Commercial Property News

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

Wednesday, October 31, 2023

Ross & Liddell expand to Tayside

All encompassing property services firm Ross & Liddell has hired Eilidh McLeod to develop opportunities for the firm in Dundee.

Ms McLeod comes to the company after spending three years in Graham and Sibbald's Dundee office where she was residential property manager. Ms McLeod had responsibility for overseeing the management of both factored communal buildings and residential property to let throughout Tayside, Fife and Perth and Kinross. As such her experience will be invaluable in helping to grow Ross & Liddell's operations in the area.

Ms McLeod said, "It is always wonderful to get an opportunity to create something new and I am very excited about the future for Ross & Liddell in the Dundee market. We are in the process of finalising new offices in central Dundee's Technology Park and this will give us the perfect base."

John Brolly, director of property management at Ross & Liddell, said, "The growth Ross & Liddell has enjoyed over the years has come from a willingness to explore and exploit potential opportunities. Eilidh's experience in the Dundee market makes her the ideal person to help us move our way into Tayside and we are very excited about what the future holds."

The Dundee market is currently very robust with substantial new and varied developments being built to complement the numerous landmarks and listed buildings that have recently been redeveloped.

Ms McLeod added, "The nature of most developments currently under construction will require the appointment of a factor to assume responsibility for the common aspects of the individual site. Ross and Liddell hope to secure the management of these and raise the profile of the company in the area."

Ross & Liddell has offices in Edinburgh, Glasgow and Paisley, with an official opening date for the Dundee soon to be announced. The firm has a multi-million pound annual turnover and employs almost 100 staff.

Gladman wins planning permission for Aberdeen office development

Gladman Developments has got the green light to start work on a 20 million speculative office development in Aberdeen, which it believes will help solve the shortage of purpose built office accommodation in the city.

The UK's largest speculative developer of office and industrial and distribution accommodation has won planning permission for the 150,000 sq ft office scheme, to be known as Abercrombie Court on a 10 acre site at Arnhall Business Park, Westhill, to the west of Aberdeen city centre, which it believes will help to create up to 1,500 new jobs.

Gladman Developments plans to start work next month on the first phase of the scheme of 80,000 sq ft, which will consist of a mix of office buildings of 2,250 sq ft, 5125 sq ft and one stand alone buildings of 25,500 sq ft. A building of 5,125 sq ft has already gone under offer.

According to Greg Limb, development manager and head of Gladman's Scotland office based in Livingston, this development will help relieve the present shortage of good quality accommodation in Aberdeen. Mr Limb says: "The city's office market is booming, but there is a real lack of the right type of offices for lease or purchase. Our new development will help fill that gap, as we can accommodate all types of organisations looking for smaller suites up to large headquarters offices in quality, purpose-built modern buildings."

Arnhall Business Park is already a successful, well known and accessible office and business location to the west of Aberdeen. Gladman Developments' new scheme will be the largest speculative office development on the business park.

The first new office units will be ready for occupation in Summer 2008, but off-plan sales have already commenced through joint agents FG Burnett and James Barr.

Flexspace buys Liverpool industrial estate for 6.5m

Safeland PLC said Flexspace/Safeland Property Unit Trust has bought an Industrial Estate near Liverpool for 6.57 mln stg.

The property is currently divided into 39 separate units ranging from 1,625 sq ft to 24,350 sq ft with a net rent of about 525,000 stg per annum.

The company added seven units are currently vacant giving a present occupancy rate of 62% adding Safeland Active Management will run the property as flexible managed workspace units under its "Flexspace" brand.

Coffee Republic appoint Leslie Furness for major expansion plans

Retail agency specialist Leslie Furness has been appointed sole agent by Coffee Republic Plc to advise on its aggressive expansion programme and all future professional work.

Coffee Republic, which has recently refitted all of its existing trading stores to its new and highly successful Coffee Republic deli format, is on track to have almost 100 outlets worldwide by Christmas 2007 and is seeking at least 50 new outlets per annum over the next few years.

Leslie Furness will be targeting high street and shopping centre units of between 600 sq ft (56 sq m) and 1,500 sq ft (111 sq m) throughout the UK.

