Commercial Property News

Premier Property Group has sold Denmore House and the JGB Centre at Woodside Road in Aberdeen to drilling specialist Scomi Oiltools (Europe) Limited for £3.75million.

The property is an industrial and office facility totaling 42,182 sq ft along with a substantial secure yard set on a 3.5 acres site.

Stewart Paterson of PPG comments: "This deal underline's PPG's confidence in the Aberdeen industrial market. We have seen a significant improvement in our initial return; we first acquired the complex in January 2005 for a figure slightly in excess of £2million."

J&E; Shepherd represented Scomi Oiltools.

Charles Pugh Windscreens, the parent company of National Windscreens, has agreed a letting on a 1,380 sq ft (128 sq m) industrial unit at Willan Enterprise Park, Trafford Park, Manchester.

The windscreen company has taken a five-year lease on unit 1 at £7 per sq ft (£75 per sq m) from landlord Willan Investments.

Altus Edwin Hill acted for Willan Investments, Milner McCrea advised Charles Pugh Windscreens.

Ryden has secured two new tenants at Moray House in Bank Street, Inverness for clients The Premier Property Group Ltd. The detached four-storey riverside office block contains the only refurbished space in the city.

Management, engineering and development consultancy group Mott MacDonald has signed a 10-year lease for 3,264 sq ft on the second floor, giving them room to expand within the city centre. PMP Architecture, which has bases in Edinburgh and Glasgow, has taken 1,280 sq ft on the third floor at £17,920 per annum for five years to open a new office in the city.

Andrew Wilson, Associate at Ryden, said: "The lets demonstrate that professional services firms want to stay within the city centre and the rents achieved at Moray House are comparable to out of town business parks."

Paul Whitefoot, Senior Project Manager at Mott MacDonald, added: "We appreciate the environmental benefits of being in the city centre with many of our staff cycling to work and utilising the bus and train stations close by, providing the potential to significantly reduce our carbon footprint. At the same time the amenity of the city centre location is great for staff and there is ready availability of affordable car parking at the Rose Street multi-storey."

Mott MacDonald and PMP Architecture join other tenants The Highland Council, Provident Financial Services and The Highland & Western Isles Valuation Joint Board at Moray House; around 20% of the office block remains available to let.

Cestria Community Housing, based in Chester-le-Street, has signed up for a third of the new 45,500 sq ft high-quality office development at the historic Lambton Park within weeks of its completion.

The new housing association is taking 13, 693 sq ft of office space, in 11 self-contained units, at £15 per sq ft on a 15-year lease.

The flagship Bowes Offices scheme at Lambton Park comprises 23 units within seven buildings. It follows the redevelopment of the former Bowes House Farm which is located within the picturesque 1,000 acre Lambton Park.

The park, which has been home to the Earl of Durham for centuries, contains many fine buildings, including the magnificent Lambton Castle and Biddick Hall. It boasts a superb setting with the River Wear running through it.

The office accommodation has been built by contractors Dorins. Ranging from 980 sq ft, it is a complete office refurbishment to a very high specification, including iconic architectural features, new lifts and a high level of on-site parking.

Patrick Matheson, of letting agents Knight Frank in Newcastle, commented: "The fact that a third of this unique development has been taken and further suites are now under offer speaks volumes about its quality. It is very special indeed.

"Many of the original features of the buildings have been retained and, coupled with simply stunning landscape settings, Bowes Offices provides a terrific business environment.

He said: "One of the unique selling points of Bowes Offices is its superb and strategic location, only minutes from the A1 and A19 but also only 15 minutes from the centres of Newcastle, Durham and Sunderland together with the North East Mainline Station at Chester-le-Street and Durham.

"Leaving aside the letting to Cestria Community Housing, there is strong interest in the other units. Rent is £15 per sq ft and flexible terms are available."

The agents for Bowes Offices are Knight Frank, Ashley Smith and Gray's Chartered Surveyors, while the developers are Lambton Developments Ltd.

David Gray, Trustee of the Lambton Estates and Director of Lambton Developments Limited, commented: "The decision made by the Lambton Family some years ago to preserve what had been the Home Farm on the Estate by carrying out a conversion to office units has meant that Lambton Park can now provide a superb location in the North-East for those planning an out-of-city-centre office location.

He added: "The fact that Cestria Community Housing has taken a large portion of the site is exciting and we are pleased to welcome the new company on to the estate"

Ian Broughton, Cestria Community Housing Chief Executive, said: "The estate is an ideal location for Cestria Community Housing. One of our key roles is to help with the regeneration of Chester-le-Street district. This is an excellent example of how new life can be breathed into one of the district's landmark building."

Cestria Community Housing is an independent housing association which was set up to take over responsibility for the management and maintenance of the 4,500 homes previously owned by Chester-le-Street District Council from 4th February 2008.

Create Engineering, the civil and structural engineers behind Alliance Trust?s new Headquarters in Dundee have announced that the steel framed superstructure for the 6 storey flagship building is now being erected on site.

The steel frame works for the new building, on the former site of Burns and Harris print works are expected to take 6 weeks with the project completion scheduled for Spring 2009. The new corporate HQ will deliver approximately 54,000 square feet of modern open plan offices.

