huge vote of confidence in Quartermile and establishes it as a prime commercial property location within the city centre.

Based on the site of the former Edinburgh Royal Infirmary, Quartermile is being developed as a joint venture between Gladedale Capital Ltd and HBOS. On completion, the £400 million regeneration project will offer more than 300,000 sq ft of Grade A office space, 900 luxury apartments, a boutique hotel and various leisure and retail facilities.

The sales rate of residential units has already been very strong with record values being achieved.

Jim McIntyre, Managing Director, Quartermile, said: "We are delighted to have Maclay Murray & Spens as our first commercial tenants and look forward to welcoming them to Quartermile. Securing this calibre and size of tenant before the development is completed underlines our belief that Quartermile offers everything 21st century companies need - striking office accommodation in a location that offers staff a high level of amenity within the city centre."

MMS is one of Scotland's largest commercial law firms with offices in Aberdeen, Edinburgh, Glasgow, London and Brussels. The company is set to take the top three floors of No.1 Quartermile Square, providing office space for up to 250 staff.

Designed by Foster and Partners, the architects behind internationally renowned projects like London's Swiss Re Tower, the Reichstag in Berlin and Hong Kong's new airport, No.1 Quartermile Square sets a new tone for offices in Scotland.

No.1 Quartermile Square is a striking seven storey office building featuring column-free open plan space and floorplates ranging from 9,677 sq. ft to 20,656 sq. ft. As well as an impressive reception and atrium, the ground floor will include two retail units of 12,508 sq ft and 2,153 sq ft.

Set back from the road, next to the Category 'A' listed former Surgical Hospital, No.1 Quartermile Square will front on to a new public space, providing an impressive gateway to the whole site. Its dual aspect will provide views of Quartermile itself and the Pentland Hills to the south, and of Edinburgh Castle and George Heriot's School to the north.

CB Richard Ellis and Montagu Evans acted for Gladedale in the deal and Jones Lang LaSalle acted for MMS.

London-based developers UK and European have commenced construction of Templeback, a high quality 123,000 ft² speculative headquarters office building fronting the Floating Harbour in Bristol city centre - the largest of its kind in the city for more than 20 years.

The six-storey scheme will offer some of the biggest floor plates in Bristol at 20,000 ft² and will achieve a 2006 BREEAM Excellent rating.

Contractors, Carillion, are now on site and the building is expected to reach practical completion in October 2008.

Joint agents are King Sturge LLP and Hartnell Taylor Cook and the guide rent is £27.50 ft².

PRUPIM has purchased the freehold interest in National Grid House, Warwick Technology Park, Warwick for £61 million on behalf of one of its client funds.

The property comprises 244,192 sq ft of office accommodation, conference and meeting facilities, a health and fitness centre and a restaurant in six interlinked buildings. The net initial yield was 5.45%.

The property was purchased on a sale and leaseback agreement, let to National Grid Electricity Transmission plc on a 20-year lease with a tenant's option to break at year 15.

Steffan Francis, PRUPIM's Head of Institutional Funds commented: "We are very pleased to have secured a flagship headquarters office building with a long, well secured income. We expect to invest substantial sums this year in similar well let investments across the sectors."

Savills acted for PRUPIM and GVA Grimley acted for National Grid.

Scottish Enterprise Fife and Fife Council have signed the Development Agreement for Fife's flagship Energy Park. This formalises the partnership between the two organisations and Fife Council's financial contribution to the project, as well as signalling the continuing progress of work at the park.

In November the projects investment plan was approved securing over £11 million to create a leading edge industrial facility for Scotland's energy activities at the brownfield site in Methil.

Over £1.7 million will be spent before the end of the March, on the first phase of works which will see the 133 acre former Kvaerner Rig Yard in Methil take one step closer to becoming a state-of-the-art Energy Park.

McKenzie Construction and Dalrymple Construction have been appointed to carry out redevelopment and improvements to some of the iconic buildings on the site including recladding works, new electrics, flooring and doors.

In January, planning approval was granted to create a new feature entrance to the site which will see the creation of a new roundabout. Local company, JKF (Group) Ltd., have now won the contract for the initial work which will begin in the next couple of weeks.