To date, Coffee Republic has opened in a range of different locations including major shopping centres, in-store concessions, serviced office facilities and airport terminal buildings. It won the BAA Food and Beverage Award for best coffee in any UK airport in July 2006.

It is trialling imaginative partnerships such as that with a major pub chain for its Coffee Republic Served Here concept, which it has so far rolled out to 28 of the pub chain's London sites. It has also instigated a trial with RoadChef Motorways at Taunton Deane motorway services on the M5 and has installed Barclaycard OnePulse in five locations.

Peter Breach, chairman of Coffee Republic, comments: "As we enter a period of rapid growth for Coffee Republic, we need the services of a specialist retail agent to spearhead our push for new units. We have selected Leslie Furness as they offer the services we require and have a strong track record in producing results."

Tim Hance, agency director of Leslie Furness, comments: "It's exciting to be working with Coffee Republic at a very bullish stage of their brand development and we look forward to assisting their expansion across the UK."

As well as site acquisitions, Leslie Furness will be undertaking all Coffee Republic's rent reviews and rating work.

Wednesday, October 24, 2023

Change of use permission at Edinburgh Quay

Edinburgh Quay Ltd has secured Change of Use planning permission for the ground floor of Quay2, the new 60,000 sq ft office building at Edinburgh Quay, the mixed-use development at Fountainbridge.

City of Edinburgh Council granted approval which now provides the ground floor with the benefit of Class 1 Retail, Class 2 Financial, Professional and other services, and Class 4 Business uses.

Formerly, the new development situated in the heart of the Exchange District offered 4,399 sq ft (409sqm) of Class 1 retail space.

Pamela Grant, director of Edinburgh Quay Ltd, said: "The change of use gives us complete flexibility when offering the space to the market. The classification allows us to deliver added value and maximises opportunities for tenant use.

"It will increase the building?s overall diversity and appeal and, we believe, will please current interested parties and generate even more interest from potential occupiers."

Andrew Munnis, partner with Montagu Evans LLP, advised Edinburgh Quay Ltd on planning issues, said: "This is a valuable change of use planning permission for Edinburgh Quay Ltd. The increased flexibility that this offers to the market can only enhance the character and appearance of the area and does not preclude the unit from being used for retail purposes in the future."

Grant continued: "All of the major developments which have been launched in the city this year are being snapped up quickly, and with the next surge of grade-A developments not arriving until 2009 there will be around an 18-month gap until new, quality space is available in Edinburgh.

"The change of use at Quay2 will ease the potential shortfall of prime office accommodation in the market for the moment.

"Quay2, along with the first phase of Edinburgh Quay, has been pivotal in the conversion of Fountainbridge, establishing the area as a desirable location with strong potential for economic and social growth."

Following the official unveiling of the office building in February this year, Edinburgh Quay Ltd has secured Baker Tilly, the accountancy and financial services company, and the corporate banking division of Barclays, as tenants, who are already trading from Quay2.

Currently, 43,200 sq ft is available for occupation at Quay2. Located in the Exchange District, with the canal basin at the heart of the development, Quay2 completes the regeneration project that has transformed the area around Lochrin Basin in Fountainbridge into a landmark development.

Jones Lang LaSalle and GVA Grimley are the joint lettings agents for Quay2.

New partner appointed for Knight Frank in Edinburgh

International property consultancy, Knight Frank has appointed a new partner in Edinburgh to boost the Company's commercial valuations service offering in the city.

Michael Lindgren joins Knight Frank from Atisreal where he worked for 19 years, starting as a graduate and working his way up to director in charge of the company's valuation team in Scotland. Michael brings with him a breath of knowledge and experience in the Scottish property market and will work in partnership with Graeme McGartland, Partner at Knight Frank in Glasgow, to provide a professional valuation service to clients across Scotland.

During his career he has handled a number of high profile valuations and worked with many influential clients, including major banks such as Royal Bank of Scotland, Bank of Scotland, Nationwide, Bank of Ireland and Ulster Bank. Michael's experience in the provision of loan security advice is principally in the commercial sector, including the valuation of many major shopping centres in Scotland including the Kingsgate Centre in Dunfermline and the Mercat Centre, Kirkcaldy.

His experience also covers balance sheet valuations for a number of property companies, and of the operational portfolios of national companies including Royal Mail and Sainsbury's. He has also been involved in the appraisal of a number of large brownfield sites in Edinburgh for residential redevelopment.

