Commercial Property News

James Barr has successfully negotiated the acquisition of a leasehold interest at 44 Fullarton Drive, Cambuslang Investment Park, on behalf of precision engineering company RDT.

The 38,347 sq ft modern warehouse was acquired from Lewmar Limited which was advised by Colliers CRE. RDT's existing premises in East Kilbride will now be brought to the market on a 'For Sale' basis by James Barr in due course.

Eddie Young, Managing Director of RDT, commented: "We are currently experiencing significant growth and are delighted to have secured this high quality premises in a prime area of Glasgow. We have several new contracts underway and are pleased to be able to move our business forward at Cambuslang."

Commenting on the transaction, Yan Stewart of James Barr said: "RDT asked us to source a modern building within the Glasgow area which would allow them to virtually double their occupation in the Central Belt. Having identified various options, 44 Fullarton Drive was ideal for our client's occupational needs."

Iain Davidson of Colliers CRE added: "We are delighted to have agreed a deal which releases our clients from a significant rental liability on a building that had become surplus to their operational requirements. We hope that such a significant deal so early in the New Year bodes well for the industrial market in 2008."

Microsoft has been confirmed as the first tenant in Edinburgh's Waverley Gate. The global software company has signed a 15 year deal to lease a total of 12,100 square feet over the top and fourth floors of the landmark building.

The deal reflects a rent of £31 per square foot for the top floor (3,500 square feet) and £29.50 per square foot for the fourth floor (8,600 square feet).

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.

Waverley Gate is located directly adjacent to Waverley Station on many major bus routes and within a few minutes walk of St Andrew Square bus station.

Nigel Crump, spokesman for Castlemore, said: "Microsoft is an iconic global brand and this deal not only reflects the company's confidence in Waverley Gate, but also Edinburgh and Scotland and delivers a cutting edge occupier to a cutting edge building.

"Waverley Gate offers some of the finest Grade A office accommodation in the UK today and is situated in a location that has recently attracted, as well as Microsoft, a number of other significant organisations such as Citigroup, Baillie Gifford and Edinburgh Fund Managers, who have joined other established Edinburgh Institutions in recognising the east end of Edinburgh, with its premier public transport, car parking, shopping and hotel and restaurant facilities, as a first-choice business location.

He added: "Castlemore has a long and very successful history of developing prime Grade A office buildings in city centre locations. Waverley Gate is an energy efficient and environmentally-friendly building, offering substantial savings in running costs over comparable product."

Ben Reed, director with Jones Lang LaSalle Edinburgh, which acted for Microsoft, said: "Microsoft was impressed with the extremely high specification of the building from the outset. Occupying part of the top two floors, their partners, customers and staff will benefit from the building being highly accessible, located directly adjacent to Waverley Station. Once inside, they shall also have access to the splendid roof top gardens which are a unique feature of the upper floors. We are seeing a significant reduction in the supply of Grade A space in Edinburgh's city centre and this will no doubt assist in attracting other blue-chip organisations to the building."

Raymond O?Hare, director of Microsoft in Scotland, said: "This is an important move for Microsoft in Scotland. Waverley Gate provides exactly the type of high quality office environment that our customers, business partners and our people deserve. This superb facility will provide a great base from which we can continue to grow our Scottish business, and showcase the many ways in which Microsoft can positively impact the Scottish economy and community."

Waverley Gate generates up to 30 per cent lower carbon emissions, up to 50 per cent more fresh air and consumes up to 30 per cent less energy with its active chilled beam system.

Investor and commercial confidence in Sheffield is at an all time high, with investors and occupiers seeing particular potential in the city's regeneration hotspots.

One location in particular is Parkway Drive, strategically located off Sheffield Parkway and previously the home of the original wholesale market which has now been relocated.

The initial seeds of regeneration were sown with the development of The Quadrant Office Village, a Government-funded scheme created to attract private development to the area.

Subsequent developments have included Parkway 1 by Finnegans, where occupiers such as Costco, W H Smith and The Environment Agency are now represented.

The most recent addition to Parkway Drive is Acres Hill Business Park by leading Yorkshire developers AQH Micklegate Developments Ltd, which comprises four, two-storey, pavilion-style offices totalling some 15,854 sq.ft of grade A office space, designed to attract heavyweight companies.

Visitors to the new site immediately notice the quality of the offices, commenting on the pleasantly traditional design and look of the units, and the high quality of the internal finishes which include the Spanish-tiled reception, hardwood doors, brushed stainless steal staircase and contemporary entrance features.

Rob Darrington of Lambert Smith Hampton's Sheffield Office Space team said: "The arrival of the Quadrant Business Centre and other key companies was the catalyst needed to regenerate and further develop Parkway Drive. The area has since become a real magnet for investment and relocation and a great deal of interest has been shown in Acres Hill. It is already at 25 per cent occupancy and we have received many new enquiries for the remaining space.

"The appearance of developments like Acres Hill speaks volumes about the evolving business focus and reputation of Sheffield,"

Three of the four units at Acres Hill Business Park were built based on the evidence of growing interest from companies keen to be located and associated with existing winning businesses within close proximity to both the city centre and the M1 and motorway network.