In addition work will shortly begin on the southern side of the site which will see the creation of platforms which will encourage new tenants and development to this area of the park.

The land was acquired by Scottish Enterprise Fife in 2005 which is expected to attract fresh investment in the area and encourage more renewable energy businesses to expand to help grow and diversify the local economy whilst using the labour supply in the area.

As an industry with considerable growth potential, pressure on the energy sector is anticipated to increase significantly in coming years with global demand for energy expected to increase by 35 per cent by 2040. The Energy Park will help ensure that Scotland retains the business base and physical infrastructure to compete in the future growth of the energy sector.

Councillor Mike Rumney, chair of Fife Council's Environment and Development Committee said: "The signing of the Development Agreement between Fife Council and Scottish Enterprise Fife signals a key milestone in the continuing development of the Energy Park. This, along with the appointment of the contractors, signifies the commitment of both organisations to the project and marks the continuation of a major programme of works which will significantly improve the facilities on the Park."

Joe Noble, chief executive of Scottish Enterprise Fife, said: "Work on-site at the Energy Park is gathering pace and it is extremely gratifying to see developments underway. The signing of the Development Agreement with Fife Council cements our partnership approach to realising the significant economic benefits to be reaped from this project, not only for Fife but for Scotland and its energy sector. I would applaud the Council's visionary support for the project and look forward to working with them to create a significant number of jobs for the Levenmouth area."

JKF (Group) Ltd. managing director, Jim Keiller commented: "We are delighted to have won this prestigious contract. Not only will it mean a significant improvement to the Energy Park infrastructure but for us, as a Fife based company, it maintains a stated commitment to utilise and train locally sourced labour."

The overall project is expected to have a cumulative contribution of up to £172 million to Scotland's economy by 2015 and create several hundred jobs in the area.

Forsters' property and corporate teams have acted for US firm A&A; Investments on the £10.45m acquisition of 14 Lovat Lane, London EC3, through the purchase of shares in Chelton Ltd.

14 Lovat Lane comprises approximately 18,450 ft² of air-conditioned office accommodation arranged over basement, ground and four upper floors. The building is let in its entirety to JLT Risk Solutions Ltd until March 2010 at an annual rent of £760,000. The purchase price reflects a net initial yield of circa 7.0%.

Forsters property partner Sophie Hamilton led the team, supported by corporate partner Craig Eadie who was assisted by Victoria Holland and Kully Bains. Kaz Stepien of Stepien Lake acted for the seller.

With an increasing volume of complex commercial property deals already underway this year, today Semple Fraser announces the appointment of John Mitchell and Lindsey Pollard as Associates in the firm's thriving commercial property team.

John joins the firm from Maclay Murray and Spens and has extensive experience in all aspects of commercial property from acquisitions and disposals, to lettings, sales and landlord and tenant, and has worked for funders, investors and developers.

John joins Paul Haniford's Glasgow based team which concentrates on a wide range of property development and investment transactions throughout the UK.

Lindsey, previously with DLA Piper, is experienced in lease work for landlord and tenant clients in the public and private sectors, cross-industry commercial property disposals and acquisitions, and advising in relation to property finance matters.

Lindsey joins Semple Fraser's new commercial property team in Edinburgh headed up by Elspeth Carson. The firm already has a strong presence in Edinburgh based from their George Street office, and the new team is being formed to meet growing client demand and to help capitalise on growth opportunities across the UK.

Over the past couple of months Associates Anju Suneja and Gillian Irons, and Assistant Claire Slinger, have also joined the firm's commercial property team.

Head of Commercial Property, Elspeth Carson comments: "We are delighted to announce the new appointments of both John and Lindsey. Over the past year we have been involved in an increasing number of complex deals - we have acted in the acquisition and sale of over £1.5bn of shopping centre and retail assets; £1bn of that figure was in relation to assets based in England. With Lindsey and John's appointments, as well as the other recent appointments in the team, we are able to continue to meet client demand and support our drive to further strengthen our position as a UK business practise."

