Commercial Property News

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

Tuesday, April 29, 2023

Savills in Birmingham make new appointment

Savills Birmingham has expanded its out of town retail team with the appointment of Sarah Heynes at its new office in Innovation Court on Edmund Street.

Sarah joins the company as a surveyor with over four years property experience in the region having previously worked at G&C; Finance and DTZ. She will work alongside head of out of town retail in Birmingham, Tim Doughty, on a variety of large scale retail and regeneration projects including a substantial amount of work for Tesco.

Tim Doughty, comments: "We are very pleased to welcome Sarah to the team. She has a wide range of experience in the industry, which will no doubt prove to be a great asset in our mixed use development projects."

Edinburgh's Haymarket Green gets go ahead

Edinburgh based commercial property developer Duddingston House Properties can announce that they have secured detailed planning consent for their comprehensive redevelopment of the former Job Centre building at 24-26 Torphichen Street in the city centre.

The 60's building will undergo a comprehensive redevelopment to create approximately 40,000 sqft of new open plan office accommodation which will be available for lease. The 'green sustainable building', designed by award winning architects Bennetts Associates, will incorporate an additional floor of accommodation as well as solar powered heating and natural ventilation. When completed it will be among the most "carbon neutral" office developments in the city centre to date and have an "excellent" BREEAM rating.

To be known as "Haymarket Green", the building will offer good quality open plan office accommodation in suites from c500sqm (5382sqft) in close proximity to Haymarket Station.

Bruce Hare of Duddingston House Properties commented: "We are delighted to have now received planning consent for Haymarket Green and are confident that its green credentials together with its proximity to Haymarket Station and floor plate size will ensure its early success making it one of Edinburgh's true sustainable office buildings".

Toby Withall Director of GVA Grimley joint office agent with Jones Lang LaSalle on the development added: "As occupier's acknowledgement of their corporate social responsibility rises, they will we believe seek out opportunities to be associated with accommodation that reduces Co2 emissions and ultimately helps to save the environment". "We will be well placed to capture and benefit from this change in opinion".

Cameron Stott of Jones Lang LaSalle commented: "the location, between Edinburgh's Exchange District and Haymarket Station is becoming increasingly important with proposals to redevelop the Haymarket Goods Yard and the tram line running close by. The site is also located very close to the EICC".

Prime Edinburgh development site for sale

Leading property agents Rettie & Co's Land & Development team has placed under offer a 1.5 acre site in Hope Terrace, Edinburgh, formerly the headquarters of Scottish Natural Heritage.

The site benefits from detailed planning consent for 17 apartments and is situated approximately one mile south of Edinburgh city centre.

At the closing date, held on 16 April, a total of nine offers were received from a number of well-known Edinburgh based residential developers with four offers being received in excess of £5m.

This disposal has been made possible by the relocation of the SNH headquarters function to Inverness during December of 2006. The remaining staff at 12 Hope Terrace have moved to an office shared with the Forestry Commission at Silven House, Corstorphine Road, Edinburgh.

Rettie & Co's Land & Development Director, William Scarlett, comments: "The level of interest shown in this prime development site provides us with another strong indication that well-funded Edinburgh based developers are confident about the top-end market particularly for the best residential development sites such as this."

Throughout the transaction Rettie & Co's Land & Development team acted on behalf of the seller, Scottish Natural Heritage.

Fisher Hargreaves Proctor in new office letting in Nottingham

Fisher Hargreaves Proctor acting as joint agents with DTZ, have secured Geoffrey Parker Bourne Solicitors as the latest tenants at 30/34 Hounds Gate. Geoffrey Parker Bourne have taken a ten year lease on the 5,395ft² second floor office suite.

James Hartley, Surveyor at Fisher Hargreaves Proctor commented that "This deal has been extremely pleasing. To secure a tenant of Geoffrey Parker Bourne's stature on such a lease is great news."

"We spent a long time with Geoffrey Parking Bourne helping them find their ideal office for their aggressive expansion plans in Nottingham and following the refurbishment of Hounds Gate back in November they felt that there was only one option for them, to move to Hounds Gate."

James further added, "This letting follows on from a number of other lettings throughout Nottingham and I think it reflects that the market is not as 'doom and gloom' as the national media might have you believe."

Sarah Cooper of Catalyst Capital LLP, the landlords, commented, "This has been an excellent letting for the property and reflects the quality of the refurbishment to both the vacant floor and reception area to provide a greatly improved specification to the building.

"To secure a tenant like Geoffrey Parker Bourne is a fantastic name to add to the already impressive tenants list at Hounds Gate and now means that we have no further space to offer at present. To have helped a company like Geoffrey Parker Bourne with their expansion plans has been satisfying for both FHP and ourselves."

Tony Kirton of Geoffrey Parker Bourne added, "Fisher Hargreaves Proctor were fantastic, they really have spent a lot of time helping us to find our ideal premises. We spent a number of afternoons with FHP walking the length and breadth of Nottingham to find the perfect premises and as it happens Hounds Gate fitted the bill on so many different levels. The standard of office space is superb and fits perfectly with our plans to continue the growth of our Nottingham office. These are exciting times for Geoffrey Parker Bourne since we only recently took 26,000 square feet in Stratford-upon-Avon to facilitate growth at our Head Office."

