Commercial Property News

Jobs will be created at a major extension to Wirral International Business Park, Bromborough. The development will also create an impressive gateway to the business park off the M53 motorway.

Wirral Council and English Partnerships recently advertised for companies to submit proposals to develop the site for new commercial and industrial uses aimed at small to medium size businesses.

The eight hectare (20 acre) extension is to be built on land that has recently been reclaimed by Wirral Council, supported by English Partnerships and the EU Objective One programme. The Long Plantation site was used by the Ministry of Defence as a bulk oil storage depot from the 1950s to the late 1970s. It has lain unused since then.

Eliot Lewis-Ward, English Partnerships' Area Director for Merseyside and Cheshire, said: "Wirral International Business Park is one of the most important locations in the North West for attracting inward investment and providing quality space for existing businesses to grow.

"The Long Plantation site has lain unused for nearly 30 years but now, through the investment of English Partnerships and our partners, it will be used to create hundreds of quality new jobs."

Councillor Steve Foulkes, leader of Wirral Council, said: "This extension to Wirral International Business Park will continue the success of recent years in attracting new businesses and jobs to our local economy. We expect the successful developer to create a high quality scheme that will raise the quality of the whole business park and this key gateway into Wirral."

Wirral International Business Park is identified as a "strategic regional site" in the North West regional spatial strategy. Multi-million pound investment from the Northwest Regional Development Agency, English Partnerships, the EU Objective One programme and the Wirral Waterfront Single Regeneration Budget programme in recent years has helped to make the business park a focus for attracting inward investment and business growth in the North West.

The new buildings will be expected to create an impressive, modern, frontage close to the main A41 Old Hall Road. They will also be expected to form a successful link between modern Riverview Park offices and the more industrial areas of the business park.

Brewin Dolphin, the largest independent investment manager in the UK is moving to larger offices in Inverness. The company is relocating to Lyle House at Fairways Business Park from existing office at Kintail House.

The new office suite extends to 2,200 sq ft and Brewin Dolphin has agreed a 15-year lease, with a 10-year break option with an annual rental of £31,000 (£14.09 per sq ft). Other occupiers at Lyle House include the landlord Ardnacoille Properties and Mapeley.

Commenting on the deal, Neil Allan from King Sturge said: "Brewin Dolphin is doubling office space in Inverness and the new office also offers scope for future expansion".

Brewin Dolphin has six Scottish locations at Aberdeen, Edinburgh, Elgin, Dundee, Dumfries and Glasgow. King Sturge advised Brewin Dolphin, whilst Allied Soutar Jaffrey acted for landlord Ardnacoille Properties.

GE Real Estate has defied uncertainty in the property and financial markets and bought a £2bn portfolio of UK commercial property loans from Bradford & Bingley.

The portfolio comprises performing loans to a group of over 100 borrowers.

GE said it had made the purchase as it has experience in managing portfolios of performing loans and had spotted an opportunity in a period of market uncertainty.

"Through our proactive acquisition strategy, we are confident that we can add significant value to our UK business in these more challenging times," Mike Rowan, managing director of GE Real Estate UK, said.

"The successful execution of this significant acquisition at the right price and on the right terms is a strong endorsement of our ability to complete large and complex transactions where we have identified an opportunity, regardless of market conditions."

The report states that demand for office space in Leeds remains high and, in fact, outstrips supply, with only limited schemes in the pipeline and just a couple of schemes ready to start on site in the city centre within the next year.

There is currently 1.2 million sq ft (111,480 sq m) of supply in the market, equating to a vacancy rate of 8.9%, and only 25% of this is grade A. Looking forward, rents are on the rise, with small suites in the traditional core of the city aspiring to achieve £28 - £30 per sq ft (£301 - £323 per sq m) in the next 12 - 18 months. The report indicates a potential rental growth of 12% on prime grade A space and 16.5% on grade B refurbishments in this period.

Paul Fairhurst, director at Savills' Leeds office, comments: "There have been significant changes in the Leeds office market over the past few years. With around 420,000 employees, there is a strong business base, which has been forced to move away from the traditional central core, towards the south and west of the city due to lack of available space in the core bordered by The Headrow and Wellington Street.

"There is a continuing significant move away from manufacturing in the city with growth focussed in the financial and professional services sector. Manufacturing employment in Leeds is likely to see a 15% decline against a 10% reduction in the UK. This will undoubtedly have a positive impact on the demand for office space in the long term."