Underpinning what is expected to be another busy year for Colliers CRE in Scotland, the leading property adviser has significantly strengthened its team north of the border, with the promotion of five new directors and two associate directors. The promotions cover several key areas of the businesses and reflect the firm's strong performance across the board.

Tom Johnston, head of Glasgow and retail at Colliers CRE in Scotland, said: "We now have a very firmly established team of experts working across our Edinburgh and Glasgow offices, giving us real strength in depth on the full range of property advisory services - from investment property management to industrial and agency. Each of these individualshas demonstrated the right mix of specialist experience and a genuine passion for exceeding the expectations of clients."

In Edinburgh:

Bill Adams - director - Heads the firm's Residential Development and Investment team. Adams is responsible for the establishment of a residential business for Colliers CRE in Scotland and brings in-depth knowledge of new homes sales, residential developments and the creation of large sites.

Mark Dawson - director - Responsible for out-of-town retail development and agency in Scotland. Previously with Kilmartin Property Group, Dawson joined Colliers CRE in 2004. Current clients include British Land, Macdonald Estates, Kilmartin Property Group and Standard Life Investments.

Hamish Sutherland - director - Heads up the Office department in Scotland and specialises in the disposal and acquisition of office space and development sites, throughout East and Central Scotland. Before joining Colliers CRE in 2004, Sutherland spent ten years at Jones Lang LaSalle.

Gavin Murray - associate director - Now part of the In-Town Retail department at Colliers CRE, Murray gained extensive experience of the sector during time with Ryden and Montagu Evans. Current clients include Peacocks, JD Wetherspoon plc, Tesco, Terrace Hill, Kenmore and MacDonald Estates.

In Glasgow:

Ian Boxall - director - Working within the Glasgow Investment Property Management department, Boxall is responsible for managing Edinburgh Park and the portfolio of properties belonging to Scottish Enterprise.

Stephen Lewis - director - Part of the Regeneration & Development Group, Stephen plays a key role in regeneration projects, including the Clyde Gateway Regeneration Initiative, where he provides professional advice to the wider Clyde Gateway project team.

Chris Humphrey - associate director - Specialising in out-of-town retail and foodstore developments, Chris provides agency advice to a number of clients, including institutional landlords, developers and occupiers. Major clients include Sainsbury's, Pets at Home, DSG Retail and Forrest Developments.

SJ Berwin LLP's real estate department has advised British Land on the sale of three Homebase stores: Upton-by-Pass, Wirral, West Station Tunbridge Wells and 25 Stadium Way, Radleigh Weir to St James's Place UK. The properties were sold for £44.6m.

Lewis Myers, real estate partner led the SJ Berwin team, assisted by Mellissa Reid. Catherine Usher at DLA Piper acted for St James's Place UK plc.

SJ Berwin had advised on the acquisition of the stores for British Land in 2006, when five stores were acquired for £52.5m.

Princeton Investments and Patron Capital, advised by joint letting agents Savills and Stiles Harold Williams, have completed the largest office letting in Croydon in recent years at No. 1 Croydon, 12-16 Addiscombe Road, Croydon.

This latest letting at the property is to Atkins, international leading provider of professional, technologically-based consultancy and support services. The new tenant has taken the 13th, 14th, 15th and half of the 16th floors comprising 26,484 sq ft, on a 10-year lease, at a rent of £18 per sq ft.

Simon Glenn of Savills, joint letting agent for the scheme, comments: "The latest transaction represents one of the largest lettings in Croydon in the last few years. In 2006, we witnessed a great volume of activity at newly refurbished No. 1 Croydon; including lease renewals and lettings, over 75,000 sq ft has been let to five tenants. Several other floors are under offer and only 25,343 sq ft now remains available at the building".

No 1 Croydon, formerly known as the NLA Tower, is a 23-storey landmark office building. It was purchased in July 2005 as part of a £100m office portfolio from Delek Real Estate, an Israeli conglomerate, which has retained a 45% stake in the portfolio.

A refurbishment programme costing over £3.5 million has recently completed, including six-month exterior cleaning project and the comprehensive refurbishment of 74,543 sq ft of high spec office accommodation.