Tritax Securities to invest £175m in Newcastle office buildings

Tritax Securities has secured £75 million of investment in seven weeks for its Tritax Quorum EZ Unit Trust, which will invest £175m into the construction of eight office buildings at Quorum Business Park, an Enterprise Zone four miles north of Newcastle City Centre.

The EZ Unit Trust attracted just over 800 private investors, each investing an average of £92,500 each to raise £75m for the offshore trust. The remaining £100m has come from a non-recourse bank loan.

The EZ Unit Trust is targeting an estimated post tax yield of 7%.

Mark Shaw, Director of Tritax Securities, comments: The speed at which our latest EZ Unit Trust became fully subscribed not only highlights the excellent investment opportunity, but also demonstrates the upstanding appetite among private investors for quality long-term commercial property investment.

"The long term success of the project will be achieved through creating an established, vibrant business park with a wide range of amenities and the highest quality environment for users of the park."

The Unit Trust will construct eight, three-storey air-conditioned office buildings, providing 451,198 sq ft (41,916 sq m)), ranging from 26,370 to 103,256 sq ft (2,450 to 9,592 sq m), with the use of 1,458 car parking spaces.

Detailed planning consent has been granted, with the development of the 17.86 acre site is due to start in April and rolled out over four years. The Developer has entered into a cashed-backed, non-occupational license to enter the properties for 17 years from legal completion.

The development process will be managed by Grantax Ltd, the joint venture between Tritax Securities and Grantside, which has been responsible for the development of the existing buildings at the Park.

Quorum Business Park is located adjacent to the A188 only four miles north east of Newcastle City Centre and has already established itself as one of the UK's prime business park locations. Current occupiers in the area include the Inland Revenue, IBM, BT, Nestle, Dataform, Romec, Ringtons OSG and Greggs Plc.

Thursday, April 24, 2023

Bell Lawrie move to Dundee's City Quay

With the announcement that another of Dundee's top companies has moved into City Quay, the company behind the regeneration of this historic part of the waterfront predicts a bright future for Dundee's growing city centre.

The latest tenant to move into City Quay is Bell Lawrie, the leading private client investment manager, which has let 4,000 sq ft in Shed 26.

Tim Allan, of Unicorn Property Group said: "City Quay has been developed, refurbished and successfully let or sold nearly all the commercial space - or what amounts to a new commercial quarter of Dundee's city centre, set in the dramatic old buildings built by the Victorians as maritime sheds.

"The company backed a vision for the city: an enlarged city centre, with top class commercial and residential accommodation, built in a new quarter of the city which is a link to the city's proud maritime history. We are pleased that firms of the calibre of Bell Lawrie share that vision."

Bell Lawrie, who has seven offices in Scotland, employ 21 staff in Dundee, including investment managers, financial services consultants and administrative staff, will move the entire operation to City Quay.

Ian MacDonald, Division Director of Bell Lawrie in Dundee, said: "We are delighted to secure this excellent new office space at City Quay. This investment signals our confidence that our company will continue to grow in years to come as we look to strengthen our client offering throughout Tayside."

Letting agent, Andrew Dandie of Graham + Sibbald, which acted for Unicorn said: "The commercial success of City Quay - and the number of enquiries we are getting for DundeeOne - is great news for Dundee. Unicorn is developing a genuinely visionary plan for the historic Docks and the company's plans and buildings are recognised as an important part of the city's ongoing regeneration."

City Quay was acquired by Unicorn Property Group in 2005, and the company has developed Shed 26 and 27 into top quality commercial accommodation. There are 12 new Units (numbered 27 - 38) at City Quay, which to date have been purchased or leased by a series of well known professional companies.

Aberdeen office rents set to hit £30 per sq ft

The Aberdeen office rental market is set to experience a significant increase by the end of 2008 with office rents predicted to reach £30 per sq ft according to Knight Frank's ROMP (Regional Office Market Presentation), its online interactive tool which provides detailed market comparisons of all the key regional UK cities from 2002 onwards and is updated quarterly to track market performance.

Aberdeen was the only UK city to see double digit rental growth in Q1 08, with rents rising by 14 per cent to £28.00 per sq ft (Q4 07: £24.50 per sq ft); and is expected to see a further 7 per cent increase by the end of 2008 to break the £30.00 per sq ft mark. This strong rental growth is due to the continued buoyancy of the city?s office occupational market.

Edinburgh and Glasgow are also both forecast to encounter a rise in prime office rents of 5 per cent to £30 per sq ft (Q4 07: £28.50) and 4 per cent to £28.50 (Q4 07: £27.50) respectively.