Edinburgh office rents are gaining ground on other European cities, according to Jones Lang LaSalle's latest European Office Property Clock.

The research reveals the Scottish Capital's Edinburgh office rental growth is accelerating in the up-phase of its rental cycle as the supply of Grade A space decreases.

The Jones Lang LaSalle Property Clock has ranked Edinburgh 11th out of 31 European cities with a two per cent rise in prime office rents in the third quarter compared to the corresponding period last year.

Grade A office rents are now pegged at £28.50 per square foot with further growth predicted on the back of strong demand, rising construction costs and a decreasing availability of prime space.

Cameron Stott, director of Jones Lang LaSalle Edinburgh, said: "This latest market analysis from Jones Lang LaSalle is further evidence of an improving office market in Edinburgh and should provide a wake-up call for those occupiers still considering re-locating in the city.

"The likes of Waverley Gate and Exchange Crescent are ideally placed to take advantage of the changing market conditions, as will the handful of central Edinburgh developments in the pipeline. There is no new space due to be completed in central Edinburgh in 2008 apart from AMA's Fusion in Logie Green Road. Kenmore Property Group?s Westport 102, another important development, will be completed in 2009. We anticipate additional growth as the pipeline supply reacts slowly to the undersupply which has materialised."

The Group's subsidiary HOCHTIEF Facility Management UK Ltd. will perform the technical and infrastructural building management at 47 schools in the Northwest of England for a period of approximately 25 years. The clients are four project companies of investment fund Land Securities Trillium (LST). The contract represents a volume of more than GBP 200 million (EUR 300 million) over its entire term.

With this project, the Essen-based Group further expands its market presence in the UK and Ireland: In these countries, HOCHTIEF Facility Management and its now more than 800-strong workforce are currently operating, among others, the Wright Robinson College in Manchester, the National Biomanufacturing Centre in Liverpool and recently also started operating two sites for Dell UK in Glasgow and Bracknell. HOCHTIEF PPP Solutions, also a member of the HOCHTIEF Group, even has become one of today's top 5 players in the UK and Irish PPP education sector, where it is operating 22 schools for more than 20,000 pupils.

European law firm SJ Berwin LLP's Planning and Environment team has assisted PD Ports in securing Outline Planning Permission for the £300m Northern Gateway Container Terminal at Teesport from Redcar & Cleveland Borough Council. The deep sea terminal could create up to 5,000 jobs for the Tees Valley and has the potential to create significant new opportunities for inward investment and growth of existing businesses. The planning application was submitted in April of last year.

SJ Berwin has been advising on the planning application for the landside operations, which comprise a 55 hectare container handling area behind a 1,000 m quay face with an inter-modal rail terminal, cargo handling equipment, lorry parking, offices and gatehouses. SJ Berwin also advised on the Environmental Impact Assessment. London based law firm Rees and Freres has been advising on the relevant parliamentary orders. These include a Harbour Revision Order, which will allow the creation of new berths and the dredging of the river channel to accommodate the increased ship sizes and container vessel flow coming directly into Teesport from the Far East, as well as an order under the Transport and Works Act 1992. The orders are with the Department for Transport awaiting determination.

PD Ports plans to have the first phase of the Northern Gateway Container Terminal operational by 2010.

SJ Berwin planning partner Duncan Field commented, "This is an exciting and extremely significant project for the North East. We are delighted to be involved and now that planning permission has been granted, we look forward to advising our client through the next stage of delivering the Northern Gateway."

Duncan is leading the team at SJ Berwin which also includes Senior Associate, Daniel Farrand.

Jones Lang LaSalle has been appointed by Castlemore to manage Edinburgh's Waverley Gate.

The £100 million redevelopment of the former GPO building in Princes Street, which features 217,000 square feet of modern office space, has been specifically designed to be energy efficient and environmentally-friendly.

The appointment marks a major coup for Jones Lang LaSalle Scotland, which recently boosted its property management team with the addition of David Pestell and Ruth Aedy.

David Rodger, Management Department Head in Scotland, said: "This appointment is great news for our Property Management business in Scotland and reflects the considerable investment Jones Lang LaSalle has made in growing our client base. Waverley Gate is a landmark in the Scottish Capital and we are pleased to be associated with a building boasting impressive environmental credentials. There is also growing interest in Waverley Gate from potential occupiers."