Brighouse Homes have started work on a £6.7m apartment scheme close to Nantwich town centre, after securing funding from The Royal Bank of Scotland's Property Finance team.

The 'Gateway' development is situated on Barony Road, a mile from the town centre and features 47 one and two bedroom apartments built in two blocks overlooking the River Weaver. The development is scheduled for completion in June 2009.

Each block is four stories high and features contrasting design styles. Weaver House is a modern, contemporary block with Wheelcock House featuring a more traditional style of design. The development will have 72 car parking spaces available, with the majority located in an underground car park, and part of the site has also been allocated for affordable housing.

Brighouse Homes are part of the Brighouse Group, a Knutsford-based construction and property development company established over 20 years ago. The group undertakes new build and renovation projects across several market sectors including commercial & residential property, healthcare and education. Previous residential developments by Brighouse Homes include Bollin Heights and Millbank Court in Bollington, Brook View in Allostock and Village Barns in Lower Whitley.

Russ Brighouse, Managing Director of Brighouse Homes, said: "We set ourselves high standards and our aim is to design homes with character that stand out from others in the market. The Gateway Scheme offers buyers stylish homes in a desirable location, with easy access to the attractions of Nantwich town centre. Our investment in new 'green' technology at the Gateway in the form of a ground source pump heating system will reduce the development's carbon footprint and deliver considerable cost savings to purchasers."

RBS have provided the funding for the development. John Radcliffe, Relationship Director, Commercial Banking at RBS, said: "Russ and his team at Brighouse have come up with an attractive and innovative scheme that will complement the range of properties available in the area. Once the project has been completed I am sure there will be a strong demand for these properties."

Knight Real Estate, a Chess Property Group plc company, has secured its first tenant at its new 11-acre Minto Commercial Park development in Aberdeen.

It is to lease office, workshop and yard facilities to Denholm Oilfield Services Ltd at the Altens park - and expects to announce a series of further lettings at the location over the next few months.

The deal, on a 15-year lease, involves the construction of 4,500sq of office space and 10,000sq ft of workshop premises. The development, due for completion in November this year, also features 16,000sq ft of concrete yard space.

Knight Real Estate announced late last year its plans to create the new commercial park to help address the lack of industrial space in the region. The speculative development offers sites for properties upwards of 10,000sq ft in size.

Director Howard Crawshaw said: "It's great news that we've secured this deal with a significant energy services company like Denholm to relocate its activities to this location in support of its business growth objectives.

"We shall be announcing further deals in the coming months, signifying both the diverse benefits offered by this location and the continuing demand locally for new space for development."

Knight Real Estate was represented by Graham & Sibbald, and Denholm by Paul Gee & Co.

Leading commercial property agent, Eddisons has finalised a 100,000 sq ft letting on behalf of longstanding client, Wharfedale Finance, which has resulted in Huddersfield-based Adams Fire Surround agreeing a new lease for an industrial / warehouse unit and separate office building on the town's St Thomas Road.

The property will now be used by Adams as a showroom and warehouse - a move that allows the company to expand upon their existing operation at Meltham Mills Industrial Estate.

Paul Andrew from Eddisons' Huddersfield office commented: "As well as its excellent location on the outskirts of Huddersfield town centre and easy accessibility from the ring-road, the St Thomas Street property also benefited from its sheer size. And as there is a shortage of similar large industrial property within the Kirklees area, this final factor proved decisive when finalising the deal with Adams"

The lease was agreed off an asking rent of £2.50 per sq ft.

Eddisons joint agents were Michael Steel.

An exciting new development, Vienna Apartments, located in the hub of cosmopolitan Glasgow, is set to launch on Saturday 23rd February at Slater Hogg & Howison?s offices in Candleriggs.

This will be the first chance for prospective buyers to view plans, design specifications and purchase properties at the much anticipated city centre residential development by Premier Burrell (a joint venture between The Burrell Company and The Premier Property Group).

Vienna Apartments is a two phase development. In the first stage, a mix from the 33 stunning studio, one, two and three-bedroom conversions will be released for sale on the 23rd. These warehouse style properties will be created from the Victorian B-listed building located on Mitchell Street. The apartments will retain, where possible, many original architectural features including light wells, cast-iron columns, beams, and double-height spaces. The interiors will also be stylishly designed, bursting with contemporary and individual features to suit every type of housebuyer.

Tracy Broomfield, senior sales manager at Slater Hogg & Howison - Land and New Homes, who will lead the sales team, said: "This development has been beautifully designed complementing the building's grandeur and history with modern, stylish features to suit every lifestyle.

"We have already received interest from a broad spectrum of prospective buyers including young professionals through to those looking to downsize and take advantage of the location with an array of amenities only a few footsteps away."

Phase two, currently under construction provides a 10 storey new-build development adjacent to phase one and will provide 44 one and two bedroom apartments. Both phases will also offer a selection of commercial space.

Andrew Burrell, Managing Director of The Burrell Company adds: "We are delighted to be able to rejuvenate the magnificent beauty and splendour of this wonderful Listed building that passers-by are inclined to overlook at the moment.

"We are creating a new lease of life for these buildings which, when complete, will offer a spectacular place to live, helping this part of Glasgow become a top residential hot spot."