In contrast to the resilience of the occupational sector, Scotland has witnessed an outward shift in prime yields as a result of the worldwide credit crunch and the increased pressures on the debt market. Aberdeen and Glasgow had the highest yield shift of 50 basis points while Edinburgh saw a 35 basis points increase ending at 5.85 per cent (Q4 07: 5.50 per cent).

Drew Oswald, Managing Partner, Knight Frank said: "Scotland's occupational market performed well throughout 2007 and this year looks set to continue this trend as Aberdeen, Edinburgh and Glasgow are all forecast to experience further increases in prime office rents. Once again Aberdeen has come out on top with a lack of Grade A stock in the city centre driving a healthy rental market."

Claire Higgins, head of commercial research, Knight Frank said: "Although prime yields have continued to move out across Scotland and the rest of the UK, the rate of movement has lessened, indicating that the office investment market may stabilise in the short to medium term. However, this remains dependent on investor confidence and the underlying economy, while concerns surrounding restrictions on financing will continue to influence performance."

Alder King secures a retail unit for Marie Curie Cancer Care

Alder King has secured a retail unit of 1,200 sq ft for Marie Curie Cancer Care at 36 Darley Street in Bradford.

The charity has taken a lease assignment from Country Casuals for a term expiring November 2011, at a passing rent of £19,250 per annum.

This new acquisition is part of the charity's UK wide expansion programme. The shop is part of a nationwide network which raises funds so that Marie Curie Cancer Care can provide free nursing care to cancer patients and those who are terminally ill, allowing them to remain in their own homes during their treatment.

Nigel Gibbons, partner at Alder King commented: "This shop will be an essential part of Marie Curie's fundraising campaign and the revenue from it will help to support cancer patients and their families across the UK. We are sure it will be very popular with local customers and Marie Curie supporters."

Alder King acted on behalf of Marie Curie Cancer Care and is their sole acquisition agent across the UK. CBRE Richard Ellis acted on behalf of Country Casuals.

AXA Real Estate in retail letting in Manchester

AXA Real Estate Investment Management, advised by Reid Rose Gregory, has let a shop at 4 John Dalton Street, Manchester to B&S; Convenience.

The Tenant has taken a ground floor unit totalling 357 sq ft (33 sq m) on a new 15-year lease at an annual rental of £24,000 pax.

B&S; Convenience represented itself.

Monday, April 21, 2023

Knight Frank lets Hamilton retail space to Optomeyes

Acting on behalf of private investor Deshen Property, Knight Frank has let 62-64 Quarry Street, Hamilton to Carla di Mambro, trading as Optomeyes.

The shop unit totals 887 sq ft of floor space and is contained on the ground floor of a three storey sandstone tenement. Optomeyes has agreed a 15 year FRI lease at a commencing rent of £28,000 per annum.

The property occupies a prime pedestrian location within Quarry Street close to the entrance to the Regent Street shopping centre. Nearby traders include JJB Sports, Klick, Going Places, Dunfermline Building Society, Shoefayre, Stead & Simpson and Greggs.

Hamilton is located approximately 15 miles south east of Glasgow City Centre, within an immediate catchment of 50,000 persons which increases to 350,000 within 10 kilometres.

Chris Ditchfield, partner, Knight Frank said: "Carla is delighted to add to her existing outlet in East Kilbride with a new store in the middle of Hamilton's shopping district. Acting as the landlord's agent, we feel confident she will prosper, particularly given her strong local connections."

Aberdeen energy park set for £150m boost

The private sector is being invited to invest in a key strategic location for the energy industry in Aberdeen City and Shire predicted to create hundreds of new jobs.

Scottish Enterprise (SE) is to set up a Joint Venture to manage the Aberdeen Science Parks, aiming to lever in around £150million of private sector investment which will generate an additional £130million annually to the region's economy and double the number of jobs at the Bridge of Don locations to more than 4,000.

The enterprise, investment and innovation agency is now seeking a private sector partner and has gone out to tender with the proposal to run Aberdeen Science and Energy Park, opposite the Aberdeen Exhibition and Conference Centre, and the science and technology park at Balgownie, Bridge of Don.

SE is working with agency Bidwells, which has worked on other similar projects in the UK, and aims to identify a private sector partner later this year. Staff who have worked to attract private sector investment to the highly successful Edinburgh Bioquarter project have also advised on the initiative.

David Littlejohn, director of industries and infrastructure at SE in Aberdeen City and Shire, said: "The parks are seen of national importance to Scotland's economy because of their capacity to drive growth and encourage the research and new products needed to ensure our energy industry continues to be a world-leader well into the future.

"They also a major part of the Energetica project to create a global hub for energy technology development.

"The existing buildings on the parks are almost fully occupied and there is strong demand for plots from companies looking to build their own premises so we expect the Joint Venture will be attractive to the private sector.

"The benefit of taking this approach is that it will secure long-term investment from the private sector which will bring greater value for the taxpayer. It will also bring greater marketing opportunities around the world, publicising our region as a great place to live, work and do business with an excellent quality of life."