Nigel Crump, spokesman for Castlemore, said: "We were impressed by Jones Lang LaSalle's track records, ability and experience in property management. With the Edinburgh commercial property market showing signs of a significant turnaround, the months ahead will be important for the building."

Jones Lang LaSalle employs over 95 staff in its Edinburgh and Glasgow offices across its Capital Markets; Office Agency; Retail; Industrial; Project and Development Service; Property Management; Planning and Development; Planning Consultancy and Professional teams.

Glasgow City Council has approved an outline planning application which will see Buchanan Galleries double in size, becoming one of the largest shopping centres in the UK.

The expansion will include new retail space, a stunning new atrium entrance onto Buchanan Street, and new bar and restaurant facilities. The works will focus on an extension to the north and east of the current Buchanan Galleries, developing on the Centre?s current car park and extending the shopping mall over the railway lines of Queen Street station.

The completed centre, which is planned to open in 2011, will extend to 1.3 million sq ft.

Buchanan Partnership (a joint venture between Land Securities and Henderson Global Investors) has been granted outline planning consent from Glasgow City Council to extend the existing shopping centre by 700,000 sq ft; construct a new multi-storey car park on top of Buchanan Bus Station; improve Buchanan Bus Station to create a transport hub for the city; create a new eating and drinking destination; and develop a new atrium entrance to Buchanan Galleries and the Royal Concert Hall.

The plans also include construction of a new pedestrian bridge connecting the enhanced Buchanan Galleries to the new car park; development of new retail activity on Buchanan Street, Cathedral Street and Killermont Street transforming the north side of the city.

The planning consent is subject to approval by the Scottish Executive and this is expected in the coming months. Work is scheduled to begin in late 2008 with completion scheduled for 2011.

Work is already underway to reconfigure the former 'Open' unit on Buchanan Street. following the grant of detailed planning consent from Glasgow City Council earlier this year. Two large retail units, at 174 and 176 Buchanan Street, will be created with double height glass shop fronts, enhancing the retail activity to the north of Buchanan Street. Public realm improvements to Buchanan Street will enable easy access to the units and the main entrance to Buchanan Galleries. Two further units will be created within the Centre as part of the works.

Culverwell, CBRE and DTZ are letting agents and BDP is the architect.

Savills has expanded its office portfolio in Leeds with a recent appointment from Oberto Ltd to manage Church Court in Morley, Leeds.

The fully-let purpose built office buildings, developed in mid-2000, incorporate six units and tenants include Sodexho, Schindler and Anchor Trust.

Lee Pickles, director at Savills, comments: "We are delighted to have been appointed to manage Church Court. Combining a prime location with highly specified office space, it has attracted some excellent tenants and we look forward to working very closely with Oberto to help them achieve their objectives.

"This appointment is very much in line with our team's strategy to expand our management portfolio and work with a broad range of clients on diverse projects."

Northern Bear Plc has acquired Leeds-based roofing contractor Jennings Properties Ltd and its subsidiary Jennings Roofing Ltd for £5.1m.

The integrated building materials and services supplier said of the total, £3.32m will be satisfied in cash, and up to a further £0.6m in cash, while the balance £1.27m will be settled via the issue of about £1.03m Northern Bear's new shares.

Following the share issue, the company's issued share capital will comprise £16.95m shares. For the year to end-April, Jennings achieved a combined pretax profit of £0.68m and an aggregate turnover of £7.1m.

Thomas and Adamson, a leading firm of construction and property consultants, is pleased to announce the promotion of Michael Beverley to Partner.

Having joined T&A;'s Glasgow office in 1998, Michael has played a strategic role in developing the building surveying department within the Practice. Working across all sectors on behalf of public and private clients, recent projects include: a major residential development at Glasgow Cross; refurbishment and extension of the Albert Hotel, Orkney; survey of Roxburghe Hotel, Edinburgh; head office fit outs; and leading teams in survey exercises throughout the UK. Michael has also undertaken inspections in the Ukraine in conjunction with the Thomas and Adamson office in Kiev.

Thomas and Adamson provides multi-disciplinary services, with offices throughout the UK and in Kiev. Commenting, Martin Reid, Senior Partner of T&A; said, "Michael's promotion is recognition of his significant contribution to the practice. His experience and knowledge of the industry puts T&A; in an excellent position to continue to grow this area of the business."