The first of the four office units was pre-sold to a leading mechanical and engineering consultancy, Services Design Associates (SDA), which relocated to the site in December 2007.

Bob Manning of SDA said: "Since moving to Acres Hill Business Park the quality of the environment has allowed our profile to grow, win some major new business and retain and attract an excellent workforce."

Rupert Wyard of AQH Micklegate Developments Ltd added: "We are close to securing a number of additional lettings and are looking forward to fitting another piece of Sheffield's regeneration jigsaw into place."

Jones Lang LaSalle underlined its credentials as one of Scotland's leading property consultants with the purchase of Creevy LLH.

The deal with the Glasgow-based company, the largest independent firm of chartered surveyors specializing exclusively in the licensed, leisure and hotels sector in Scotland, marks a major step forward for Jones Lang LaSalle and particularly the firm?s specialist hotel business Jones Lang LaSalle Hotels, which recently celebrated twenty years as the European market leader in hotel advisory.

Creevy LLH, which posted fee income last year in excess of £750,000, provides a range of services including sales, lettings, acquisitions, valuation and professional advice.

The company's high-profile clients include Scottish & Newcastle, Mitchells & Butlers, Deloitte, Pricewaterhousecoopers and Kilmartin Property Group.

Under the deal, the two shareholders in Creevy LLH, Alan Creevy and Peter Darroch, will join Jones Lang LaSalle as directors.

The five-strong team at Creevy LLH will be based predominantly at Jones Lang LaSalle's offices in Glasgow, led by director Neil Cockburn.

Alan Robertson, managing director of Jones Lang LaSalle Scotland, said "An increasing number of large mixed-use developments in Scotland now feature hotel, leisure and licensed trade uses as well as offices and retail. With a specialist team now based here in Scotland, this deal will enable us to offer a more comprehensive service to our clients than ever before.

Jon Hubbard, managing director of Jones Lang LaSalle Hotels for Northern Europe, said "While Jones Lang LaSalle Hotels has been a leader across the UK hotel market for many years, the acquisition of Creevy will continue the growth of our UK Hotels team across our regional offices and will strengthen our coverage of the market in Scotland and the north of England."

Alan Creevy, the joint founder of Creevy LLH, said: "We are delighted to join Jones Lang LaSalle, which we think offers an unparalleled service in the property sector in Scotland. Jones Lang LaSalle's expertise and knowledge, combined with our specialist talents in the licensed, leisure and hotel sector, will form a powerful partnership. It is also clear that Jones Lang LaSalle's ethos closely follows our own philosophy of placing clients' needs first and ensuring we deliver on time to the highest standards every time."

Maclay, Murray and Spens LLP represented Jones Lang LaSalle. Kerr Stirling LLP represented Creevy LLH.

Highcross has acquired Building A, Cloth Hall Court, a prime office development in the centre of Leeds, from Princeton Investments Ltd. The 64,000 sq ft office building was acquired in a £18.75 million off-market deal.

Highcross is now planning a £10 million extension and redevelopment programme. The work will include the addition of two completely new upper floors, a rear extension at all levels and re-aligned reception area on the ground floor. When complete, the property will offer 90,000 sq ft of Grade A specification office space.

The property, which is currently vacant, is in the heart of the city's legal and financial district, adjacent to Leeds City Square. Located within two minutes walk of the main railway station, it has frontages to both Quebec and King Street, which form part of the city's Transport Loop road system. Cloth Hall Court is also within five minutes walk of the main retail area.

Andrew Osborne of Highcross comments: "The property's excellent location and existing planning consent for expansion, offered an exciting opportunity to significantly enhance its asset value and rental prospects. Once complete, the high quality refurbishment will make it a very attractive solution for companies seeking prime office space in the heart of the city centre."

Guy Cooke of Knight Frank, which advised Highcross on the deal, commented: "The redevelopment of Building A will create fantastic office accommodation in almost an unrivalled commercial location. The new additions and specification proposed by Highcross is exactly what the Leeds market requires and its delivery in early 2009 will coincide with a lack of grade A stock, especially in the prime office core"

Princeton Investments Ltd were advised by GSD in the transaction.

Jomast Developments has now submitted ambitious, multimillion pound plans to transform and redevelop a 3.3 hectare, waterfront site at Hartlepool Marina.

The proposed scheme, which includes a luxury four star hotel, restaurants, retail outlets, offices, business units, and waterside apartments, is set to significantly improve and regenerate redundant land at the entrance of the marina at Jackson Dock, and create hundreds of jobs both during and after the construction process.

This will effectively link the marina with the town centre and is being seen by many as the final piece of the jigsaw for Hartlepool Marina. It will compliment and build upon the significant regeneration that has already taken place over recent years, including Hartlepool Bay, Jomast's existing residential scheme of luxury apartments.