The invitation to tender comes as work is well underway by SE to create an Energy Development Centre at Aberdeen Science and Energy Park to encourage innovation and turn research into marketable products. The first phase of the £4.4million research and development base at Aberdeen Science and Energy Park will provide 12 individual units and create the infrastructure needed for the second phase of 15 units.

The units will be made available on short-term, flexible leases to technology companies working on research, design and development in all energies and the building will be one of the first in Scotland to generate approximately half its power on site through biomass and wind power. It is already attracting considerable interest at a time of unprecedented demand for space at the Aberdeen Science Parks, with occupancy levels around the 95 per cent mark.

Management Process Systems announce new contract in Yorkshire

Management Process Systems Limited (MPS) announced that their innovative Contract Change Management system is selected to manage the NEC contract processes on an important regeneration project for Scarborough Borough Council in North Yorkshire. The £7.5m Scarborough Business Park infrastructure project on the A64 south of Scarborough is being constructed by Birse Civils of Tadcaster and is expected to be completed by summer 2008. The project will be completed under the NEC form of contract. Project Management is by White Young Green of Leeds.

Douglas Kendall, Project Development Manager for SBC Regeneration Services said, "The CCM system has enabled the Birse and WYG management teams to deliver best practice in NEC contract management and allowed the council to have a real time window into all the transactions linked to the contract on the Scarborough Business Park development. The project is to provide infrastructure works for the 83 acre business park which will give the Borough of Scarborough a sustainable business expansion for the foreseeable future. The project is being funded by Yorkshire Forward, The European Regional Development Fund and Scarborough Borough Council. The project is due for completion in May 2008."

The Internet based CCM system is designed to manage the contract change processes set out in the NEC form of contract. CCM is currently being used by an extensive range of clients around the UK, on civils, power and building projects. Key benefits include timely agreement of change, quality assured contract administration, the early completion of final account, rigorous contract management discipline, global visibility of risk and change issues, escalation of delays in change management, quality assured processes, real time access to financial and timeline actuals and to supporting Excel reports, electronic audit trail - all leading to the better management of risk and costs.

The CCM system is provided in partnership with Cantono, who provide the IT infrastructure through a managed service. The systems and infrastructure design supports an On-Demand business requirement with key partners, suppliers and clients. The application and associated databases reside on a fully managed IBM eserver configuration in a state of the art data centre using IBM Middleware.

Robin Wilkin, Operations Director of MPS said, "The implementation of CCM for Scarborough Borough Council is an important step for MPS as it adds to our growing list of Local Authority customers. This indicates the growing importance of providing a first class contract management support service that encourages collaboration, and provides global visibility of contract status. The service reflects 6 years of operational feedback from contractors, consultants, and clients."

Edinburgh's Apex almost at full

The popularity of the Apex 3 building at Edinburgh's Haymarket Station has again been emphasised with another new deal at the grade B office block.

In a deal structured by DTZ, Cyril Sweett has sublet 1,303 sq ft of the first floor to the Stewart Milne Group, one of the UK's leading privately owned housebuilders - which is establishing a commercial arm in the capital - at £21.50 per sq ft. This leaves just 3,000 sq ft of space available in the prominent building.

DTZ acted on behalf of construction and property consultants, Cyril Sweet last year to acquire the 5,267 sq ft first floor, with the firm set to expand 'significantly' over the coming years.

Peter Fraser, senior surveyor, DTZ, said it had been marketing the 'expansion space' specifically for short-term lets.

"The space was ideal for any business looking for a short-term lease basis in a good quality, Grade B office in the city with excellent communication links across the country.

"The latest letting now leaves only 3,200 sq ft available in the building and adds to argument that there is a shortage of grade B office accommodation in Edinburgh city centre."

Current tenants at Apex 3 include, EC Harris, Mapley and TMP worldwide.

DTZ acted on behalf of Cyril Sweett and Jones Lang LaSalle acted for the Stewart Milne Group. Landlord at Apex 3 is Apia Trust.

Lambert Smith Hampton appoint new team in Manchester

Lambert Smith Hampton (LSH) has announced the appointment of ex-Erinaceous Director of Planning, Tony McAteer, together with his team in an expansion of the business' national Planning, Development and Regeneration service.

The move sees Tony and four colleagues (Director Mark Wolstenholme, Associate Director Nick Mills, Senior Planner Jennie Hann and Graduate Claire Norris) re-unite with former colleagues, Director Richard Moffat and Associate Director Katie Fluhrer, who joined LSH from Erinaceous earlier this year.

These appointments represent the latest step by LSH to increase its national service lines and to support the business' aggressive development plans launched in 2007. The team further bolsters LSH existing national planning capability and will play a key role within LSH's large-scale client land disposal programme and in its strategic residential development partnership with Sequence.

Operating nationally and based in LSH's Manchester office, the new team will work closely with LSH's Manchester-based Urban Regeneration department, run by Director Andrew Delaney, in addition to planners and development surveyors based in LSH's London, Birmingham, Cardiff, and Chelmsford offices.