Glasgow-based distribution and logistics company Baird Lends A Hand Limited and Recap NLanarkshire, a charitable organisation which collects and redistribute second hand furniture and white goods, are poised to move to newly refurbished industrial premises in Clydebank Industrial Estate and Wardpark, Cumbernauld. The move follow the successful negotiations by Colliers CRE and respective landlords for the units, Rockspring HPUT and Denwolf Property.

Baird Lends A Hand has entered into a five year FRI lease for 10,160 sq ft at £31,000 per annum for Block 14, Unit 1 at Clydebank Industrial Estate, while Recap NLanarkshire takes on 10,968 sq ft at 51 Napier Road, Wardpark, Cumbernauld, on an annual rent of £39,500 for the same lease duration.

Colin McManus, associate director with Colliers CRE, said: "These latest transactions are a testimony to the demand for newly refurbished industrial units. There is strong market for 10,000 sq ft properties around West Central Scotland, with occupiers particularly attracted to well presented units."

Leading global property consultancy, Knight Frank predicts that Glasgow's successful bid to host the Commonwealth Games in Glasgow 2014 will help transform Glasgow's property market by bringing economic and social benefits to much-needed areas.

Sinclair Browne, Partner at Knight Frank Scotland, said: "The Commonwealth Games will provide an exceptional boost for the city and will act as a major catalyst for the regeneration of Glasgow's East End. The Clyde Gateway Initiative is currently the focus for the regeneration of parts of Shawfield and Dalmarnock and the Games will be a significant lift to this project.

"Parallels with Manchester and its successful experiences can be drawn. Not only were the Games a great marketing success for the city but they were also one of the major drivers for the regeneration of East Manchester.

"The development of the new National Indoor Sports Area and Velodrome near Bridgeton are a cornerstone of the Games proposal, together with the rumoured move of a new home for Sportscotland at the NISA.

"Infrastructure and accessibility will be considerably improved to this part of the city and the City Council are already looking at significant projects such as the extension of the Underground into the east end."

Stuart Black, Head of Residential Sales and Marketing at Knight Frank Scotland, claims the impact on housing will be considerable. He said: "The Games Village will provide much needed new housing for the east end as it will be turned into residential accommodation after the event. Already the east end is starting to shake off its traditional hard-up image prompted by the city fathers implementing a range of local development strategies as a framework to guide this period of regeneration. An improved transport network and the establishment of an infrastructure fit for a burgeoning economy, through to the creation of new communities and revival of existing ones, means the east end is looking to be the face of Glasgow's future.

"The Games will reinforce Glasgow as a destination city and a spin off from that is the creation of demand from people wanting to buy homes in Glasgow, relocate here and stay here for life. The Games will also have an impact on house values in city locations and with the development of new sporting facilities and infrastructure in the east end, we will see more demand not just for flatted developments, but family-sized housing."

Airedale Park, the pioneering £12 million industrial development in Keighley's commercial heartland, is now full.

The last remaining unit, comprising 10,000 sq ft, was sold for £420,000 to Yorkshire Asset Management Ltd this month.

This comes hard on the heels of the news that a 93,000 sq ft refurbished factory building has been bought by expanding food packaging company, PFF Ltd.

Ilkley-based Opus Land, the developers of Airedale Park, have successfully sold or let nearly 300,000 sq ft of refurbished industrial/ warehouse accommodation.

Opus Land bought 17 acres of quality development land from Magnet on the furniture maker's site in Royd Ings Avenue and has transformed it to provide six refurbished industrial warehouse units.

Recent deals at Airedale Park include the sale of Unit 4 to Unity Tyres, Unit 5 to Real Engineering and Unit 1C to furniture firm FFC. It is estimated that over 200 jobs have been created on the park.

Andrew Duncan, director of Opus Land, commented: "This has proved to be an exciting and successful development for Keighley and has provided a tremendous boost to the town's economy. It is great to see a proud and historic West Yorkshire town like Keighley undergoing an economic renaissance and we are delighted to be part of this".

Andy Bairstow, the managing director of PFF, whose clients include Morrisons, ASDA and Marks and Spencer, is delighted with his company's new home, commenting: "The unit on Airedale Business Park has allowed us the opportunity to purchase our own building and provide us with ample space for our ambitious plans".

Mike Atkinson, of Leeds based commercial property agents Brackenridge Hanson Tate, said: "The success of Airedale Park provides further evidence that the freehold industrial market in the Aire Valley is buoyant should the right product be presented".

Lee Billborough of agents Hayfield Robinson who acted for PFF added: "We have been looking for suitable premises for some time and Airedale Park offered the size and quality of accommodation my clients were seeking".