Michael's new role at Knight Frank will comprise a mixture of the portfolio valuation of a variety of London based funds and property companies and will include a remit to increase the Company's client base by sourcing new business opportunities across Scotland. His role will also see him work closely with the Investment team in Edinburgh to offer an integrated service to clients.

Bothwell Bridge Estates to build new office space

Jones Lang LaSalle has confirmed that Bothwell Bridge Estates Limited plans to build an additional 12,000 sq ft of high quality office space, which will be available for sale or to let.

This second phase of the office development programme will see a further four office pavilions built, with suites ranging from 254 sq m (2,7375 sq ft) to 368 sq m (3,969 sq ft). The two storey office suites will be set in landscaped grounds with ample parking spaces and each will benefit from a platform lift.

Work will start on site this month with a proposed completion date of spring 2008.

Alistair Reid of Jones Lang LaSalle's Glasgow office said: "The second phase of development has been made possible due to the success of the first phase at Bothwell Bridge Business Park, which has seen over 14,000 sq ft of office space sold or leased over the past year. We have also been pleased to welcome GT4 Marketing Consultants, NRG, Ego Eyewear and the People Group to the park, and we expect another letting to conclude over the coming weeks."

Currently only 1,300 sq ft of space remains within phase one of the park. The third phase of development, which expands to over 10,000 sq ft, will be available for design and build options.

Monday, October 22, 2023

AS Group purchase site near Glasgow airport

Glasgow-based AS Group has purchased 50 acres of land on a key site near Glasgow airport, west of the St James Interchange off the M8 at Paisley, for a mixed use development.

Paul Kelly of AS Group comments: "The St James Interchange site in Paisley has been earmarked by the council for mixed use and we are delighted that our housing company, A S Homes Ltd, will carry out the initial development of 100 new homes and that the leisure element of the scheme will be developed by our subsidiary leisure arm, 'Pro-Soccer' for 5 a-side football."

Property advisers DTZ and James Barr are retained by AS Group to develop the remainder of the land at St James Interchange for commercial/industrial use.

"There has already been several interests expressed in various parts of the site, from business and commercial to leisure and residential, and the acquisition by the AS Group will, in my view, enable many of these interests to be realised," said DTZ's industrial and logistics team director, Peter Bacchus.

AS Homes are currently building apartments in Paisley town centre at Met:zo in Rowan Street and have further residential developments in the pipeline for Renfrew, Glasgow and Dumbarton.

Bank of Scotland commits 130m to Elphinstone

Bank of Scotland Corporate is to commit 130 million to a new joint venture with Elphinstone the Scottish land and property development company.

This is the bank's second partnership investment in a special purpose business with Elphinstone, bringing its total commitment to the expanding Glasgow group to over 175 million.

The new investment in Elphinstone Estates, a 50-50 joint venture with Elphinstone Holdings has been used to acquire1000 acres for housing at Stirling, Baillieston, Newton Mearns and Penicuik as well as options for development at Broxburn and the Borders.

The investment provides a war chest for further land and property acquisitions and for other business development opportunities.

Bank of Scotland Corporate and Elphinstone have an existing facility of 45 million in Elphinstone Land which in 2005 acquired United Auctions plc and with it a substantial land bank. The livestock auction part of the business was subsequently re-sold to its management team in 2007.

Ken Ross, Chairman and Chief Executive of Elphinstone Holdings, said, "This new facility is an immense vote of confidence by Bank of Scotland Corporate in our Board and management team. We've had a long-standing and successful relationship with the bank and this investment adds an important dimension to our business, strengthening our competitive position and accelerating our capacity and growth. It means we can respond quickly to land and property opportunities and consider other ways of increasing the scale and the success of our group."

Bruce Anderson, Head of Joint Venture Investments for Bank of Scotland Corporate said, "We have an excellent working relationship with Elphinstone and investment such as this, in an innovative, ambitious business with experienced, proven management, fits our agenda perfectly."

Elphinstone Holdings is a private company, owned by the company's directors and staff and the parent for several joint-venture and wholly-owned subsidiaries responsible for specific developments or initiatives. Elphinstone which owns or controls over 1500 acres of developable land across Scotland, trades and invests in commercial and industrial property and mixed-use development as well as managing land and property assets.