Mark Rigby, Chief Executive of LSH, said: "Bringing Tony McAteer and his team into LSH is a tremendous result for us and will strengthen our ability to offer strategic, top quality national Planning services to our clients. As we expand the range and breadth of our national service lines, we believe that we can offer an increasingly attractive combination of national strength and specialist expertise.

"Tony and his team bring experience as well as fresh ideas and, with our national Planning, Development and Regeneration team now doubled in size from 12 months ago, we are taking significant strides to expand our share of this important market. It's a great fit for us and we are delighted to have the team on board."

Tony McAteer said: "Joining LSH gives me and the team a great opportunity to be part of a business where our skills can add real value and our work can complement a more compelling and joined-up proposition for clients. LSH is a business which is clearly moving forward. Being part of a progressive and dynamic set up will be an exciting challenge - it's one we are all pleased to have."

Wednesday, April 16, 2023

Gecko New Media expand in Edinburgh's West End

Gecko New Media has moved to new offices at Melville Street, Edinburgh, announced Jones Lang LaSalle today.

The web design company has signed a five-year deal worth £19,350 per annum to lease a 1,045 square feet (97 square metre) space on the first floor of 44 Melville Street.

Sara Thomson, graduate surveyor with Jones Lang LaSalle, which acted for Gecko New Media, said: "The accommodation has benefited from being recently refurbished to provide good quality traditional townhouse space. The additional accommodation will allow Gecko to grow over the coming years."

Gecko New Media was previously based in Chester Street, Edinburgh.

New protocol for Scottish Energy Performance Certificates for existing buildings

The Scottish Building Standards Agency (SBSA) has entered into a protocol with BRE Scotland for the issue of Energy Performance Certificates (EPCs) for existing buildings in Scotland. This scheme is one of several that the SBSA has in place with different organisations - see for further details.

The requirements to become a member of the scheme are as follows:

- To have the required professional criteria for membership.
- To abide by the scheme's Code of Conduct.
- To abide by the scheme's Disciplinary Procedures.
- To have details published on our register of EPC scheme members (existing buildings).

Training will be provided for scheme members in the following:

- The use of the Simplified Building Energy Model (SBEM) calculation tool for non-domestic buildings; Reduced Data Standard Assessment Procedure (RdSAP) for domestic buildings.
- Energy efficient designs.
- Energy audit survey techniques.

To register your interest in joining the scheme go to or contact Laura Birrell at BRE Scotland: 01355 576200

Top Aberdeen West End hotel sold

Knight Frank's Hotels team has announced that Simpson's Hotel on Queens Road, Aberdeen has been bought by its client Manorisms LLP in a deal funded by the real estate team at Bank of Scotland Corporate in Aberdeen.

Knight Frank's Partner, David Reid said: "This is probably the biggest hotel deal to have happened in the North East this year and we are delighted that such a top quality hotel is staying in local hands."

Manorisms LLP, a local company operating serviced accommodation at Kepplestone Manor, has purchased The Simpson Trading Company, which has owned and operated the hotel for the past 10 years.

Tim Philpot, Director quoted: "We were not searching for a hotel purchase, but the synergy of being able to run two complementing high class businesses in the West End of Aberdeen, within walking distance of one another was of irresistible appeal.

"We have no plans to make any changes to this successful business. The existing management, and staff led by Martin Brown are remaining with us, and will continue to develop this first class establishment. Simpson's has a very good local clientele, who we very much look forward to continue to look after in every way."

Company Director Martin Brown said that he was delighted to have the extra accommodation in this buoyant market, and confirmed that the hotel will retain the Simpson's name. He will continue to run the business with his loyal team, offering the same quality of service and standards, and good value for money he has given since opening the hotel.

Scott Burness, Director of Real Estate at Bank of Scotland Corporate, said: "We were happy to further entrench our relationship with Manorisms by funding this purchase, as we did their purchase of Kepplestone Manor. This is an excellent hotel and we're looking forward to its future under Manorisms."

David Reid of Knight Frank further commented: "My clients had very specific requirements, and there was no question that an off market deal appealed to one and all. Both vendor and purchaser have strong mutual respect, and a very quick deal occurred, which suited all concerned."

Alexander B Robb, who acted for the vendor, would not confirm an exact price, although it was confirmed that a 'fair price' was paid for what is without doubt, one of the best hotels in the North East of Scotland.

Savills raise over £4m in Nottingham auction

Savills April Auction raised just over £4million in receipts for clients across a wide range of properties both in style and geographical location. A number of traditional terraced and semi-detached houses for investment or modernisation in Sherwood, Radford and Aspley sold well and particularly Hollington Road in Aspley reached £91,000 on the rostrum with strong and competitive bidding.

Chris Charlton, Auctioneer for the afternoon, commented "there were a number of new faces in the Auction Room and some first time buyers who had called to the office previously to enquire about the potential for buying at auction and were amongst the bidders for housing stock more traditionally sold into the investment market. This is an indication of the return of first time buyers to the auction market looking to snap up a bargain for their own use and competing with the investors"

There was good interest in vacant retail and commercial units including Lot 9, 291/291a Main Street, Bulwell which sold from the rostrum at £160,000. The following Lot 10 at 630 Radford Road sold on behalf of the Nottingham City Council sold under some of the most competitive bidding of the afternoon at £210,000.