Other tenants at the building include Liberata, AIG, Pegasus and Institute of Public Finance.

Atkins was represented by Lambert Smith Hampton.

Acting on behalf of SDG Property Holdings Ltd, joint agents Donaldsons and Ryden have successfully completed two further deals at Buchanan Gate Business Park in Stepps. The lettings follow hot on the heels of the sale of Pavilion 3A (12,000 sq ft) to The Richmond Fellowship and the letting of Pavilion 3B (20,000 sq ft) to Hbg.

Building Automation Solutions Ltd (BAS) has taken a first floor suite within Pavilion 2 extending to 3,771 sq ft on a ten year lease with option to break at year five at a rental of £56,565 per annum. Also within Pavilion 2, Ticon Insulation Ltd has taken a suite on the ground floor extending to 1,894 sq ft on a five year lease with a break option at year three at a rental of £34,092 per annum.

Michael Facenna, office agency surveyor at Donaldsons said: "The lettings to BAS and Ticon Insulation highlight the flexibility of the accommodation on offer at Buchanan Gate. As well as being able to accommodate the larger, single occupier requirements as demonstrated by the Hbg letting, the floor plates enable us to subdivide the space into smaller suites if required allowing us to provide the same high quality office space to companies of varying sizes."

Brian Robinson, associate in the office agency team at Ryden added: "As a result of the two latest lettings, only two suites remain available within Pavilion 2 on the ground and 1st floors extending to 2,403 sq ft and 2,690 sq ft respectively. We are also in advanced discussions with a single occupier in relation to Building 3C which extends to 20,000 sq ft and which is due for completion this month, and given this latest run of success, our client will be starting on site during Quarter 1 with Pavilion 4 which also extends to 20,000 sq ft."

Buchanan Gate Business Park occupies a prominent position overlooking the Crowwood Roundabout immediately adjacent to the M80/A80, approximately 9 miles from Glasgow city centre. The Business Park provides high quality open plan accommodation in a landscaped environment and benefits from an excellent car parking provision. Occupiers at Buchanan Gate can also take advantage of a number of amenities on their doorstep such as the Brewsters Family Pub and Restaurant, Travel Inn and Bannatynes Health Club.

UK Commercial Property Trust Ltd, a new, closed ended, Guernsey registered investment company on 20 September 2023 acquired initial property portfolio from Phoenix & London Assurance Limited and Phoenix Life & Pensions Limited for aggregate consideration of £503.6m. The properties were externally valued as having a market value of £497.8m, generating a current net annual rent of £24.4m.

The initial property portfolio comprised 20 properties forming a diversified portfolio of UK Commercial Properties. Maples Teesdale acted for the sellers and Dickson Minto and Walker Morris acted for the new company.

London & Lothian, advised by Strutt & Parker, has purchased the freehold of Skipton Shopping Centre, Skipton from a private Irish investor for £11.5m, reflecting a net initial yield of 5.1%. Franc Warwick advised the vendor.

The 31,716 sq ft shopping centre is let to tenants such as Laura Ashley, Wallis, Birthday and H Samuel. The centre achieves a total rent of £633,000 per annum.

White Young Green has announced the acquisition of Turner Holden, a leading planning consultancy in the South West of England.

Turner Holden undertakes work in all aspects of town planning, for a wide range of clients, especially in the housebuilding sector.

The enlarged town planning business will strengthen significantly White Young Green's multidisciplinary capabilities, as consultant to the built, natural and social environment, in the South West region.

John Whittaker, the Managing Director of White Young Green Planning commented; "This is a major step forward: Turner Holden's excellent reputation and strong client base significantly strengthens and complements our existing town planning capabilities in the South West".

IVG Immobilien AG is acquiring the property 30 St Mary Axe, in the financial district of the City of London, from Swiss reinsurance company Swiss Re. The total acquisition price is £630m (?950m) including transaction costs. The acquisition will be executed in the form of a 50/50 joint venture with British investment bank Evans Randall.

The investment will be accessible to private and institutional investors in 2007 through two separate funds. IVG intends to place approximately 50 per cent of the real estate asset with private investors via a closed-end real estate fund in the IVG EuroSelect series. Evans Randall will place the other half with institutional investors. IVG and Evans Randall will act as co-investors with a respective 10 per cent share.