Its core business is adding value to prime land and property by obtaining planning consents and creating practical

Wednesday, October 17, 2023

Property Executive Development Awards for Excellence

Property Executive began running their Scottish Awards four years ago mainly due to rumours we had heard from a number of property professionals who were becoming a bit disillusioned by the current offerings they were attending.

Lots of razzle dazzle but not a lot of substance. Also many commented that some dinners ran on far too long, and that all they wanted to do was to network at a sensible hour during the evening ...not at 12.00am!!

To read more and to see the winners and photos from this year's awards go to our Awards page on this website.

30m scheme in North East gets the green light

Full planning permission has been granted for the development of a 30m mixed use business park at Newburn Riverside. Already described as one of the North East's premier commercial locations, Caddick Developments Ltd., in conjunction with CBRE Investors, will now take forward a comprehensive programme of development to provide 52,000 sq ft of office accommodation and over 180,000 sq ft of industrial space in the next phase.

Sanderson Weatherall acted as development advisers for Caddick Developments and will now market the speculative scheme going forward. Robert Patterson, director at Sanderson Weatherall said: "This is fantastic news for the region, ensuring plans for a first class mixed use scheme are brought to life.

"Supplying some of the only available office space west of the city, the office developments will create a gateway to the business park to form what is arguably the most important phase of the scheme. Furthermore, the industrial offering will bring a much needed supply to occupiers looking to establish themselves in this prime location in the A1 corridor. On completion, this 4.8 hectare phase will cement the park's status as one of the leading out of town commercial locations in the North East."

Myles Hartley, director at Caddick Developments added: "We are delighted to have now obtained planning for Newburn Riverside and are poised to drive this forward with works starting on site by the end of the year. Providing a combination of an office and industrial offering finished to the highest standard and with BREEAM (Building Research Establishment Environmental Assessment Method) 'Excellent' ratings, the site will undoubtedly prove attractive to a range of occupiers looking to locate in the region whilst creating hundreds of jobs."

Situated on the north bank of the River Tyne just 4.5 miles west of the city centre, the 92 ha Newburn Riverside site is one of the largest land reclamation schemes in the UK. Following initial phases, the scheme has already seen great success attracting prestigious occupiers such as DEFRA, the Northumberland and Tyne & Wear Strategic Health Authority and the North East Ambulance Service.

Ortak moves into Ocean Terminal in Edinburgh

Ortak, one of the UK's leading designers and manufacturers of gold and silver jewellery, have chosen Ocean Terminal for its second Edinburgh store. Ortak have taken a 10 x 5 FRI lease of unit RU49 at a rent of 70,000 per annum.

Stephen Gunn of SGM Property Consultants, joint leasing agents on Ocean Terminal, commented "We are really pleased that Ortak have chosen Ocean Terminal for their latest opening. They are a great operation with an increasing celebrity following, so they fit in well with other recent signings, like Crew Clothing and Joy."

Nicola Harmon, Head of Retail at Ocean Terminal, added "To secure Ortak at Ocean Terminal is fantastic. We have a number of initiatives underway to dramatically improve the centre, and this is a good start to that."

Ortak were represented by Smith

Topping out at Manchester's Piccadilly Basin

One of Manchester's greenest buildings, the flagship BDP Architects, Engineers and Designers northern headquarters at Piccadilly Basin, is celebrating reaching the topping out stage after work began on the unique 'green' building in late 2006.

Upon its completion at the end of this year, the striking 5 storey, 31,450sq ft office building will be the first naturally ventilated commercial office building in Manchester to have achieved the much coveted 2006 BREEAM Excellent rating for environmental sustainability. Designed by BDP to house their 275 strong Manchester team, the building has already received high commendation for the clever pairing of architectural excellence with commitment to sustainability.

The canal side building, part of Town Centre Securities' 250m regeneration scheme, will feature stunning glazed elevations cantilevered over the Canal Basin, providing inspirational and flexible design studio space. Employees will be able to take full advantage of the magnificent views creating an enviable working location. Key sustainable features include its proximity to city centre transport hubs, reuse of a brown field site and a location that facilitates natural ventilation. In addition, the building will include recycled aggregates in its high thermal mass structure, utilise exposed concrete soffits / automatic night time cooling and harvest rainwater for reuse.