Jomast Developments Director, Stuart Monk, explained, "The proposed development will completely transform this final stretch of waterfront at Jackson Dock, and create a gateway to a vibrant and innovative marina community. Our vision for the site fully compliments the regeneration that has already taken place at the marina, and will add an exciting new dimension in time for The Tall Ships' Race in 2010."

Stockton-based Jomast Developments was named as the preferred developer for the site by joint owners Hartlepool Council, HMS Trincomalee Trust and English Partnerships, and the company held a series of consultation events for the public to view the scheme last year.

The availability of Grade A office accommodation in Edinburgh is set to decline sharply in 2008, creating stiff competition for space which can be occupied immediately, according to figures from property consultancy DTZ.

Last year saw office take-up rates in the Scottish capital hit a seven-year high, with 845,000 sq ft snapped up and market activity levels 33 per cent above those for 2006.

Major lettings in 2007 included HBoS's 62,500 sq ft letting at Lochrin Square and UK law firm Shepherd and Wedderburn signing a 15-year lease on 58,000 sq ft of space in Exchange Crescent.

However, the availability of space in Edinburgh has since dried up and 2008 will see demand outstrip supply.

Mark Jones, Director of Business Space Agency and Development in DTZ's Edinburgh office, said: "The market for Grade A space is growing as smaller companies in particular seek good quality open-plan space to meet corporate needs.

"The supply of open plan space in Edinburgh city centre is historically constricted. The ability of the city to quickly deliver new space to respond to market pressure is poor. As a result, the overall Grade A stock is low.

"This year will be a low point in the delivery of new Grade A space in the Scottish capital, and follows on letting success in the market in 2007 which is at its highest level since 1999.

"There will be a shortage of Grade A space and building options during 2008, particularly in the key locations of the Financial District and the New Town."

However, Jones added the shortage of supply of space this year will not be restricted to Grade A accommodation.

He added: "There is an even greater shortage of Grade B open-plan space, particularly in smaller units. As a result, occupiers who might otherwise have targeted this market are increasingly 'trading up' to Grade A space."

As a result of the restriction in supply, DTZ estimates that Grade A rent levels in the capital will this year rise to £30 per sq ft from £28.50 per sq ft.

Prezzo, the AIM-listed restaurant operator, has made its first move into Scotland by taking on a 3,260 sq ft lease in the redeveloped Newhaven Harbour fish market.

The deal, masterminded by joint agents Colliers CRE and Creevy LLH, on behalf of landlord Forth Property Developments Limited, sees the company, famous for its contemporary Italian cuisine, join the highly successful Loch Fyne restaurant, at the regenerated Edinburgh waterfront location.

Golder Associates has opened its first office in Scotland following a deal announced by Jones Lang LaSalle.

The ground engineering and environmental science firm has agreed a five-year lease at a rental of £17 per sq ft for space within the Sirius Building, Clocktower Estate, South Gyle Crescent, Edinburgh.

Neil Tweedie, senior surveyor at Jones Lang LaSalle Edinburgh, which represented Golder Associates, said: "Sirius has provided Golder Associates with an attractive high quality office environment in which to establish and grow its Scottish business. The limited number of high quality suites around 2,000 square feet within West Edinburgh meant that Sirius was a natural choice."

KUC Properties were represented jointly by Jones Lang LaSalle and DTZ.

ISG has been awarded a £7 million project by Hull City Council to build a landmark archives and local studies centre within the city. A joint venture between the Council and the University of Hull, and with a major grant secured from the Heritage Lottery Fund (HLF), the Hull History Centre, designed by Pringle Richards Sharratt architects, will bring together a range of historical resources from across the city into one purpose built facility.

Flood protection for the irreplaceable 700 year old archive is a key design consideration and the two-storey concrete frame structure houses this important material on the first floor, within 11 self contained archive stores. This storage area contains floor to ceiling moveable racking systems for the 110,000 published items, including letters from William Wilberforce and papers from Philip Larkin, with the environment precisely controlled to ensure optimum temperature and relative humidity levels.

Public areas of the Hull History Centre are located to the ground floor, with ISG creating a flexible lecture theatre, library, reading rooms and IT and microform room. A conservation studio will enable on site preservation work to be carried out, alongside a new home for the centre's bindery service.

The most striking element of the building is the arcade, a full height covered walkway constructed with structural timber beams and a polymer roof (as used in the landmark Eden Project building in Cornwall). The arcade provides an open public space with a café and is able to house small exhibitions. The project is due to commence early in the New Year, with completion scheduled for summer 2009.

John Gittins, regional managing director of ISG Totty, commented: "The Hull History Centre has been designed specifically to safeguard the archival treasures that are currently dispersed across the city. The main storage area is located to the first floor of the building in a highly controlled environment, which ensures that any future flooding episodes within Hull have no impact on the irreplaceable written, audio and visual resources.

"The Centre is an excellent example of collaborative working between a host of key stakeholders and ISG is delighted to be playing such an integral role in the creation of this highly anticipated facility."

Global IT company Dell is to move its Edinburgh office to The Walk, Edinburgh. Dell has struck a ten-year deal worth £94,968 per annum to lease 3,500 square feet on the second floor of The Walk, St Andrew Square.