IVG's London subsidiary will handle the property's asset management. The property has been let long term to a strong tenant base. Swiss Re continues to be the main tenant with a 50 per cent share of the rentable space until at least 2031.

Commenting, Dr. Wolfhard Leichnitz, Chief Executive Officer of IVG Immobilien AG, said: "30 St Mary Axe is a true landmark with a secure long-term tenancy. The property is an attractive investment for our funds investors, not only visually but also from an investment perspective."

The world renowned skyscraper is approximately 590 feet tall and was designed for Swiss Re by the leading architects Foster + Partners. The office building often referred to as the "Gherkin", has marked London's skyline since 2004.

Shopfitters have started work at the Antonine Shopping Centre in Cumbernauld with flagship store Dunnes along with high street retailers NEXT and Woolworths all starting fit-out of their shop units at the 350,000 sq ft shopping centre.

The £40m centre is on schedule for completion in May 2007 and the shopfitting signals a significant step forward in Cumbernauld's rebirth.

MSP for Cumbernauld and Kilsyth Cathie Craigie and cllr Barrie McCulloch - chair of the company behind the regeneration of the town centre, Campsies Centre Cumbernauld Ltd (CCCL) - went on a site tour today and praised the new retail development.

Cathie Craigie MSP said: "It is so great to see the centre really taking shape and the transformation in the area in the past few months has been incredibly quick and impressive. I hope the people of Cumbernauld give the new centre their full support and start shopping locally now there are so many retail options right on their doorsteps."

Cllr McCulloch commented: "It's only a matter of months now before Cumbernauld gets a brand new shopping centre to complement the existing shopping on offer in the town. There's a really buzz about the town as the centre continues to take shape and it's great to hear about all the big High Street names setting up in Cumbernauld. "

And the Antonine Centre has received another major boost with Karen Johnston starting her new role as the Antonine Centre's new manager. Employed by centre developer London and Regional Properties. Karen has a strong retail pedigree having worked in Dublin, Edinburgh and Glasgow running high ranking shopping centres such as Dundrum Town Centre in Dublin which won the 2006 International Shopping Centre of the Year.

She commented: "With the arrival of 40 shops the Antonine Centre is an exciting addition to the retail landscape in Cumbernauld. We've been determined to make this centre happen and we are delighted with the progress so far. It's great to get such well known, high street retailers on board and we're on track for opening in May 2007."

The Antonine Centre has made significant progress in the last few months with retailers such as FOPP, Costa Coffee, Quiz Clothing and Herbmedic all signing up for pre-lets. And last week it was announced that River Island, Henderson Jewellers and Zumo have signed up for the new centre.

The Antonine Centre is being developed by London and Regional Properties and built by Dawn Construction. Retail analyst CACI estimates the centre will increase expenditure in the town by 84% which equates to £175 million, while retail business consultant FSP estimates a 166 per cent rise in retail sales - from £45m to £119m, once the shopping centre opens.

The new centre forms part of a phased development of Cumbernauld town centre, facilitated by Campsies Centre Cumbernauld Ltd (CCCL).

Enterprise North East Trust (ENET) has announced that the number of virtual tenants using the ENET business centre services rose during the fourth quarter of 2006. An increase of 16% brings the number of virtual tenants to 93.

Karen Pugh, director; property services at ENET says, "The north east economy remains buoyant and this is certainly reflected in both the number of virtual and actual tenants using the ENET business centres and associated services."

"The virtual office tends to be attractive to those running a business from their home and also to companies who require a regional address," explains Karen. "They benefit from telephone answering in their company name and a business mailing address. In addition virtual tenants receive one day's conference room hire each month; these services all help new and growing businesses to present a professional image to their current and potential customers."

Occupancy rates at the ENET business centres remain consistent with performance in the previous quarter; three of the ten business centre run by ENET achieved 100% occupancy rates. The centres at Crichiebank, Thainstone and Westhill continue to operate to capacity.