Some development opportunities showed less interest and were indicative of the current economic conditions however, The Old Brick Yard at Burgass Road with planning for six units was successfully sold post auction.

Barn conversion properties at Common Lane Bramcote received some of the strongest interest in the afternoon and from a guide of £300,000 to £400,000 realised £500,000 from the rostrum.

At attractive period town house in Southwell was again successfully sold under the hammer for £145,000.

Chris Charlton added that , "all in all, given the current economic climate and lending constraints, the results were ahead of expectations although a number of unrealistic reserves from clients meant their properties remained unsold despite interest and bidding under the figure from the room".

A crowd of over 200 people packed the Auction Room at Nottingham Racecourse and a number of entries are already included for the 22nd May sale with further entries invited. The emergence of new buyers into the room, in particular some first time buyers looking to get onto the property ladder, is indicative in the change in the market and those doing their research and coming to the auction well prepared went away satisfied with their purchases on the day.

SGM gain three new shopping centre instructions

SGM Property Consultants have been appointed as leasing and development advisors on three new shopping centre instructions.

The centres are the Kyle Centre and Arran Mall in Ayr, (95,000 sq ft). St Giles Shopping Centre in Elgin (80,000 sq ft) and Rutherglen Shopping Centre, Glasgow (90,000 sq ft).

The Kyle Centre, Arran Mall and Rutherglen Shopping Centre are owned by Cairnduff Properties. St Giles, Elgin, has just been bought by Upland Developments Ltd.

SGM Director, Donald Syme, commented "It is great news that SGM have been appointed on three shopping centres which need active asset management and intense retail agency input to extract extra value. These are new clients for SGM and we look forward to working with them on these and other projects."

SGM are sole agents on Rutherglen and joint agents with Savills on Kyle Centre/Arran Mall. DTZ are joint agents on St Giles, Elgin.

Monday, April 14, 2023

£20m Castle Retail Park set for Stirling go-ahead

Scotland's leading retail developer has been granted planning consent for a £20 million project that will help transform an area of Stirling earmarked for regeneration.

Forrest Developments say the Castle Retail Park in the Raploch area of Scotland's newest city will create 150 jobs, with a possible opening date in the summer of 2009.

Already clothing giant TK Max is committed to renting 50 per cent of the 75,000 square foot development that includes a 25,000 square foot mezzanine level. There is significant interest in the other retail units.

The proposed development, which is adjacent to a Sainsbury's supermarket, will make the area an integrated shopping destination, complementing Stirling town centre's existing facilities.

It is expected that the retail park could open for business next year subject to Ministerial approval.

For Glasgow-based, award winning Forrest Developments Ltd, which was formed seven years ago and enjoys a pre-eminent industry position in out of town retail and leisure developments, the Castle Retail Park deal is only the latest in a series completed over the past 12 months.

"This is a significant, privately-funded chunk of business and one of the few planning consents of its type granted this year," said Donald Stewart, Managing Director, Forrest Developments.

"We have enjoyed great success specialising in out of town retail and leisure developments and we remain committed to that business, committed to investing in the Scottish property market and investing in Scotland.

"The Castle Retail Park is in a regeneration area so our development is being welcomed locally for the range of top quality retail outlets it will attract, for boosting shopping choice and, of course, the job opportunities."

In the past year, the company agreed to a £42.5 million purchase price for its Westfield site close to Murrayfield Stadium in Edinburgh from Hermes Real Estate Investment Managers and it was fully pre-let to Sainsbury's at a rental of £1.68 million

The company bought the Westfield site five years ago for £7 million with the aim of developing a top quality supermarket in this area of the capital, just over a mile west of the city centre.

Last year, it also acquired a site and gained planning consent for a £20 million development of a Sainsbury's supermarket in Dalkeith town centre.

"These were major successful developments, typical of the projects we like to be involved with.

"We have a commitment to - and now a reputation for - creating jobs in the retail outlet sector and we are looking ahead to another busy 12 months," said Donald Stewart.

"We see plenty of opportunities and we intend to capitalise fully."

New associate appointed at Tods Murray

Tods Murray LLP is delighted to announce the promotion from 1 April 2008, of Leonie Hall to Associate in the firm's Commercial Property team in Glasgow.

Leonie, an English qualified lawyer, joined Tods Murray in August 2006 having previously trained and practised in England for 5 years. Leonie works with Glasgow Partner Elaine Hunter giving property support to the firm's Capital Projects team and is a member of the Planning and Environment team.

Elaine said: "Leonie's promotion further emphasises both the growth of our Glasgow team and our ability to undertake English property work for our existing clients".

Dormer Tolls return to Sheffield

Property expert Knight Frank will oversee a multi-million pound move back to Sheffield for leading global brand Dormer Tools.