In November 2006, the company purchased IT solutions provider ACS in Rutland Street in the city's West End and has now opted to move to The Walk as it looks to grow its presence in the Scottish Capital. Dell currently employees over 800 people in its Glasgow business centre at City Park, which supports corporate customers in the public and private sector. The Glasgow operation opened in June 2005.

The agreement with The Walk owner Coal Pension Properties reflects the strong demand for top quality space in the city centre, particularly the east end.

Paula Fern, Associate Director at Jones Lang LaSalle's Edinburgh office, which along with McGregor CS acted for Coal Pension Properties, said: "This new letting continues to highlight the weight of demand in the city centre for high quality open plan suites."

Charles Quinn, Director and General Manager, Dell Scotland, comments: "Dell has serious growth ambitions in Scotland, and we aim to be the front runner to win key blue-chip new business. Our new high-quality office in Edinburgh is representative of that investment."

Dell were advised by Cushman & Wakefield.

NB Real Estate on behalf of GE Real Estate has completed two North West retail investment deals.

The deals, located in Chester and Wilmslow, generated offers from approx 30 separate parties, with both going to best bids.

The first deal comprised a freehold retail and office investment opportunity on Clemence House, 42-48 Northgate Street, Chester. The 15,499 sq ft property is multi-let to four tenants, including Oasis and Vision Express. The investment received 14 bids and was sold to a private client of Briant Champion & Long for £8m reflecting a net initial yield below 5%. Completion occurred within 14 days from contracts being received.

The second investment comprised a substantial unbroken retail parade of 13 shop units together with office accommodation above and car parking to the rear at 41-65 Alderley Road in Wilmslow, Cheshire. The property is multi-let to 12 tenants including Viyella, Jaegar, Paul Costelloe, Emma Somerset and Argos amongst others. The property received 16 bids. It was sold to private investors for £8.9m reflecting a net initial yield of under 5%.

Andrew Inglis, director of retail investment at NB Real Estate said: "We have been very pleased with the result of these two marketing campaigns during the current financial uncertainty. What this undoubtedly demonstrates is there is still a considerable demand for suitable retail investments. Without doubt, the demand for both of these investments has been due to their strategic locations within two very affluent retail areas.

"The Northgate Street investment offered a well let retail investment in a pitch set for substantial improvement when the shopping centre is re-developed. Whereas Alderley Road, which is an excellent trading position in Wilmslow town centre sandwiched between the town's largest supermarket, the only department store and the principal shoppers car park, offers an investor a terrific opportunity to enhance value through classic retail asset management.''

NB Real Estate represented GE Real Estate on both properties and were joint agents with Christopher Dee & Co on the Alderley Road premises in Wilmslow.

J&E; Shepherd, one of the largest independent firms of chartered surveyors in the UK, has appointed six new associates, marking the latest stage in a comprehensive management restructure following the appointment of George Brewster as senior partner at the end of last year and a trio of partnership appointments made earlier this month.

Four of the six associates are residential surveyors with the remaining two being commercial surveyors.

The six new associates are: Alistair Buchanan (Glasgow commercial); Colin Campbell (Edinburgh commercial property management); Mark Hall (Dundee residential); Donal Henretty (Edinburgh residential); Steven McLean (Greenock residential) and Jon Thomson (Perth residential).

Commenting on these latest appointments Mr Brewster said, "These six new associates will greatly assist Shepherd in its stated aim to continually develop and expand our comprehensive services right across Scotland."

J&E; Shepherd offers a multi disciplinary property service to include valuation, commercial agency, building surveying, rent reviews, development and investment consultancy, rating and property management.

The firm, which operates from a network of 28 offices throughout Scotland and over 75locations from two administration centres in England and Wales, recently opened a new London City office which has significantly enhanced its ability to penetrate and serve the capital's vibrant commercial property market.

A riverside site which has lain dormant for more than 15 years has been transformed through a unique business development.

Vantage Riverside Business Park, immediately adjacent to Junction 34 south of the M1, is set to breathe new life into an area which will cater for modern businesses seeking prime commercial accommodation in Sheffield and Rotherham.

The brownfield site, which had previously been home to a steel works and social club which was demolished 16 years ago, had remained unused until developers Ordic Investments Ltd who have owned the site for many years felt that the market conditions were right to instigate the £9 million project.

According to commercial property consultancy Knight Frank, small and medium-sized enterprises (SMEs) and new business start-ups are now looking for developments with both flexible office space and great location, with business parks like Vantage Riverside leading the way.

The 24-acre business park offers will offer an ideal location, bespoke office accommodation and a unique landscaped environment overlooking the Sheffield and Tinsley Canal, locks and the River Don. Despite its close proximity to the river, the site was completely unaffected by the summer floods.

With an attractive landscaped setting, river walks and retail therapy at Meadowhall just a stones throw away, it is far from being a typical business park, and still reaps the benefits of a local and available labour market, and fantastic transport links.

Peter Whiteley of Knight Frank in Sheffield, agents for Vantage Riverside, said: "Prime commercial builds around the Meadowhall area are at a premium right now, and modern businesses are driving for something different in terms of office space.