Vienna Apartments will exude contemporary style with historic charm creating a vibrant new place to live in what is an already popular part of the city centre.

Prospective buyers will be spoilt for choice with the mix of stylish bars, restaurants and boutiques within close proximity. Plus the development will be perfect for those working in the city centre but also offers excellent commuter links to further afield with the city's underground line located nearby.

Russell Wilkie of The Premier Property Group, said: "This is an ambitious and dedicated regeneration scheme and one we are thrilled to be part of. The city continues to attract homebuyers from across Scotland and the UK, and we are confident Vienna Apartments will be a great success."

Modus, advised by Savills, has pre let Unit N3 at the Houndshill Shopping Centre Extension in Blackpool.

The fashion retailer has agreed a new 15-year lease on the 23,200 sq ft (2,155 sq m) store and will pay an annual rent of £390,000.

Peter Barker, director of Savills, comments: "New Look is an excellent addition to the already impressive tenant line up at Houndshill, which includes Debenhams, River Island, Next, Clarks, H&M;, Jane Norman and Barratts.

"The extension opens this summer and we will be announcing the arrival of further exciting retailers in the very near future".

Savills, Keenan & Co and Lunson Mitchenall are joint agents for Modus. New Look is represented by CBRE.

Scottish Enterprise Grampian has awarded a contract to CHAP Construction (Aberdeen) Ltd to build the first phase of the Energy Development Centre (EDC) at the Aberdeen Science and Energy Park.

This multi-occupancy development will provide 12 high quality units comprising office and R & D space ranging in size from 144 m2 to 322 m2. Scottish Enterprise Grampian's intention is to build these units as phase 1 of the EDC, with a further 15 units to be constructed in 2009/10 as part of a joint venture with the private sector. The project is unique in the north east of Scotland in that it is the first of its kind to utilise a district heating system to supply the heating from a new biomass boiler and wind turbine.

Ground works are due to start on site in March with completion of the phase 1 in November 2008. Units are already attracting considerable interest, as occupancy levels on the Aberdeen Science Parks are currently standing at 95%.

Scottish Enterprise Grampian has also acquired 16 hectares of expansion land on the north boundary of the park. This area will be fully developed under the joint venture vehicle, focusing on research and development and all-energy.

The EDC, expansion land, joint venture and various other physical improvement works reflect Scottish Enterprise Grampian's ambitions for the sector and the area. In essence, they signal the start of a 15-20 year programme called - Energetica - to secure the north east's position as a global hub for all-energy technologies. Further activities include the masterplanning of a 30 mile development corridor from Bridge of Don to Peterhead.

Specialist teesside commercial agents Thomas: Stevenson and Lambert Smith Hampton's (LSH) Newcastle office have secured the sale of extensive industrial premises with expansion land in Middlesbrough for a six figure sum on behalf of Altrincham-based investor Mutley Properties.

The joint agents have completed the sale of a 50,000 sq ft warehouse and production unit at Unit 2, Romaldkirk Road, Riverside Park to an un-named Teesside manufacturing company in December 2007 for their own occupation.

LSH's Newcastle office was instructed as joint agent with Thomas: Stevenson for the disposal of the property which is being vacated by Berco (UK) due to their expansion and relocation.

Berco, which manufactures and distributes tracks for crawler vehicles, is transferring to larger premises at the former Black & Decker factory in Spennymoor in a move which will see it double its workforce.

Matthew McIntosh, industrial agent at LSH, said: "Demand for good quality industrial space in the North East remains strong. There is limited supply of new build or good quality secondary space and a particular lack of purchase opportunities for premises of this size and specification, so there was notable interest in this unit. The site was brought to the market in autumn 2007, with Mutley Properties offering the property either to purchase or lease. The sale completed before Christmas.

"Riverside Park continues to prove a popular location for occupiers due to the wide mix of accommodation and its excellent transport network links. Unit 2 also has the added benefit of planning consent for an extension of 20,000 sq ft, in addition to a service yard and expansion land."

The premises are situated close to the A66(T) which links with the A19(T) and A1(M) and is approximately 1 mile to the north of Middlesbrough town centre and 10 miles to the east of Durham Tees Valley Airport.

Paul Stevenson, partner at Thomas Stevenson, added: "This is a high quality building with a good specification. In considering Riverside Park as a business location there remains a deficit of good quality, available accommodation, despite the area's excellent transport links."

Atisreal, a subsidiary of BNP Paribas, continues its ambitious growth strategy by agreeing terms to acquire Hill Woolhouse, a niche Leeds based commercial property consultancy. This will be formally concluded on 29 February. The combined company will operate from Atisreal's Leeds office and will adopt the Atisreal brand from 11 March.

Hill Woolhouse employs 13 staff and has an annual turnover of £2.5 million. The company specialises in office agency, investment, and out of town retail. It was established by Roger Woolhouse, Charles Hill and Richard Dunhill in 1991.

The acquisition will strengthen Atisreal's business in Leeds by increasing annual turnover to almost £5 million, with a combined total of 38 employees. Roger Woolhouse will take up the position of office head and lead an integrated management team. Stephen Macey, who has been acting office head for Atisreal since February 2007, and Charles Hill and Francis Brown will make up the four man executive team.