ENET manages 53,000 square feet of office space at 10 business centres located across the north of Scotland. The locations include Aberdeen, Banff, Peterhead, Ellon, Fraserburgh and Huntly. The services are currently being utilised by more than 125 actual tenants.

The property comprises a detached three-floor Grade A office

Invesco Real Estate has sold the heritable interest in 4/5 Lochside Way, Edinburgh Park, to clients of Invista Real Estate Management for £15.4m, reflecting a net initial yield of 4.99%.

The property comprises a detached three-floor Grade A office constructed in 1999 which extends to 41,518 ft² (3,857 m²) plus 150 car parking spaces. The building is let in its entirety to Diageo Scotland Limited for a period of 20 years from 5 November 1999. Edinburgh Park is Scotland's premier business park.

Commenting on the deal, Simon Cusiter of King Sturge said: "We were delighted with the result achieved on behalf of Invesco. Strong demand prevails for Scotland's leading business park - we received excellent interest from UK institutions, established property companies and private individuals."

Simon Cusiter of King Sturge acted on behalf of the vendor, Invesco Real Estate, whilst Nelson Bakewell represented Invista.

Unicorn Property Group are delighted to announce that Comprehensive Design Architects (CDA) of Moray Place in Edinburgh have been selected to design a landmark office development on the former site of HMS Camperdown at City Quay.

Dundee's Maritime Quarter around City Quay is becoming the most attractive site in the region for offices, as the City Quay regeneration gathers pace. The announcement that CDA will be designing this important building on the banks of the Tay is a cause for excitement.

CDA enjoy a reputation for innovative yet practical design and were the architects on the recent development of Holyrood Park House in Edinburgh, near to the Scottish Parliament. They also were the designers of new building for The Scotsman newspaper, also in the capital, and in 2006 received the British Council for Offices National Award for their design of Skyways House, the HQ of Littlewoods, in Speke, Merseyside.

Whilst the eventual design of the building is only now taking shape, it is anticipated to consist of around 100,000 sqft split over a number of floors providing high quality flexible open plan offices, enjoying dramatic views over the Tay to Fife and over the Victoria Dock to the City of Dundee.

"This multi million pound project will be our most ambitious yet," says Unicorn director, Tim Allan, "We are looking to provide a wide range of floor plates to suit potential tenants. We would anticipate a combination of prestige offices, high end leisure and restaurant units to meet the demands of the growing commercial and residential market at City Quay. Tenants will have a one off opportunity to gain access to the highest quality premises in a remarkable position, built to the highest standards".

With integral parking, convenient location and outstanding communication links, Unicorn Property Group and CDA hope that in due course the Camperdown site will become the location of choice for companies and organisations looking for a unique waterfront location in the heart of Dundee.

Hercules Unit Trust managed by British Land, advised by Savills, has sold Silverlink Leisure Park, Newcastle-upon-Tyne to CB Richard Ellis Investors for £14.5m, reflecting a net equivalent yield of 5.48%.

The 50,533 sq ft leisure park is located adjacent to the highly successful Silverlink Retail Park situated on the A19 Coast Road east of Newcastle city centre. The popular scheme comprises a 42,222 sq ft nine-screen Odeon cinema, and restaurants including Frankie + Benny's and Pizza Hut. It has 600 dedicated car parking spaces. The annual rental income is £734,000 pa subject to a minimum fixed uplift on the cinema in 2008.

Silverlink Retail Park, which lies adjacent to the scheme, is a 205,000 sq ft park anchored by Boots, Borders and JJB Sports and remains in the ownership of HUT.

Andrew McGregor, Savills' head of leisure, says: "2006 was a record year for leisure investment with over £1.2 billion transacted. Schemes such as Silverlink provide opportunities to invest in good tenants with strong rental growth prospects, a formula which will continue to attract funds and experienced investors in 2007."

David Noble at CBRE Investors, says: "We are very pleased to have secured such a prime leisure park investment. The investment benefits from long-term, well-secured income with good growth prospects and the scheme's trading performance is significantly enhanced by virtue of its location next to one of the UK's top shopping parks."

CB Richard Ellis Investors was represented by Montagu Evans.