Stephen Redfern, Business Director for BDP reports; "It's very exciting that we are at the topping out stage on our new offices at Piccadilly Basin and can now get a real feel for the building. Key to our decision to relocate to Piccadilly Basin was finding a developer in TCS that shared our own vision of a sustainable future. The challenges in developing a naturally ventilated BREEAM Excellent building are significant and TCS had both the location and forward thinking approach to jointly achieve our sustainable goal. The integrated design of our building reflects BDP's commitment to sustainability and the new design studios will provide a flexible working environment that is responsive to change and will showcase BDP's design vision."

Chairman and Chief Executive of Town Centre Securities, Edward Ziff, continues; "Sustainability has always been a driving force behind our development agenda, so we have been very fortunate in attracting BDP to Piccadilly Basin as they share our commitment to the green agenda. The BDP headquarters is a complex, albeit fascinating building that I'm sure will continue to generate great interest throughout all stages of its development."

Council Leader Sir Richard Leese, who officiated the ceremony, added; "BDPs new headquarters makes both a stunning and sustainable contribution to the future of an historically important quarter in the City Centre. The City Council is delighted to be working with designers and developers bringing this level of quality to Manchester".

Kier North West has been appointed as contractor for the BDP building and Phil Hornsby, Contracts Manager for Kier North West, explains the work undertaken; "Due to its positioning on a very small site next to the canal, the building is a complicated but exciting project. Since starting on site last year we have undertaken a great deal of structural work, with over 100 piles driven into the ground, with each pile carrying up to 2000kn to support the framework. Now that we are at the topping out stage, the attention to quality that has been paid throughout the design has become evident and undoubtedly, the end result will be very impressive."

Piccadilly Basin is fast transforming into a true urban oasis with the newly refurbished canals, picturesque marina, riverside walkways and landscaped areas creating a tranquil community for all occupiers. The BDP building comprises part of approximately 400,000sq ft of office accommodation to be contained in a variety of new and historic buildings at the 12.8 acre City Centre site. The sensitively restored, listed Carvers Warehouse offers over 22,000 sq ft of unique office space over 6 floors and the outstanding Eider House will offer new, efficient floorplates of over 20,000sq ft, with additional design and build development opportunities available within the waterside setting.

Upon completion, Piccadilly Basin will offer a vibrant mix of offices, residential, retail & leisure uses, transforming the site into one of the City's most sought after locations. Leading commercial agents, Lambert Smith Hampton and Cushman & Wakefield are the Manchester office agents on the scheme.

No. 3-8 St. Andrew Square in Edinburgh goes on the market

One of the most prominent development sites in Edinburgh is expected to attract strong interest from potential buyers from across the UK and beyond.

3-8 St Andrew Square has been put up for sale by owners ING Real Estate Investment Management (UK) Ltd, advisors to ING (UK) Property ("ING Value Added Fund").

The site, located in the heart of Edinburgh's business district and one of the city's premier addresses, has detailed planning consent for an iconic mixed use development comprising 91,100 sq ft of office space, 68,500 sq ft of retail, and a small number of exclusive apartments.

The former head office of Scottish Provident compromises most of the southern side of St Andrew Square. It is at the heart of Edinburgh's key business, retail, and leisure district, a stone's throw from Harvey Nichols, John Lewis, House of Fraser, and some of Edinburgh's top hotels.

Plans for the development were given the go-ahead by Edinburgh City Council's planning department earlier this year, and involve combining selectively retained buildings within a striking new build scheme, centred around a high-quality atrium space.

The scheme will provide large floor plate retail units with double height glazed frontages, combined with Grade A office space and high quality apartments with views over the city and Edinburgh Castle.

Award-winning architects, Comprehensive Design Architects and Gareth Hoskins Architects, worked together to design the scheme to meet the exacting requirements of Edinburgh's Conservation Area. It is a tribute to the design of the building that such extensive demolition has been permitted within the Conservation Area to accommodate it.