This latest acquisition means Atisreal will have a £12.5 million business in the north of England, with 100 employees across offices in Leeds, Manchester, Sheffield and Newcastle. In October, Atisreal recruited a team of seven from DTZ/Donaldsons in Leeds and last year gained teams in Sheffield and Manchester through the acquisition of Fuller Peiser.

Martin Coles, executive director for the regions at Atisreal comments: 'I am delighted to welcome the Hill Woolhouse team to Atisreal. Their expertise in agency and investment compliments the existing strengths of our business in Leeds and clearly establishes us as a leader in the local market. The combined businesses provide us with the platform to deliver on our ambition for further growth of our business across the north and nationally.'

Roger Woolhouse comments: 'Joining forces with Atisreal will enable us to offer a wider range of expertise to our clients across the northern region. I am excited about the opportunity to lead the team in Leeds and we are all extremely enthusiastic about our plans for further development of the office.'

Atisreal was advised by Alasdair Steele and Toby Morgan of London corporate firm Travers Smith, Hill Woolhouse by Peter Barton and Jonathan Asquez from Leeds and Bradford law firm Gordons.

A leading construction company has relocated its headquarters to state-of-the-art premises in Rowallan Business Park in Kilmarnock.

A J Clark Group has established its new headquarters in the town with the construction of a 1,600 sq m building to accommodate its future growth. The company is a specialist in the field of laser guided concrete flooring installation and was originally based in nearby Moscow.

The move has been supported by Scottish Enterprise Ayrshire which has worked closely with the company to facilitate the development. The relocation ensures that A J Clark retains 64 jobs in the Kilmarnock area and it supports the continued growth of an important Ayrshire company.

Rowallan Business Park is one of the west of Scotland's leading business parks, centrally located between Glasgow and Prestwick airports.

It has been designed to create a modern, campus style location, capable of supporting a variety of modern businesses. The business park's location at the northern edge of Kilmarnock town centre is an ideal choice for companies that are looking for an easily accessible, high quality business environment.

Allan Clark, director, A J Clark, said: "Our new HQ at Rowallan benefits from a first class location with excellent access to the motorway network. It was important for the Group to consolidate all three divisions - Concrete Flooring, Construction and our development company ATD under the one roof and in prestige accommodation. The design and build of the new HQ was by Kilmarnock and Ayrshire based companies, led by our in house team and built by A J Clark Construction."

Scottish Enterprise Ayrshire has played an important role in A J Clark's headquarters development. It worked with the company to arrange the ground lease and contributed more than £50,000 towards the construction of an access road to service the A J Clark site and the surrounding development area.

Michael Wright, global connections manager, Scottish Enterprise Ayrshire, said: "Rowallan Business Park has extensive transport links and provides a high quality environment for businesses. It is an excellent location for a company like A J Clark which has growth ambitions and requires a modern, premier business location.

"It is currently home to four major companies, employing around 950 people, and boasts organisations such as Food Partners, beCogent and Telecom Service Centres. The completion of A J Clark's headquarters will help us to attract more companies to Ayrshire and promote Kilmarnock as a great location to do business.

"Scottish Enterprise Ayrshire provides access to accommodation, advice and information to help businesses start-up, grow or locate in Ayrshire and A J Clark is an excellent example of a successful local company doing business across the UK."

Venmore is reinforcing its position as one of the North West's leading property specialists with the launch of a new walk-in commercial property branch on Southport's Lord Street in February.

The move is a major stide forward for Venmore following its formal merger with commercial property firm Dears Brack in November 2007. Venmore Commercial will share premises with Ball & Percival, part of the Venmore group.

Venmore Commercial partner Peter Brack said expanding its commercial presence is a vital part of the firm's expansion strategy growing beyond its traditional residential reputation.

"The move to Southport reflects our hunger to offer clients the complete property package," he said. "We believe Southport needs greater commercial property expertise, there is no other dedicated commercial team in the town. We will be offering clients a comprehensive range of services including selling, surveying and valuing commercial property. In addition other services will include architectural design, surveyor and project management, property and asset management as well as the chance to enter our successful auctions. We have specific expertise in the leisure industry and want to work with hotels, restaurants, bars and other licensed premises."

Work is set to start on United Auctions' new £11 million Mart at Hill of Drip, Stirling with Bruce Crawford, SNP, MSP, Minister for Parliamentary Business conducting a formal turf cutting ceremony.

The ceremony is the culmination of more than four years' of work by Elphinstone and United Auctions, to replace outdated facilities at the nearby Kildean Mart, which will be demolished when the new building is completed.

The 52-acre site at Hill of Drip, just off the A84 on the western edge of the city, will become United Auctions' flagship auction market for the farming community in Scotland, supporting some 320 local jobs.

Bruce Crawford, who is an MSP for the Stirling constituency, said: "Investment of this kind is vital to sustaining Stirling's agricultural heritage for the next generation of farmers. Marts are important for both business and for social contact among farmers and I have every confidence that this modern facility will become an important hub for the Scottish farming community. Also with stringent new regulations on animal health it will mean that Stirling is in the vanguard of best practice."