Knight Frank Commercial's building consultancy team, headed up by partner Jonathan Ingleby, will be co-ordinating the relocation of one of Sheffield's best known engineering marques back to an impressive base at the groundbreaking Advanced Manufacturing Park (AMP).

The Sheffield-based team is undertaking a fast-track seven month project to manage Dormer's move to the brand new 20,000 sq ft state-of-the-art facility which is located at the innovative AMP between Rotherham and Sheffield.

Jonathan Ingleby said: "This is an intensive but extremely exciting project for Knight Frank's team. Over the next seven months we will be co-ordinating the move from monitoring the works on site through to practical completion to ensure the project is delivered on time and to the high standards.

"Our role is to bring the whole project together for Dormer."

Dormer's new multi-million pound home will feature:

- A major research and development facility, which in collaboration with partner organisations such as the University of Sheffield will see Dormer push back the boundaries of tool design
- A custom-built international standard training centre
- Global corporate functions such as IT, sales and marketing and product management
- An international export service to support emerging and developing markets.

Dormer staff currently based at the Shireoaks Road site in Worksop will transfer to the new location.

Nigel Bullivant, Dormer's chief information officer said: "Occupying new prestigious premises marks a new era in the history of the company. Our prime position in the heart of the AMP places us in one of the most significant regeneration schemes in the Yorkshire area and brings us back to our South Yorkshire roots.

"The value of professional building consultancy advice is of increasing importance in the development and management of all building types. From survey, to design, to build, to ongoing management - Knight Frank will be there to guide us through the development phase to ensure our total property requirements are met."

Bravissimo for Mulltree Walk in Edinburgh

Acting on behalf of Bravissimo, Culverwell has completed a new lease on Unit 17, Mulltrees Walk, Edinburgh with the landlord Coal Pension Properties Ltd being advised by LaSalle Investment Management.

The unit extends approximately to 3,500 sq ft and is arranged over the ground, first and second floors. This store is Bravissimo's third Scottish store with the other two outlets based in Glasgow and Aberdeen.

Mike Tremellen of Bravissimo commented: "We are absolutely delighted to have secured yet another site in Scotland in the prestigious Mulltrees Walk development anchored by Harvey Nichols. Bravissimo has a loyal following in Scotland and this store will go a long way to servicing our existing customers."

The landlord was represented by Cushman & Wakefield and McGregor Chartered Surveyors.

Sunday, April 06, 2024

King Sturge appointed to market Trilogy 1 at Eurocentral

King Sturge has been appointed by Highbridge Group as joint agent with Montagu Evans to market the remaining office space at Trilogy 1 at Eurocentral.

This is the last available building at Trilogy Business Park and the remaining space extends to circa 24,400 sq ft over the part first and second floors. It is a prime and well-established office development occupying one of the most prominent locations on the M8 motorway at the heart of Scotland?s central belt and has proved to be a popular choice for high profile occupiers including Laing O?Rourke, NCR and Cisco Systems.

The building has been designed with quality and flexibility as its guiding principles, with double height reception areas complemented by good natural day-lighting and highly efficient office space. Access is excellent and generous on-site parking can be provided for occupiers - in fact, planning consent has been sought for an additional 38 car-parking spaces, which will increase the floor space to car parking ratio to approximately 1 space : 210 sq ft.

David Cobban of King Sturge said: "Trilogy sets the standards for office relocations in Glasgow and central Scotland - we anticipate a high level of interest in the remaining space which offers discerning occupiers top quality space within a prime location. Flexible terms are available for the remaining space at rentals from £13.50 per sq ft, including up to 113 car parking spaces."

Trilogy offers tenants one of the best served locations in Scotland, given its prominent position next to the M8. It offers excellent branding opportunities for occupiers, as over 80,000 cars pass the site every day, plus the 2014 commonwealth Games are to be held in the east end of Glasgow which is focusing significant attention on Eurocentral due to its proximity and accessibility.

The development is directly accessible at the Eurocentral Interchange from both Edinburgh and Glasgow, along with their respective international airports, via the M8 Motorway. The Baillieston Interchange, linking the M8 with the M74 and all destinations south, is only 3 miles to the west. Access to the north, Falkirk, Stirling and beyond is also via the Baillieston interchange (M73) then A80/M80.

Bright 3D lease new offices at the Sugarbond in Leith, Edinburgh

Leading design firm Bright 3D has signed a five-year deal to lease a stunning penthouse office suite at the Sugarbond building at Anderson Place, Leith.

The suite, which extends to 1,814 square feet, features a rooftop terrace with panoramic views of the Edinburgh skyline.

The firm, experts in creating visitor experiences for retail environments, exhibitions, museum and galleries, was formed after a management buyout of Navyblue 3D and was previously located at the Corn Exchange on Constitution Street.

Geoff Scott, of Jones Lang LaSalle, which acted for the landlord Kenmore Property Group, said: "The top floor suite certainly has the wow factor and provided Bright 3D with exactly the sort of working environment they were looking for. The company joins Chase Recruitment in the building which occupies the ground floor, leaving 15,163 square feet of high quality open plan offices and car parking available in suites from 2,453 square feet."