ING Real Estate has instructed DTZ and Culverwells to market the scheme. Michael Daggett, fund manager at ING (UK) Property, said: "We are delighted that we have been able to work with Edinburgh City Council and Historic Scotland to produce such an exciting design for this landmark site. It is now time for a new owner to pick up the baton and take the scheme forward to fruition, both as the first phase of the re-vitalisation of Edinburgh's retail offer and as the site of a new destination office complex."

DTZ director James Thomson said: "3-8 St Andrew Square will be one of the most significant developments undertaken in Edinburgh in recent times, and as a result we expect significant interest from developers and funds worldwide. It is a unique opportunity in Edinburgh, and one which will attract developers seeking a trophy scheme."

Culverwell senior partner Alex Culverwell said: "The development will meet big name retailer's requirements to occupy large format units, a product which is almost completely absent from the Edinburgh market. We expect very strong occupier interest in the scheme, and see the combination of uses forming a highly attractive investment package."

Friday, October 12, 2023

Brixton Plc busy at Trafford Park

Brixton Plc has completed both a sale and purchase of further properties at Trafford Park, Manchester

At Warren Bruce Road, it has sold a sub-1m 1.5-acre site. Brixton obtained planning permission for 23,700 sq ft (net) of offices in four buildings on the site which is close to the proposed Media City at Salford Quays. The actual sale price - which the unidentified purchaser does not want to disclose - reflects a 28% increase on the valuation of the property in June of this year.

Brixton has also bought 3 warehouse buildings at Europa Way totalling 15,283 sq ft let to Highland Access and Goodyear Dunlop Tyres UK Ltd at a total annual rent of 68,850. The purchase price was 1.04m reflecting an initial yield of 6.3%. The vendor was a private individual.

100% occupancy achieved at Glasgow's Epic House

King Sturge has just concluded three office deals at Epic House, on Cadogan Street in Glasgow on behalf of the Joint Properties:

A First floor suite has been let to software development consultants Continuity2. A three-year lease with a one-year break option has been agreed on the 1,500 sq ft office at an annual rental of 15,000 (10 per sq ft).

Recruitment consultants Genimax has taken a 1,500 sq ft second floor suite at an annual rental of 15,000 (10 per sq ft). The lease term is five years, with a three-year break option.

The final deal has seen existing occupier Brunel International (UK) Ltd double its office space with an additional 1,500 sq ft on the third floor. The new lease will run co-terminus with the existing lease on the fourth floor suite which has a break option in 2009. The annual rental on the additional suite is 17,250 (11.50 per sq ft). Brunel specialises in recruitment for the oil and gas sector.

Commenting on the deals, Paddy Ford from the King Sturge Glasgow office said: "There is a gap in the Glasgow market for office suites of this size and we have experienced a high demand for the space at Epic House. The size of the suites, along with the flexible lease arrangements, makes them popular for growing businesses in Glasgow."

Bob Melville, director of Joint Properties added: "We are delighted to reach full occupancy at Epic House. The demand we have experienced for the suites demonstrates that we are providing the right product to meet market demand."

The entire building extends to 11,596 sq ft over six floors. Other occupiers include EFG Matthews Office Furniture, Fine Type Publishing and James Clark and Partners. Joint Properties was advised by King Sturge (and Alison Lightbody & Waddell on the first and second floor deals). The occupiers were all self-represented.

GVA Grimley scores at Falkirk stadium

GVA Grimley, acting on behalf of The Falkirk Community Stadium Limited, has agreed a ten year lease on a 1421 sq ft modern, self-contained office suite (Suite 2B) with The Wise Agency. The deal is worth approximately 18,300 pa to the landlord.

Commenting on the deal, Simon Capaldi, agency associate at GVA Grimley, said: "We're encouraged by the demand for office space of this size and specification in Falkirk. The contemporary office suites at Falkirk Stadium are ideally suited to companies looking for a base within easy commuting distance of Glasgow and Edinburgh so there was a lot of interest in this property.

"We still have another office suite (Suite 2A - extending to 1518 sq ft) available at the stadium and have received a number of enquiries already, so we're hoping to agree a second tenancy in due course."

Peter Eadie, chief executive of Falkirk Community Stadium Ltd, said, "The addition of The Wise Agency to the organisations that are based at The Falkirk Stadium moves us another step towards full capacity in the West Stand. The professional advice and support from GVA Grimley has been an important element in helping us reach this exciting phase of our development."