The new mart will consist of a 13,500 square metre facility, designed to meet current standards for animal welfare with associated office facilities. It comprises two sale rings, 417 pens, five paddocks and associated offices (700 sq. metres) and lettable retail units, specifically for agricultural retail, of some 620 square metres.

Glasgow-based property development company Elphinstone promised to build a new mart when it acquired United Auctions in 2005. Elphinstone subsequently facilitated a management buy-back of the livestock company and remains involved with the business.

Ken Ross, Chairman and Group Chief Executive of Elphinstone said: "This investment fulfils a commitment we made when we acquired United Auctions. Right from the start we set out to provide a facility fit for the 21st century and to secure the future of United Auctions as the leading company in its field. Personally, I am delighted that we have been able to keep our promise."

David Leggat, Executive Chairman of United Auctions said: "The new mart reflects our confidence in our future as the market leader in livestock trading in Scotland.

"We have many people to thank, not the least our staff and the many hundreds of people who supported our ambitions and worked tirelessly on our behalf. This day has been greatly anticipated by all of us and we?re looking forward to watching the new mart take shape and preparing for the transition from Kildean."

The new auction mart is scheduled to be completed by summer 2009.

The demolition of the existing mart at Kildean will enable the potential of the Kildean loop to be unlocked and maximised with a proposed mixed use regeneration development comprising a new business park, housing and leisure facilities.

Elphinstone will be a partner of Stirling Council and other parties in progressing this multi-million pound transformation of the site, in line with the policies in the local development plan. The project will complement the nearby Raploch regeneration scheme, by providing jobs, extending the range of housing and improving the environment.

The Northern Scotland branch of Women in Property (WiP) has announced the appointment of a new Chairperson. Rhona MacLean, an Associate at Raeburn Christie Clark and Wallace, is taking over from ASM Director Isobel Maughan who is stepping down after her year in the role.

WiP was founded in 1987, has over 1500 members representing every profession in property and construction. Rhona has been an Associate at Raeburn Christie Clark and Wallace for 18 months, joining the expanding property division, having worked in the property industry since 1997 and was formerly a partner at another Aberdeen based firm.

Rhona MacLean said: "It is with great pleasure that I have accepted this role and I look forward to the year ahead with WiP. Isobel has achieved a great deal in her year as Chairperson - from building contacts with our sister organisation, CREW, in Houston to ensuring the Northern branch celebrated its 20th birthday with a number of special events.

"WiP provides an opportunity for women in the property sector to network and do business with each other, to develop professional skills to address the changing needs of the industry and to identify new talent to bring fresh perspectives to the table. I am looking forward to continuing the good work that Isobel has carried out and being part of WiP's success in 2008."

The Northern branch of WiP has a steadily growing membership of professional women, from a diverse field of disciplines, including surveying, architecture, town planning, law, landscape, interior design, construction and engineering. The organisation aims to address the issues of skills shortages in the industry by growing the networks within the wider property sector and giving skilled, competent and creative individuals the opportunity to meet.

Munroe K has appointed leading commercial property agent, Jones Lang LaSalle, on its flagship out of town business park development - White Rose Office Park in Leeds.

Jeff Pearey, head of Jones Lang LaSalle's Office Agency team, joins existing agents Adam Cockroft of DTZ and Guy Cooke of Knight Frank who have successfully marketed the scheme over the last six years.

Jeff Pearey said; "Jones Lang LaSalle's appointment on White Rose Office Park is highly significant as the scheme not only offers one of the most prestigious office environments in Leeds, but from a personal point of view my knowledge of and involvement with the scheme stretches back over more than 15 years. I'm looking forward to working with the existing agents to ensure it remains at the very forefront of the business park market in Leeds."

The landmark scheme currently houses over 5,200 employees boasting high profile tenants including international companies such as 02, HSBC, WSP, DuPuy and Sodexho. Indeed Pearey was involved in a number of these lettings in recent years.

Chief Executive of Munroe K and owner of White Rose Office Park, David Aspin, continued; "I am thrilled to be able to work alongside Jeff Pearey on the scheme once again and confident that the addition of Jones Lang LaSalle will be a great success combining with the existing successful lettings team. Jeff's past involvement on the project combined with the agency's excellent market and regional expertise will enable us to continue to attract key tenants seeking the unique work/life balance that White Rose Office Park offers."

Recent market turmoil has prompted much debate on the future prospects of commercial property and some realistic crystal-ball gazing was the subject of two seminars held by Drivers Jonas in Glasgow and Edinburgh this week. Anthony Duggan, Partner and Head of Research at Drivers Jonas, said: "Cash is king again and the cash backed investors will replace the highly leveraged buyers".

Looking at the prospects for the Scottish commercial property market, Andrew Kubski, Partner with Drivers Jonas in Scotland, said: "2008 again looks poised to be a year of two halves. The first half is expected to be a period of gradual stabilisation, followed by a greater volume of investment activity in the second half as the 'floor' of the market is passed allowing cautious re-entering by a number of funds.

"Reducing interest rates, SWAP rates and LIBOR, added to receding inflationary pressures, will provide low geared, debt backed buyers with much needed 'arbitrage' to fund acquisitions.