"The Vantage Riverside site ticks all the right boxes in terms of its prominent location, transport links and quality space, but also offers great views and an outdoor area overlooking the canal and the River Don.

"With the transport interchange just a five minutes walk away, and Meadowhall retail and leisure centre a further two minutes away, the area is also very well served by local amenities.

"The investment and transformation of Vantage Riverside speaks volumes for what this region has to offer, and this development in particular has made a significant contribution to the continuing revitalisation of the area."

Vantage Riverside joins other business parks in the Meadowhall area which is fast becoming a focal point for commercial property.

Guy Rusling, development consultant to Ordic Investments Ltd and joint agent with Knight Frank, said: "Meadowhall is now starting to fulfil its role as a catalyst for regeneration in this area. Vantage Riverside has been integral to the revival of the region and will also provide excellent opportunities for investment."

Phase one of the development is about to reach practical completion, offering between 2,000 - 33,000 sq ft of high quality and flexible designed office space across five buildings.

All of the units include fully raised access floors, high efficiency climate control, a high quality reception core and disabled access which is fully DDA compliant.

Peter Whitely added: "Due to the exceptional quality of the accommodation and ideal location, good levels of interest are already being shown."

With nearly a quarter of a century's experience in architectural services, Glasgow's SMC Davis Duncan Architects has helped restore one of the city's most prized properties, Schaw House in Bearsden.

Working in partnership with Premier Burrell - a joint venture between The Premier Property Group and The Burrell Company, the award-winning architects have successfully transformed the B-Listed Tudor Gothic building and former hospital, Schaw House in Bearsden, into 23 stylish and unique luxury apartments.

The period property set within stunning grounds in a leafy conservation area has now sold out, with many homebuyers attracted to its unique layout with many striking original features and detail retained.

SMC Davis Duncan Architects are well recognised in the industry as being a dynamic and innovative practice with a wealth of experience in all sectors of the market including conversions and refurbishments, new builds and commercial development for office, leisure, retail, educational and medical uses.

Ray Davis, co-founder of SMC Davis Duncan Architects said: "Being able to get the opportunity to bring a new lease of life to the 19th century property plus transform it into new homes was a major attraction.

"Schaw House is one of the most dramatic buildings in the city and we have retained many of the building's beautiful period features such as ornate and detailed cornicing and original sash and case windows which flood the main rooms with light.

"Home owners will enjoy its historic elegance matched with its contemporary interior design and layout."

The Burrell Company has previously worked with SMC Davis Duncan Architects on a number of developments including Carrick Quay, an ambitious housing development on the River Clyde and Lyndoch Street, the residential regeneration of the category B-Listed former Park School for Girls in Glasgow.

Andrew Burrell, managing director of The Burrell Company said: "SMC Davis Duncan Architects continually strive to achieve the best of quality in their developments and always surpass our expectations.

"Ray is a leading figure in the architectural world and is dedicated to bringing the best of style and design to his buildings."

SMC Davis Duncan Architects' holistic approach to design has meant they have been involved in some of the country's most high-profile developments. These include the remodel and alteration to the A-Listed Camphill Church Queenspark and Hutchesons' School IT and Music department, plus new developments for the headquarters and offices for the Scottish Association for Marine Sciences in Oban; the new sports facility for Craigholme School; the Easterhouse health centre and the Matrix housing development in Glasgow, to name but a few.

Richard Lyall of Premier Property Group added: "Ray Davis has helped establish one of the most respected and innovative architectural companies in the UK with an impressive portfolio of projects. Davis Duncan Architects have helped transform Schaw House to provide a beautiful selection of homes enabling the building to continue to have an important role in the city for years to come."

Yorkcourt Properties has successfully negotiated in conjunction with Wakefield City Council to incorporate Paragon Business Village into one of the city's primary public transport routes. The agreement was met because of a growing workforce at Paragon and is the first to be achieved for an 'out of town' business destination in the region.

The 113 bus from Wakefield city station which operates Monday to Friday during peak commuter times now also stops at the entrance to Paragon Business Park on the A650.

With over 850 professional workers now based at Paragon Business Village, the future potential of the site means in the next 5 years there could be over 3,000 people eventually employed there. Consequently it is important to Yorkcourt Properties that the development is easily accessible from Wakefield city centre via public transport.

The move was also supported by Nationwide Building Society as it has a regional call centre operation at Paragon employing over 220 personnel. Colin Mackie, Managing Director at Yorkcourt Properties comments: "It is important to us as developers that our tenants feel they are part of a business community and that their staff feel part of a cared for environment.

"We provide ample car parking with all the buildings at Paragon but we felt it was of paramount importance to cater for the more environmentally conscious people who wish to use public transport to get to work."

With plans in the pipeline for a 130 acre masterplan for Snow Hill special policy area Yorkcourt Properties intends to create a viable, successful development and the bus route is demonstrative of how committed it is to take the necessary steps to deliver a truly sustainable new community for Wakefield.