Opus Land was launched in 1999 by Andrew Duncan and Richard Smith and has already established an impressive track record as an investment and development property company. With backing from Palmer Capital Partners, Opus Land concentrates on development opportunities throughout the United Kingdom from its offices in Ilkley in West Yorkshire, London and the West Midlands.

Development and investment projects undertaken include 21 Somerfield "essential " supermarkets throughout the region, Opus Park Stockton and developments in Sunderland, York, Scunthorpe, Newcastle , Chester and Goole. The company's current portfolio is worth in excess of £550 million.

The five sites are spread across the south of England at: Mollys Millars Lane in Wokingham; Smeaton Close in Aylesbury; Knights Road in Strood; Olympic Park in Gloucester and a site in Poole, purchased for a total of £6.5m. There are a further two sites in the pipeline.

Each Space Business Centre will consist of between 30 and 50 small industrial units, ranging from 300 to 800 sq ft (28 to 74 sq m) on one to two acre sites. Each unit will be available on flexible monthly licence.

Alex Gale, development director of Space Property, comments: "The purpose of Space Business Centres is to cater for the many small businesses looking to make the next move from their base at home or provide flexible space for budding entrepreneur's first business venture. The units can also be used for standard storage purposes and is ideal for companies that have overflow requirements for a short period of time.

"We believe that we are one of the few people providing a flexible workspace environment aimed solely at the industrial sector. The office sector has proved the success of the serviced building concept and we are extending the philosophy to a different part of the market."

Space Property aims to open 40 SBCs in the next five years. The first five will be completed and open by summer 2008.

The development programme is being funded by the Space Business Centres Investment Partnership which was set up by Jones Lang LaSalle Corporate Finance raising £10 million from private investors. The limited partnership allows investors to benefit from a diversified rental income.

DM Hall, with their recently appointed joint agents, Jones Lang LaSalle, have successfully completed the first two lettings at McCafferty House, Firhill, Glasgow. Archers Sleepcentre Limited and The Gentoo Group have taken ground floor suites, each extending to approximately 900 sq.ft at an initial rental of £12 per sq.ft. Archers Sleepcentre were looking for an administrative base to serve their extensive Scottish retail presence whilst The Gentoo Group chose McCafferty House as their first office in Scotland.

The development was recently completed by Queens Cross Workspace Limited, and offers a variety of high specification suites within a contemporary office building. The specification includes full raised access floors, modern open plan suites, double glazing and a generous carparking provision. Despite the quality of the accommodation and the excellent transport links, the accommodation is available at a significantly lower cost than comparable City Centre office space.

Eric Thomson of DM Hall said "The two recent lettings demonstrate the attractiveness of the accommodation both in terms of the quality of space offered and the location of the development which is close to the M8 motorway, and a short distance from Glasgow City Centre and the West End. It speaks volumes that the first tenants who have taken occupation are both national companies who have decided to use McCafferty House as their Scottish base"

Jacqui Morton of Jones Lang LaSalle said 'We are really pleased with these lettings. Archers and Gentoo have obviously identified the good value at McCafferty House and we hope that other occupiers will see these benefits as well as the stunning views from the upper floors when they come to see the space.'

According to research from property consultancy, Knight Frank, Aberdeen has topped all other UK cities, including Central London, Birmingham and Manchester, with the highest rate of increase in prime office rents in the last six months.

Knight Frank's recently published ROMP research (Regional Office Market Presentation), its online interactive tool which provides detailed market comparisons of all the key regional UK cities from 2002 onwards, highlights the strong performance of the Aberdeen office market as prime rents in the city have outperformed other markets with an increase of 12% to £24.00 per sq ft compared with £21.50 per sq ft in Q1 07.

Aberdeen has knocked the traditionally expensive boroughs of the West End and the City in Central London off the top spot as prime office rates in London have witnessed an increase of 10 per cent for both areas, compared with Aberdeen's increase of 12 per cent.

Since Q1 Glasgow has remained consistently stable at a rate of £27.50 per sq ft due to the significant growth achieved during the first quarter of this year. During the first quarter prime rents in the city rose by six per cent to £27.50 per sq ft (Q4 06: £26.00 per sq ft) beating all other regional cities, where rents remained flat, bar Birmingham.

The research also highlights Edinburgh as a city which has experienced further growth as prime rents have also risen by four per cent to £28.50 from £27.50 in Q1.