"A sense of reality is returning to the market with purchasers being able to carry out informed and in depth due diligence before committing to a purchase. Property repricing is occurring at an increased rate, and we feel that valuations are far quicker at reflecting market sentiment.

"We envisage that well funded property companies and private investors with no short term performance constraints will be able to pick up good value deals. In Q3 we expect more competition on the buying front. In turn, yields may actually harden in the second half of the year. The easing of monetary conditions is helping investors, previously priced out of the market, to re-enter, and this is once again creating competitive positions.

"The yield on property, compared with other asset classes, remains attractive. Total returns for property are likely to be around 0.0%.

"Other than the general economic slowdown we are currently witnessing, there are unlikely to be any other macro economic issues affecting the property market. As a result, the main Scottish office markets will benefit from safe and stable rental growth. The occupier markets are not over supplied with stock and remain robust. It can be argued that an under supply of Grade A accommodation currently exists in Edinburgh and Aberdeen. The Aberdeen market is particularly buoyant with rising oil prices continuing to create large occupier demand for space within the city centre. Mid range, secondary properties are benefiting from the lack of Grade A accommodation within the major towns, as occupiers look for alternative space solutions within the city centres. A number of Grade B properties within Glasgow city centre have been the subject of refurbishment or redevelopment to satisfy the inherent demand."

David Murdoch, Partner with Drivers Jonas in Scotland continued: "The vultures are definitely circling. The larger institutions, companies with war chests and investors with opportunistic funds are lining themselves up to take advantage of this situation. Within the last week

· Land Securities has announced a £500m fund

· British Land announced a £500 fund.

· Helical Bar announced they had £100m to spend but because they are quite low geared, that could go to £500m

· Valad, the Australian prop co has announced a £500M opportunity fund

Many of the debt backed investors were squeezed out of the market during 2006 and 2007 and arguably interest rates have got to move well in before the more highly leveraged buyers will want to get out of bed in the morning."

The 200th anniversary of the birth of 'Copenhagen', the chestnut stallion that famously carried the Duke of Wellington through the battle of Waterloo, is being marked with a £30m office development in the heart of Glasgow city centre - to be called 'The Copenhagen Building'.

Born in 1808, Copenhagen was a chestnut stallion of 15 hands. Although sired by Meteor, a racehorse that secured second place in the Derby of 1786, Copenhagen failed at racing, winning one minor Newmarket race in a short career spanning only 13 outings.

After being shipped to Spain during the Peninsular War he was purchased by the Duke of Wellington in 1813. Copenhagen subsequently carried the Duke throughout the day at the Battle of Waterloo, celebrating victory by kicking The Duke when he dismounted at the end of the battle.

After Waterloo, he was retired to the Duke's country estate at Stratfield Saye, dying in 1836 at the age of 28. His funeral was with full military honours and his grave, which can be seen today, is marked by a magnificent turkey oak tree planted in 1843 by the Duke's housekeeper, Mrs Apostles.

The Copenhagen Building is being named in recognition of the legacy and contribution this remarkable horse made to British military history, and the long relationship his master, the Duke of Wellington, has with the City of Glasgow - (there is a prominent statue of the Duke of Wellington in Royal Exchange Square, opposite the Gallery of Modern Art (GOMA)).

Extending to some 53,000 sq ft of Grade A office space, The Copenhagen Building is located on the western side of Hope Street (previously known as Copenhagen Street). It faces Glasgow Central Station and the Central Station Hotel, and falls within Glasgow's expanding International Financial Services District (IFSD).

The £30m reconstruction of this landmark building brings much-needed high quality office capacity to Glasgow City centre, where availability of Grade A office space is at an all-time low. It will also act as a further boost to the expansion of the International Financial Services District, which is attracting a growing number of businesses to the city and generating significant new employment opportunities.

Rob Hill, the developer explained the decision to name the building after Copenhagen: "Quite simply we wanted a real name that had meaning and a connection to the city. Glasgow's economy is performing strongly and the prospects for continued growth and demand for high quality office space are very encouraging. We are very confident in the city, and are delighted our funder Allied Irish Bank (GB) feels the same way."

The Copenhagen Building will open in early 2009, and will feature a display telling the history and story of The Duke of Wellington and his horse.

The Royal Bank of Scotland ('RBS') has strengthened its Manchester-based property finance team with the appointments of David Hardman and David Gregory.

The pair have been appointed as new Relationship Managers for the Spinningfields-based commercial property finance team. The team has doubled in size during the last 12 months and now comprises of 40 property professionals, who provide financial solutions for clients across Greater Manchester that have a turnover of between £1m and £25m.

David Hardman joins from the bank's commercial credit department. He has also undertaken risk management roles for RBS in both Leeds and Manchester. David is married with two daughters and lives in Whitefield.

Prior to his new role David Gregory was a Corporate Manager assisting a Relationship Director. David specialises in property investment and development and also in providing funding solutions for housebuilders. He is married with a son and a daughter and lives in Hyde.

Shaun Smyth, Director of Property Finance for RBS in Manchester, said: "We are delighted to be putting additional resources into the team which underlines our commitment to Greater Manchester's property market. Both David?s are experienced property bankers and will provide customers with sound, practical advice to help them achieve their business goals."