Located just off A650, one mile from the M1 (Junction 41), the site has easy access to Leeds and Wakefield city centres. Together with the high quality of its buildings and the on-site amenities (including a gym, crèche and restaurants), it has proved a winning combination for Paragon Business Village. This is evident in the succession of signings over the past twelve months including Redhall Group, West Yorkshire Police, City & Guilds and ODPM.

Leeds-based property developer, Burford Park Estates has underlined its intent to make the most of the growing demand amongst smaller occupiers for Grade A, city centre office space by completing work on Fountain House - a 35,253 sq ft building on South Parade, which features a newly constructed full-height glazed top floor.

Burford Park Estates' development director, Charlie Cudworth commented: "There have been several new buildings completed in Leeds in the past 18 months, but still there really isn't anything for the smaller business looking for Grade A accommodation of 5,000 sq ft or less on a single dedicated floor located in the city's traditional core business area.

"Our aim is to meet this need, while providing the occupiers with the kind of prestigious offices normally associated with large corporations."

Built in the 1940s for the Yorkshire Insurance Company, the property has undergone extensive refurbishment over the past year and now boasts nine occupiable floors. Amongst them is the extensively glazed seventh floor, which has been added to the top of the building and provides 2,700 sq ft of premium office space with unique views over Leeds city centre.

The interior of the property, which was stripped back to the concrete frame during the refurbishment, reflects this aim, with a striking reception area featuring granite floors and wood panelled walls. Meanwhile, all the office space benefits from a similarly high quality finish, comfort cooling air conditioning, high speed lift system access, contemporary toilet and shower facilities and suspended ceilings with integrated LG3 lighting.

Floor plates in Fountain House range from 1,500 to 5,000 sq ft and quoting rents for accommodation on floors one to six start at £25 per sq foot. Offers are being invited for the prestigious ground and 7th floors. Joint letting agents are GSD and Lambert Smith Hampton.

Chartered Surveyors and Property Consultants, F.G. Burnett, is continuing to expand the services it provides throughout Scotland with the appointment of chartered surveyor, Robert Scott, as a Director, based in its Glasgow office.

Previously the Partner responsible for the delivery of the Building and Project Consultancy at Donaldsons LLP until its merger with DTZ, Robert joined F.G. Burnett on 1 January, 2008. His remit is to establish and deliver Building and Project Consultancy to enhance and develop the existing services provided to clients by the team in Glasgow.

With 20 years' Scotland-wide experience of the property sector, Robert, a Fellow of the Royal Institution of Chartered Surveyors, is well qualified to meet the exciting challenges of growing the business in the Central Belt, ensuring a national presence in conjunction with the team in Aberdeen led by Doug Jolly.

F.G. Burnett Managing Director, Angus MacCuish, said: "Bob has worked with an impressive list of clients. His appointment is another significant step forward in the growth of our business and development of the services F.G. Burnett provides throughout Scotland."

The vitality of Stirling will come under the microscope after property consultant DTZ was appointed to carry out a "health check" of the city centre.

DTZ Edinburgh-based Associate Director Fionna Kell and her team will conduct the review over the next three months and report its findings to Stirling Council at the end of March.

Fionna said: "Health checks provide a valuable benchmark against which to measure the effect of future changes in economic activity on a City Centre. This review of Stirling's offering will provide a picture of how well services are performing in the city centre."

Andy Kennedy, Stirling City Centre manager and Chair of the Association of Town Centre Management in Scotland, said: "Scotland's towns and cities have lacked behind other areas in the UK in using health checks to inform town/city centre strategies and action plans.

"In Stirling, we are delighted to be working with DTZ as one of the first to establish a robust health check process as an integral part of the shaping of Stirling's future."

DTZ's Edinburgh office has a strong track record of carrying out town or city centre "health checks" and has carried out annual reviews of the vitality and vitality of Belfast's City Centre for the past six years.

Leading property consultant, CB Richard Ellis (Scotland), has announced that it has brokered a deal between its client, Muse Developments Ltd and Mactaggart and Mickel, to develop two of the sites rendered surplus to requirements from the East Dunbartonshire Council schools PPP project.

The deal involves four sites which are suitable for a range of residential and mixed-use development.

CBRE advised Muse Developments Ltd in its successful bid to develop the surplus land emanating from the East Dunbartonshire schools PPP project. CBRE carefully marketed the opportunity on behalf of Muse Developments Ltd to select a preferred house builder who could deliver the appropriate developments on two of the five sites, working closely with East Dunbartonshire Council. Mactaggart and Mickel were the selected company.

Jamie Doran, Associate Director of CB Richard Ellis (Scotland) commented: "We are delighted to be advising Muse Developments on this project, which has resulted in a mutually beneficial outcome for all parties involved. East Dunbartonshire is a prime location for residential development and the respective development opportunities will provide new quality homes and apartments in a highly sought after area.

"The project's first phase will involve four schools built over two years, followed by a second two-school phase which is expected to be completed within 18 months. Construction of the schools in the first phase has now started and is progressing well. Development of the surplus sites will only take place when the respective new schools are operational, which will not be until 2009."