Suites 2A+B are located on the second floor of the West Stand of Falkirk Stadium. They provide light, flexible open-plan office space which is fully DDA compliant.

Other occupiers within the West Stand include Falkirk Football Club, Falkirk Council, Amarillo Bistro Bar, Eleven Restaurant and Little Stars Nursery.

The properties include unallocated car parking to the front of the stand.

White Young Green acquires P H McCarthy consulting engineers limited

White Young Green (WYG), consultant to the built, natural and social environment, is pleased to announce the acquisition of P H McCarthy & Partners Limited (PHMP), one of Ireland?s leading engineering consultancies with offices in Dublin and Limerick.

Established over one hundred years ago, PHMP is one of Ireland's leading consulting engineering practices and specialises in large public infrastructure projects in the water and highways sectors and also has a significant private client following in the buildings sector. PHMP has established a strong reputation and following with a large number of Irish public authorities and large private clients such as Castlethorn, SIAC Ferrovial and Roadbridge Sisk.

The 184-strong team will now become part of WYG Ireland with all company directors joining the WYG Ireland Senior Management Team.

Lawrie Haynes, Chief Executive of WYG announced: "It gives me great pleasure to welcome the directors and staff of the P H McCarthy Group to the White Young Green family of companies. The P H McCarthy team will give WYG Ireland a significant boost in accessing the strategically important public infrastructure development market both in Ireland and Internationally. It also balances and complements the existing WYG Ireland engineering business."

Donal O'Connor, Managing Director of P H McCarthy added: "The joining of White Young Green and P H McCarthy will enable us to offer our clients a broader range of professional services, with offices throughout Ireland. New access to international markets will be very beneficial to our company and our staff. We are delighted to be joining this growing and exciting business and look forward to the many opportunities it will bring to our staff and clients."

P H McCarthy has been involved in major projects across Ireland including Galway Main Drainage, Sillogue Water Tower, Scheme; the Dublin Bay Project; the M3 Clonee-Kells Motorway; the N25 Waterford Bypass; Adamstown SDZ in Co Dublin; the new Quality Hotel in Limerick; the new Government Laboratory Campus in Backweston, Co. Kildare and the new FAS Training Facility in Tallaght.

White Young Green Ireland now employs over 670 staff in Ireland across offices in Athlone, Belfast, Cork, Derry, Dublin, Kilkenny, Limerick, Sligo and Waterford and numbers many of the country's leading private and public sector organisations amongst its clients. Key services include civil and structural engineering, mechanical and electrical engineering, environmental services, town planning, quantity surveying and project management.

British Land pulls Meadowhall Shopping Centre sale

British Land has withdrawn the marketing of partial holdings in its Meadowhall Shopping Centre which commenced in May. Despite a range of investor interest, the uncertainty in financial markets has made the prospect of realising an appropriate value unlikely at the present time.

This decision is underpinned by positive trading at Meadowhall, the number of development and asset management opportunities underway and the successful openings of Primark and a range of refitted stores after Sheffield's floods. Footfall at Meadowhall last month was well up on 2006 and for the year to date is outperforming national retail footfall data.

Notable too is the value of Meadowhall's financing structure - with interest cost fixed at 4.98%, and average maturity of 16.5 years, the 838m of securitised financing enhances Meadowhall's prospective returns to British Land.

Stephen Hester, British Land Chief Executive commented; "While we would have liked to find investment partners for Meadowhall, the Centre's prospects together with the success of our extensive disposal programme elsewhere, make the decision to hold a relatively painless one. Since March 2005 we have profitably sold 5.8bn of property taking our gearing down to 41% (LTV) as at June this year - its lowest level since 1995. Our customer focus continues to produce good rental growth across British Land?s portfolio. This complements our defensive strength deriving from prime properties, very high occupancy rates and the greatest income protection in our sector."

Friday, October 05, 2023

Further sale at Southside Park, Glasgow

Spectrum Estates has announced the pre-sale of Unit three within the newly-developed Southside Park.

Suspended ceiling contractor Soundtex has purchased the 5,000 sq ft property for 450,000.

James Barr's industrial team has been appointed joint agents alongside existing agent FG Burnett for the development that sits within Thornliebank Industrial Estate on Glasgow's Southside.