Property consultant Ryden has launched a new service after identifying a lack of assessors that can provide energy performance certificates (EPCs) for existing commercial buildings. It is thought that the firm is the first multi-disciplined advisor to offer the service in Scotland.

The service is aimed at landlords who must meet their obligations under new EU legislation on energy performance, especially those looking to sell their property assets. From 4th January 2009, large public buildings must display a certificate or face a fine. Certificates will also need to be produced before many commercial property transactions can conclude.

Edinburgh-based associate Alison Baker is leading a project to roll out the service in each of Ryden's six UK offices. She said: "We are pleased to be able to offer this service to the market at such an early stage. We have fully trained staff north of the border and are working to gain accreditation in England." She added: "Although there is a year before the regulations start in Scotland, the lack of assessors in the marketplace will mean that clients who use their initiative and get EPCs early will be better placed to take advantage of favourable market peaks."

EPC assessments consider detailed information on each property meaning large property portfolios will be most affected by the sheer volume of work needed to help their properties comply, and to obtain necessary flexibility to sell in an increasingly demanding market.

Ryden is in early discussions with a number of companies to provide EPC assessments including one major European investment and development group.

Wilson Bowden Developments have submitted a planning application for a new landmark 100,000 sq ft office development in Nottingham.

The property developer has contracted to acquire the former Boots 32,490 sq ft product testing facility on Wilford Road following negotiation with Nottingham agents Lambert Smith Hampton and Fisher Hargreaves Proctor.

The scheme, subject to receiving planning consent, will transform the site into a £30m GDV development.

Wilson Bowen are hoping to receive planning consent over the next months which will enable them to start on site in June 2008. This will enable the development to be completed for the beginning of 2010.

A fund managed by Pinder Fry & Benjamin LLP (PFB) has let 5,121 sq ft of office space at Unit 6, Crompton Court, on Burntwood Business Park to Motivair Compressors Ltd.

Motivair Compressors has taken a five year lease. The quoting rent at Crompton Court is £13.50 psf. The office unit was developed by Gladman Developments. PFB and Gladman were advised by Kingston and Partners' Lichfield office and King Sturge's Birmingham office.

Rearo Laminates Limited has taken a ten year lease on two units at Dunfermline Business Park in Fife to open a new 3,000 sq ft showroom and regional distribution centre.

The move to the units at 15/16 Primrose Lane at an annual rental of £13,500 from landlords C&W; Assets Ltd was arranged by Jones Lang LaSalle who are currently marketing Rearo's existing 3,830 sq ft facility in Dickson Street, Dunfermline.

Alex Fraser of Jones Lang LaSalle said: "We are inviting offers over £85,000 or will lease the property at £10,000 per annum. We are experiencing a strong level of interest particularly from a sale point of view."

The opening of the new showroom is the latest move in Rearo's recent expansion making it one of the UK's leading manufacturer and supplier of a whole range of stylish surfacing materials widely used in kitchens and bathrooms in homes, offices, sports facilities, bars and restaurants all over the UK.

Alongside the new Dunfermline showroom, a purpose-built warehouse will continue to serve as a distribution centre for the East of Scotland.

The move follows the relocation of Rearo's laminate manufacturing base to a 37,000 sq ft factory and showroom in Glasgow two years ago.

The company, which has distribution centres across the UK with other branches in Washington in Tyne and Wear, Caldicot in Monmouthshire and a new sales operation in Manchester, recently moved its headquarters in Lerwick, Shetland, to incorporate a large new showroom.

Managing Director of Rearo, Graham Mercer, said: "We provide an ever-growing range of home improvement and interior design materials from shower panels to wall lining systems.

"Opening new showrooms is an integral part of our expansion programme -allowing customers to see and touch real products and enabling our staff to demonstrate our products at first hand."

Only 5 weeks to go!??..Scotland @ MIPIM '08. Pack your kilt, tartan waistcoat, scarf or tie and be part of Scotland's biggest ever presence @ MIPIM!

If you would like to join the Scottish opening reception on 11th March @ 7.00pm, then e-mail Scotland@mipim08.co.uk to secure your place. Note also that Thursday, 13th March is 'Scotland Day' @ MIPIM and we have a limited number of places available at the Scotland Beach Lunch, so again please log your interest.

The Scottish Development International/Scottish Enterprise delegation comprises 10 other public interests and 10 private sector companies. To further assist businesses to get the most from networking within the domestic market we are trying to build up a picture of ALL Scottish companies attending, whether MIPIM registered or not. You can record your contact details on our mailing list and make any other enquiries about Scotland's MIPIM campaign, by contacting lorraine.glass@scotent.co.uk

Development Securities Plc and Blue (Sustainable Living) Limited, advised by Savills, have announced the formation of a new 50:50 Joint Venture to pursue sustainable residential and mixed-use development opportunities in the UK.

The joint venture will promote, define and develop high-quality, authentically sustainable places and communities, and will employ the expertise of sustainability consultants Beyond Green.

The JV's first project is under development and expects to submit a planning application later this year for a sustainable and mixed-use neighbourhood of some 800 homes that will establish new standards for authentic sustainable development locally, regionally and nationally.