Leed's Arndale Centre continues growing success

Topwell Estates has taken the Arndale Centre in Headingley, Leeds, West Yorkshire from strength to strength since its purchase in November 2006. Over the last 18 months the landlord, advised by Savills, has attracted numerous national retailers including Costa Coffee, O2 and Ladbrokes, which have helped to augment its already strong tenant mix.

As a result of its growing success, Topwell Estates has sought to enhance the 63,373 sq ft (5,887 sq m) centre, which currently incorporates a Somerfield supermarket, 22 retail units, a seven-floor office block totalling 50,679 sq ft (4,708 sq m) and a 215-space car park. The landlord has recently been granted planning consent for a £2.2 million refurbishment of the shopping centre and the creation of an additional 12,000 sq ft (1,115 sq m) of office accommodation.

Steve Henderson, associate director of Savills, comments: "These are exciting times for the Arndale Centre. The refurbishment will help to strengthen the scheme, which already hosts a variety of national and independent retailers, and augment its position as a prime retail destination."

The comprehensive refurbishment will entail the recladding of the centre's façade and a new canopy, as well as the reconfiguration and expansion of existing stores in order to maximise space and generate opportunities for new retailers. It will also include improvements to the paving, streetscape and furniture, car parking and lighting.

Standard Life sells freehold in Sunderland

Standard Life, advised by Churston Heard, has sold the freehold investment of 241-246 High Street West, Sunderland to a private investor for £4,200,000, reflecting a net initial yield of 6%.

The parade of three retail properties totals approximately 23,000 sq ft (2,136 sq m) and is let to three national retailers - Priceless Shoes, Evans and DSG.

The property produces a total annual income of £267,750.

Lambert Smith Hampton appointed managing agent at Edinburgh Park

The Property Management team at Lambert Smith Hampton (LSH) has been appointed as managing agent for Scotland's premier business park, Edinburgh Park, by Edinburgh Park Management Limited. LSH will represent the various owners which include New Edinburgh Ltd, the joint venture between Miller Developments and City of Edinburgh Council.

Pamela Grant, Director, New Edinburgh Ltd said: "Edinburgh Park is one of the most prestigious business parks in the country and LSH demonstrated a high level of professionalism, understanding our needs and the ability to develop innovative thinking for the future.

Stephen Aird, Chairman of Edinburgh Park Management Limited and Head of Property at the Park's largest occupier, AEGON, said: "This is no ordinary management contract and with a Park population of 6,500 and growing, we were given the confidence to appoint LSH with their breadth of experience extending beyond infrastructure management to some of the real added value initiatives that create a community among the companies located at Edinburgh Park, including events, our green transport plan and bespoke Edinburgh Park website."

The deal means that the LSH team has continued to build on the success of 2007. Last year saw the business win a number of key management contracts for high quality multi let office investments including Wilson Bowden?s 70,000 sq ft Atlantic Quay office building in Glasgow, Edinburgh Quay, the 65,000 sq ft office development in Edinburgh for Miller Developments and British Waterways and the Watermark building in Livingston, a 100,000 sq ft office development for Mapeley DPI.

In the last year the property management team at LSH has been boosted by the addition of Peter Reilly as Associate Director and Brian Graham as regional Facilities Manager, both of whom bring wide experience to the team.

Neil McVicar, Head of Property Management in Scotland at Lambert Smith Hampton said: "Edinburgh Park is a prestigious contract and we are delighted to add this to the other recent new contracts of similar standing. We have built a highly experienced team of professionals at LSH and the combination of our commitment to the highest quality standards and exceptional experience in the market is proving to be a winning formula. The addition of Peter and Brian has brought real strength in depth to the team and we are confident that our success will continue throughout the year."

Under the new contract, LSH will prepare a business plan for the management of the park, provide on and off site support staff and IT infrastructure and undertake the general management responsibilities on a day to day basis. Edinburgh Park's existing staff will transfer to LSH.

Culverwell acquires 16 new stores for Baguette Express in Scotland

Acting on behalf of Baguette Express, Culverwell has acquired 16 new stores in Scotland over the last 10 months. A further 12 store acquisitions are in legals and Baguette Express are actively seeking more stores across the UK.

Baguette Express was established in 1999 and is now considered one of the leading franchise businesses in Scotland, providing an alternative healthy snacking option. Further details on the company can be found at

New acquisitions, in addition to the existing 14 stores, include:

516 Union Street, Aberdeen
4 Crossgate, Cupar
4 - 6 Douglas Street, Dunfermline
49 Forrest Road, Edinburgh
60 Great Junction Street, Edinburgh
30 Shandwick Place, Edinburgh
8 Channel Street, Galashiels
263 Byres Road, Glasgow
51 Kilmarnock Road, Glasgow
52 West Blackhall Street, Greenock
113 Cowgate, Kirkintilloch
72 High Street, Lanark
2 Moss Street, Paisley
29 High Street, Perth
2 Brighton Place, Portobello
43 Bell Street, St Andrews