Enjoying excellent access to the city centre and Scotland's motorway network, Southside Park boasts a range of trade counter units and modern warehouse accommodation which are available to let or buy.

Each of the terraced and stand-alone units - which range from 5,000 sq ft to 25,000 sq ft - also benefit from generous yards and ample parking.

Jim Hamilton, Managing Director of Soundtex said: "We are delighted to have completed a deal for Unit 3 at Southside Park. We are looking forward to taking occupation of this new build unit which is ideally placed for access to the city."

John McColl of Spectrum Estates added: "We are pleased to welcome another new company to the estate. Soundtex join existing occupiers at the park, including Howden Joinery, and we are confident that further occupiers will be attracted to this exciting new development.

"There is currently a niche in the market for quality industrial units available to purchase and recognising this, a new 10,000 sq ft unit is available to buy on completion in February 2008.

Cenkos Securities open office in Edinburgh

Cenkos Securities is to open its first office in Scotland following a deal announced by Jones Lang LaSalle.

The independent specialist securities firm, which is listed on the London Stock Exchange's AIM market, has agreed to lease the third floor of a building in Hanover Street.

The company is to occupy the 1,694 square feet space at 66 Hanover Street on a ten-year lease worth c. 34,000 per annum.

Paula Fern, Associate Director at Jones Lang LaSalle, said: "This is Cenkos' first office in Scotland and reflects the confidence in Edinburgh's city centre. The letting was structured off market and highlights the level of demand for good quality office suites in the city centre."

Jones Lang LaSalle represented clients of LaSalle Investment Management while BH2 acted for Cenkos.

Kennedy travel arrives at new Nottingham office

Kennedy Travel (Yorkshire), advised by Savills, has acquired a new store at 26 Wheeler Gate in Nottingham from Specsavers Optical Superstores.

The travel agent has taken the 565 sq ft (52 sq m) ground-floor unit on a new 10-year lease at an annual rent of 47,500.

Specsavers Optical Superstore was represented by heb Chartered Surveyors.

Tuesday, October 02, 2023

Lindsays adds to Glasgow property team

Lindsays has announced the appointment of Gail Pollock and Linda Barr as Partners in their Commercial Property Group, accompanied by Paralegal Carolyn Galbraith. They will be based at Lindsays' Glasgow office and all join from niche Glasgow firm Macdonald Henderson, where they specialised in commercial property work.

This follows hot on the heels of Peter Watson joining on 24 September from Tods Murray. As a result Lindsays' Commercial Property Group - which includes Commercial Property, Construction and Rural / Agricultural Property teams - will have 13 Partners and Directors, supported by a specialist legal staff of 27.

Gail Pollock's wide experience includes acquisitions, sales, leasing and security work, involving a variety of commercial premises from nursing homes, petrol stations to office and industrial units.

Linda Barr has extensive knowledge of the healthcare sector, secured lending, acquisitions and the sale of licensed premises. She also acts for residential and commercial developers, taking transactions from site acquisition through development to eventual sale.

David Reith, Chairman of Lindsays' Management Board comments, "We are delighted to welcome Linda, Gail, Peter and Carolyn. In addition to their technical expertise and great range of experience, they bring a real energy and enthusiasm for driving forward the goals of their clients."

Gail Pollock adds, "Linda, Carolyn and I are very excited about joining Lindsays. Our clients will benefit greatly from easy access to advice in additional specialist fields through Lindsays' impressive array of services."

Ryden secures three Edinburgh lettings

Ryden has just concluded three office lettings in Edinburgh in quick succession.

For landlord, RJ O'Donnel Ltd, the firm secured a letting at 49 York Place with Stag Energy Development Company Ltd. The accommodation, which extends to 2,150 sq ft, has 4 car parking spaces. The rental agreed is 44,000 pa.

Suite F2, 45a George Street has been let to actors' agency 41 Management. Ryden (with NB Real Estate) acted for landlords AXA UK Pension Trust Corp, agreeing a 5-year lease at 9,450 per annum for the 700 sq ft office space.

For Landsdowne Holdings Ltd, Ryden let the ground floor of units two and three at Straiton Business Parc to The Weinberg Group Plc. The ground floor units total 1,971 sq ft. They have been let at 27,600 per annum for a 5-year FRI lease.