Jonathan Smales, founder and CEO of Blue (Sustainable Living) Limited, says: "Sustainability objectives are now enshrined as the central purpose of the planning system. Working with Development Securities, we intend to profitably demonstrate that, when given the choice, people want to live in better places and homes that are truly fit for the future and in real communities that respect environmental limits and improve quality of life."

Matthew Weiner, Executive Director of Development Securities PLC, adds: "An important element of our strategy is to develop more sustainable residential and mixed-use projects in the UK and this new joint venture with Blue, will help us to achieve our objective far more quickly and effectively. We are very excited that the first project is secured and look forward with Blue to extending our expertise in the sustainability area."

Andrew Causer of Savills Corporate Finance continues: "We saw this as a great opportunity to introduce two parties, who together can provide a high quality development solution responding to the ongoing demand for sustainable housing across the UK."

The level of office take-up by occupiers in Edinburgh in 2007 was the highest in four years with a massive 44 per cent rise on the previous year, according to the latest figures from Jones Lang LaSalle.

Around 825,000 square feet office space was taken up by occupiers as firms secured accommodation in the face of a predicted major shortage of office space in the city centre during 2008.

The level of total office take-up rose to 1,075 million square feet when buildings acquired for development was also taken into account.

The analysis from the commercial property consultants has also revealed the amount of vacant office space available in Edinburgh has slipped to a rate of 4.9 per cent.

The research coincides with Jones Lang LaSalle's latest European Office Property Clock, which shows Edinburgh office rents are gaining ground on other major cities. Prime office rents rose two per cent on the previous year with the Scottish Capital in the up-phase of its rental cycles.

Edinburgh is now ranked 16th out of 31 major European cities for annual prime office rents.

Cameron Stott, director of agency and development at Jones Lang LaSalle Edinburgh, said: "There is only one office new development due to be completed in central Edinburgh this year, and demand for space remains strong. We are therefore forecasting rental growth during 2008."

"Just 30,000 square feet of new office space will be completed in central Edinburgh this year, AMA's Fusion in Logie Green Road. In addition, Buccleuch Property's three pavilions at Shawfair will also be completed, however, this will only provide 23,000 square feet on the south side of Edinburgh adjacent to the by-pass."

"The next city centre development to be completed will not be until 2009 with Scottish Widows Investment Partnership's Exchange Place development followed by Kenmore Property Group's Westport 102."

"With the shortage of office space in Edinburgh now upon us, and limited pipeline space in 2008, rental growth and reduced incentives are predicted.

The Holistic Group, a marketing communications consultancy specialising in property, design and construction, has been appointed by Osborne to manage its public relations.

Osborne is one of the UK's leading, privately owned construction, civil engineering, homes and property services companies. It employs over 1,000 people across the UK and operates in the affordable housing, transport infrastructure, education, healthcare and commercial sectors. The Holistic Group will handle all external stakeholder relations for Osborne including the media.

Gladman Developments has started work on the first phase of a £20 million, 150,000 sq ft speculative office development in Aberdeen, which it believes will help solve the shortage of purpose built office accommodation in the city and help to create up to 1,500 new jobs.

The UK's largest speculative developer of office and industrial and distribution accommodation has started work on the 80,000 sq ft, first phase of Abercrombie Court on a 10 acre site at Arnhall Business Park, Westhill, to the west of Aberdeen city centre.

Abercrombie Court will consist of a mix of office buildings of 2,250 sq ft and 5,125 sq ft, as well as one stand alone building of 25,500 sq ft. Unusually for the market, the buildings will be available for both lease and sale. A building of 5,125 sq ft has already gone under offer.

According to Susan Pegg, Development Manager in Gladman's Scotland office based in Livingston, this development will help relieve the present shortage of good quality accommodation in Aberdeen. Mrs Pegg 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."

Agents' predictions for the Aberdeen office market in 2008 are also upbeat. Angus McCuish of Aberdeen-based FG Burnett, which is one of Gladman's retained agents for Abercrombie Court, says: "Against the background of a sustained oil prices, we expect demand for offices in the coming year to reflect the intensity we experienced in 2007, meaning that the upward trend in rents will be maintained."

Arnhall Business Park is already a successful, well known and accessible office and business location to the west of Aberdeen. Other occupiers on Arnhall Business Park include Tesco, Costco, Premier Travel Inn and a new medical centre. Westhill is a fast-expanding satellite town becoming increasingly popular with both residential and business occupiers.

The first new office units will be ready for occupation in Summer 2008. Agents FG Burnett and James Barr have been retained to market the scheme. Quoting sales prices are £220 psf and £17.50 psf for leases.

Scotland represents one of Gladman's major growth areas within the UK market, and the company is looking to acquire further sites for new office developments throughout the country, in towns with a population of more than 15,000.

In addition to Aberdeen, the developer already owns sites for office developments in, Berwick, Cumbernauld, Dunblane, Hillington and Livingston. The company is also keen to acquire land for industrial developments and for student and retirement accommodation. In November 2007 it launched Scotland's largest speculative industrial development, MAX at J4M8, which it sold to a US real estate fund last year.

The company invests more than £100 million per year building new offices and presently has more than 1 million sq ft under construction.