Katherine Monro, Partner, Knight Frank in Aberdeen commented: "The Aberdeen market has performed exceptionally well this year and a lack of high quality Grade A stock has continued to drive rents in the city. We have witnessed a steady rise in office rates throughout 2007 and as demand continues to outstrip supply this trend looks set to continue in the near future."

Drew Oswald, Managing Partner, Knight Frank said: "Despite well documented shifts in capital markets, the occupational market in Scotland has enjoyed another strong quarter and with Aberdeen clearly outperforming other UK cities it highlights a robust leasing market, secure rental levels and rising demand, which has facilitated rental growth for all regional markets across Scotland."

Commenting on the study of key UK office markets, Claire Higgins, head of commercial research, Knight Frank said: "The UK's office sector has been the least affected by the investment slowdown of the main property types, and this is in part due to the healthy rental growth still being experienced around the country this year. Five of the top 11 regional markets have already seen prime office rents increase this year, and by the close of 2007 all 11 are forecast to have higher rents than they did a year ago."

National regeneration agency English Partnerships has chosen a developer that will help to transform the West End area of Morecambe and set the standard for high quality regeneration in the Lancashire coastal town.

Places for People, one of the country's largest property management and development companies, has been selected as preferred developer for a £15m development of more than 100 homes.

The energy efficient and well-designed seaside homes will attract new residents to live in Morecambe's West End, an area where there are currently many Victorian former guest houses converted into flats.

The new development - called Chatsworth Gardens - will consist of a wide range of housing sizes and styles set around two central garden squares. The homes will be offered for market sale or shared ownership.

Paul Spooner, Regional Director for English Partnerships, said: "This scheme will help to reinvigorate the West End of Morecambe as an attractive and desirable place to live by the seaside. It will provide cutting edge new homes and help to rebalance the housing market in this area by reducing the numbers of bed-sits. This will help support the town's wider regeneration."

The Chatsworth Gardens scheme is an important element of the masterplan for the regeneration of Morecambe's West End, which was funded by English Partnerships. Local people were able to view proposals from a number of developers earlier this year, and their comments have helped inform the decision to select Places for People.

Aberdeen City Council has approved full planning consent for Halladale Muir's impressive new 70-acre Aberdeen Gateway business park, to the South of Aberdeen, which will provide over 45 acres of new business space.

Knight Frank's Planning and Development team submitted the planning application for the approval of reserved matters on behalf of Stockland Halladale Muir, a joint venture between J W Muir Group and Stockland Halladale, and will also market the new 70 acre business park. The planning application included details of all infrastructure needed to support the development and full plans for an impressive HQ building.

Work can now begin on the new high quality business park, which is located at Moss-side Cove, just off the A90, in close proximity to the southern junction of the proposed Western Peripheral Route (WPR). Planning consent has been granted for the new infrastructure and permission has also been given for a high quality office HQ, totalling 153,000 sq ft with restaurant, gym and 600 car parking spaces.

Plans for the business park also propose a range of flexible space, including up to 250,000 sq ft of Grade A offices. Businesses who wish to take up this space will have the opportunity to play an active role in the design of their premises at Aberdeen Gateway with choice and flexibility of space to construct bespoke offices, industrial units or, acquire premises built from a range of standard units. Knight Frank has already received a number of heads of terms from businesses who are interested in sites. These sites will be subject to individual planning consents.

Construction work will begin this year, with the first phase of the development consisting of bespoke industrial units.

David Innes, Partner at Knight Frank was responsible for submitting the planning application for Aberdeen Gateway. He said: "Today has been a fantastic result for Aberdeen. Aberdeen Gateway will release much needed class 4, 5 and 6 business use space for the city. With a lack of speculative office developments in Aberdeen this will help to satisfy demand and allow occupiers the flexibility to create the right space for their business."

Dawn Construction has completed the Scottish Headquarters for internationally renowned luxury tile, bathroom and kitchen manufacturer Porcelanosa following a 50 week project at the Braehead site.

Dawn - one of Scotland's leading independent construction companies completed the 80,000 sq ft design and build project to create an enviable distribution centre including a warehouse, offices, a display area and all associated external work.

The £8.4 million project also featured some unusual aspects for the construction team including the first installation in Scotland of Porcelanosa's innovative ceramic tile rainscreen system to the showroom and office block.