Stephen Turner at Muse Developments Ltd commented: "CBRE have advised Muse from the outset on this project and have worked with us to deliver what will ultimately be a diverse and prestigious group of mixed-use regeneration projects."

Happy New Year to all our readers from everyone at Property Executive.

Key dates for your diary in 2008 are -

10th April - Property Executive Planning & Sustainability Conference at The Hub in Edinburgh

11th September - Property Executive Awards for Excellence at The Corn Exchange in Edinburgh

30th October - Property Executive North Awards for Excellence 2008 at The City of Manchester Stadium


You can find full information about these events on our Awards page.

Orkney Islands Council has reached agreement with bulk storage company, Dynamic, to lease underground oil tanks in Lyness on Hoy in Orkney.

These underground oil tanks were built for the Royal Navy in 1939 and were last used in 1976. The project should bring in an estimated £1.5 million revenue over 15 years to the Council from rental charges and harbour fees when the tanks are filled.

These are six underground oil storage tanks built into the hill behind Lyness. The total capacity of the concrete tanks is 120,000 cubic metres. The four principal tanks are approximately 700 feet long with a width and height estimated to be about 35 feet.

Dynamic Tank Storage Limited is a Scottish subsidiary of Dynamic Storage AB, a Swedish based bulk storage company. They will refurbish the tanks. The potential users include some of the European State oil reserve agencies that will use the tanks to store oil as strategic reserves.

The oil tankers will use a deep water berth which is connected by an underground pipe to the storage tanks.

Savills has been appointed by Kenmore to manage Chester Gates Industrial Estate - a 201,318 sq ft (18,703 sq m) estate, comprising four units - near Chester.

Richard Morris, associate director of Savills, comments: "We are delighted to have been appointed to manage Chester Gates. Combining a prime location with purpose built industrial space, it has seen a high level of interest from potential tenants and we look forward to working with Kenmore to help them achieve their goals for the scheme."

The last remaining unit on Pride Point, Cedar House Investment?s five acre mixed use scheme on Derby's Pride Park, has been sold off an asking price of £850,000.

Unit 14, which at 5,214 sq ft is the largest building on the 14 unit scheme, has been sold to Cosmic Concepts.

On behalf of Highcross, Jones Lang LaSalle has sold a 7.5 acre plot of land at Westfield North Courtyard, Cumbernauld, to Henry Boot Developments, for an undisclosed sum.

Henry Boot Developments has acquired the undeveloped land within the Westfield area for a significant development project. Plans of which are yet to be announced, but are to include an office and industrial scheme on the site.

Andrew McCracken of Jones Lang LaSalle's Glasgow office said: "Given the scale of the land and the planned development for the site this sale highlights that developers have confidence to develop land of this nature within Westfield Industrial area.

"The area is consistently proving popular among local traders and occupiers and we believe the planned development will certainly prove a success."

Jones Lang LaSalle advised Highcross while Henry Boot Developments were represented by Ryden.

Acting on behalf of the Viewpoint Housing Association, Ryden has sold three adjacent Georgian townhouses at 6, 7 & 8 Inverleith Terrace in Edinburgh to Heritor's Residential Property (Scotland) Limited at a price of £2.25 million. The property is currently in use as a care home but is to be converted to townhouses.

The three buildings provide 7,282 sq ft and are Listed Category C. Although Viewpoint reluctantly decided to sell Inverleith Terrace, proceeds will be reinvested by them in a new home which will meet the needs of future generations of older people.

Heritor's Residential Property (Scotland) Limited is a joint venture between the Heritor's Group and HBoS. The purchasers were represented by Rettie & Company.

The Teesside base of The Furniture Factory has changed hands for £2.6 million.

UK Land Estates has bought the 87,500 sq ft industrial building at Teesside Industrial Estate, Stockton-on-Tees, from Teesland IOG.

The deal comprises a capital value of £30 per sq ft and a net initial yield of 7.08 per cent.

The Furniture Factory is currently paying £214,700 per annum with 14-years un-expired on its lease.

James Pollock of the Leeds office of property consultancy Knight Frank advised UK Land Estates.

He commented: "This was a straight-forward off-market opportunity that underlined the resilience of the investment market in the area. Teesside has had some poor publicity recently, which I believe is unjustified. This deal, with a good covenant and yield, was an attractive investment opportunity for my client."

Leading commercial property agent, Eddisons has been instructed to let vacant industrial property on the 370,000 sq ft West Yorkshire Industrial Estate in Bradford by Boston Spa-based property developer, The Ogden Group.

The long-established development, which is strategically located for access to the M606 and M62 on the city's Tong Street, is already home to the likes of Next and Princes Soft Drinks, and Eddisons' surveyor, Jonathan O'Connor expects other big name companies to be attracted as tenants.

"The West Yorkshire Industrial Estate has some excellent tenants, and when you look at its ease of access to the motorway network, flexibility of available space, affordability, and 24-hour on site security offering it's easy to see why we're confident of attracting businesses of a similar calibre," he said.