The completion of the Scottish headquarters follows Porcelanosa's decision to invest further in the Scottish market and to create a striking setting for the internationally applauded products that A-list stars including John Travolta, Claudia Schiffer, Sophia Loren and Sergio Garcia that Porcelanosa lists amongst its customer base.

Ray Eve, Managing Director of Dawn Construction commented: "We have over 35 years experience offering our clients a complete top end design and build package and I am very pleased with the success of the Porcelanosa project at Braehead.

"Dawn Construction met with the stringent criteria stipulated by the client to provide a fantastic building for the distinguished bathroom, kitchen and tile company. The concept of the centre is very exciting and will certainly help to increase the company?s presence in Scotland."

Des Martin, Managing Director of Porcelanosa, Scotland commented: "It has been an exciting time for everyone involved with Porcelanosa as the project has come together. More than 50 staff are now enjoying the state of the art offices and working environment. And our valued customers are now benefiting from a superb central distribution facility. The new showroom, which itself offers some 15,000 sq ft of display space, is a wonderful opportunity to showcase our full of range of tiles, kitchens and bathroom products."

On behalf of Yule Catto & Co plc, the Leeds Office Industrial team has sold two prominent development sites totalling 5.9 acres fronting the A61 Leeds Road in Huddersfield.

Instructed as joint sale agents with Knight Frank, the sale process included the acquisition of long leasehold interests from Kirklees Metropolitan District Council and the renegotiation of restrictive covenants in favour of The Church Commissioners on a listed former church which forms part of the site.

The site was formerly a chemical production facility for subsidiary company, James Robinson Limited, who had been manufacturing specialty dyes on the site since 1840. The freehold interest in the site has been acquired by Leeds-based developer, GMI, for £2.7 million.

The site is allocated in the Kirklees Development Plan for employment purposes and will be developed for a range of office, roadside and leisure uses. GMI has retained King Sturge as joint letting agents.

Property fund manager Highcross is targeting further expansion of its Scottish property portfolio, with the opening of a new regional office in Glasgow.

The move follows a series of recent major acquisitions in Scotland and the north-east, including the £23m Pentagon Centre in Glasgow.

Based in Glasgow, the office will be headed by Mark Evans, who has led Highcross' acquisition activity in Scotland for the past three years. He is joined by asset manager, Shirley Henderson, and property administrator, Clare Neilson.

Mark Evans comments: "We are keen to actively develop our property portfolio of office and industrial schemes in Scotland and the north-east. The creation of a locally-based team will enable us to work more effectively with agents on identifying new acquisitions as well as providing an enhanced service to our occupiers."

This is the third regional office to be opened by Highcross and follows the success of its northern office, based in Manchester, which opened in March 2006 and the launch of a Midlands office in Birmingham earlier this year.

Managing director Peter Gubb adds: "Our strategy of opening regional offices in key markets is proving very successful in supporting our active UK-wide investment programme. The launch of this latest office highlights the significant investment potential we believe the regional market offers, both for existing industrial and office schemes and sites for new development."

Highcross' property portfolio in Scotland currently includes industrial schemes at Cumbernauld and office developments in Edinburgh, Greenock and Glasgow.

Acting on behalf of Catalyst Capital LLP, joint agents GVA Grimley and Jones Lang LaSalle have welcomed Fortis Bank as the first new office tenant to Ship Canal House, one of the most well known buildings in central Manchester.

Having outgrown its former premises at The Observatory on Chapel Walks, the international banking and insurance services provider has signed a ten-year lease on 4,185 sq ft of space on the building?s newly refurbished 8th floor. This equates to a rent of £28.00 per sq ft.

Chris Cheap, partner at GVA Grimley, said: "A letting to an occupier of the stature of Fortis Bank is testament to the quality of refurbishment Catalyst Capital LLP is undertaking at Ship Canal House. The building provides the best address in Manchester city centre and now has the quality of office space to match."

Centrally located on King Street in the heart of Manchester's CBD, Ship Canal House is one of Manchester's most renowned office buildings. The property was originally built in 1924 as the home to the Manchester Ship Canal Company and was purchased by Catalyst Capital LLP in 2005 for £19.3 million. Comprising 70,000 sq ft of office space, over ten floors; the building is currently undergoing a high quality refurbishment.

Richard Stokes, associate director with Jones Lang LaSalle, added: "Securing a blue chip multi-national company as the first tenant is a fantastic boost for Ship Canal House, and will provide confidence to future occupiers."