Several units on the estate are currently available. Ranging in size from 1,728 sq ft to 140,694 sq ft, they provide flexible accommodation that includes; warehouse and distribution facilities; general industrial space; storage units and ancillary offices.

"Due to the nature of the accommodation offered, its links to the motorway network and attractive pricing, the West Yorkshire Industrial Estate can compete with any similar developments in the Yorkshire area."

Urban Splash has announced that Fort Dunlop's target lettings have been achieved two years earlier than anticipated and just a year from its opening date. With the announcement that two new tenants have secured offices at Fort Dunlop, taking the total amount of space let up to a staggering 321,000 sq ft, the development is now 96% let in just 12 months.

Exceeding all expectations, the rapid allocation of space cements Fort Dunlop?s success and heralds a major boost to the Midlands' economy. The latest companies to sign up to the design-led scheme are Regus, (16,500 sq ft) and Premium Choice (12,500 sq ft).

A former tyre warehouse which stood derelict for more than 25 years, Fort Dunlop is now buzzing with activity and will soon house 2,500 workers. In addition, a choice of independent retailers and a 100-bed hotel service visitors from across the country. With only six units remaining in the entire building, Urban Splash expects the final 15,000 sq ft to go very soon. Lettings are being managed by GVA Grimley, DTZ Debenham Tie Leung and Urban Splash.

J&E; Shepherd, one of the largest independent firms of chartered surveyors in the UK, has appointed residential surveyor Stuart Hill to head up its Saltcoats office.

The appointment marks a return to Ayrshire for Mr Hill, who had previously worked in Shepherd's Kilmarnock office before qualifying as a chartered surveyor while working out of its operation in Glasgow. In his new role, Mr Hill will conduct house surveys throughout North Ayrshire, encompassing Saltcoats, Ardrossan, Stevenston and Irvine.

Commenting on his appointment, Mr Hill said, "I'm delighted with this opportunity to assist Shepherd in its aim to continually develop and expand our comprehensive services right across Scotland, particularly since the housing market in North Ayrshire continues to buck the trend nationally insofar as the volume of transactions remains high with prices being maintained and modest rises in value being achieved."

Graeme Stewart, J&E; Shepherd partner in charge of the firm's three Ayrshire offices in Ayr, Kilmarnock and Saltcoats, said, "Stuart's appointment marks the latest stage in a comprehensive management restructure at Shepherd, following the appointment of George Brewster as our senior partner, the opening of a London office, a trio of partnership appointments and six new associates, all within the last few months, and I know that he is thoroughly enjoying his return to working within Ayrshire's buoyant housing market."

J&E; Shepherd offers a multi disciplinary property service to include valuation, commercial agency, building surveying, rent reviews, development and investment consultancy, rating and property management.

The firm, which operates from a network of 28 offices throughout Scotland and over 75 locations from two administration centres in England and Wales, recently opened a new London City office which has significantly enhanced its ability to penetrate and serve the capital's vibrant commercial property market.

Leading financial services company Xchanging has moved its Glasgow HQ to 135 Buchanan Street in a deal brokered by DTZ on behalf of LNC Property Group.

Xchanging has swapped St Vincent Street for a 2,825 sq ft suite on the third floor of the landmark building at a rent of £15.50 per sq ft. The company has taken a five-year lease with a break option at three years on the space.

The financial services firm has offices in the US, Europe, India and Malaysia and specialises in insurance, financial markets, HR, procurement and accounting.

DTZ advised landlord LNC Property Group on the deal and senior surveyor Stephen McKenna said: "Space at 135 Buchanan Street is extremely attractive given its location at the heart of the city centre. We moved quickly to re-let the accommodation following a surrender by the previous tenant."

Karen Hughes, of LNC Property Group, said: "Space in the building has proved very popular to professional companies since we completed a major refurbishment a few years ago. We are delighted that the building is now fully let."

Xchanging was advised on its relocation to 135 Buchanan Street by Ryden.

UK law firm McGrigors LLP has been reappointed to provide legal services for the Royal Mail's Scottish property estate.

The Royal Mail's estate in Scotland comprises more than 300 properties including mail centres, distribution centres and delivery offices.

McGrigors' original appointment with the Royal Mail was in 2000 before a contract renewal in 2004. This new contract is a two-year appointment.

The legal services on offer cover all aspects of estate management and portfolio issues including acquisitions, disposals and rental agreements.

Ewan Alexander, a real estate partner in McGrigors' Edinburgh office, leads the six-strong team working with the Royal Mail. Ewan said: "We have displayed strength across all aspects of advice for the client and are looking forward to further strengthening our relationships with the Royal Mail and its partners. As an institution it has a wealth of properties across the length and breadth of Scotland which are vital to the efficient delivery of its service."

Toni Lung, the Royal Mail's head of property law, said: "Our relationship with McGrigors stems back to 2000 and the firm has consistently shown a professional approach as well as a thorough understanding of the market and issues facing our business."

McGrigors' real estate team comprises more than 85 lawyers based in London, Edinburgh, Glasgow, Aberdeen and Belfast.