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SUPPLY OF INDUSTRIAL PROPERTY IN GREATER GLASGOW AND THE WEST CONTINUES TO FALL R


yden's latest review of the commercial property market, our 78th Scottish Property Review, shows the supply of industrial property in Greater Glasgow and most locations in the west continue to fall. The development sector has shown greater interest in creating new product, however


tender returns are showing a marked rise in construction costs and there are still few projects on site.


The availability of modern industrial units in prime locations is now at a critically low levels for a city of Glasgow’s size. A lack of space is now restricting take-up and the


vacancy level has plateaued not because of a lack of demand, but because some of the available space is unsuited to current needs.


A property such as the 20,000 sq.ft newly built industrial unit on York Road near Airdrie is an excellent unit for a business looking for a location close to the M8 between Glasgow and Edinburgh. The Baillieston Interchange is located 3 miles to the west, which provides direct access both to the M74 and M73 motorway networks. Glasgow and Edinburgh Airports are within 30 minutes drive.


This purpose built distribution centre is constructed to a high standard and is suitable for a range of company types. The unit benefits from a large external private yard and is cross docked providing three ground level roller doors on each elevation. The building also provides good quality existing office accommodation. Ryden is the leading industrial property agent in Scotland. Search for your next property on www.ryden.co.uk where we have over 300 industrial properties listed. You can also sign up to get an email alert as soon as a new property meeting your criteria appears on the market.


HINES AND UNIVERSAL-INVESTMENT


ines, the international real estate firm, and German investment company Universal-Investment have acquired a retail asset on Glasgow’s prime shopping street from Hermes Investment Management, the £24.1 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients - responsibly. The acquisition was made for an institutional real estate fund on the platform of Universal- Investment, administered and managed on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme group with approximately €62 billion assets under management. This deal is part of its €1.3 billion investment mandate from BVK which is targeting prime high street retail assets across Europe. 229-249 Buchanan Street is located in the heart of Glasgow’s


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retail core directly opposite the city’s premier shopping centre Buchanan Galleries and immediately adjacent to Buchanan Quarter. The building, which has a listed-façade, is 65 per cent occupied to three leading fashion and sports brands, with one unit vacant.


The property


represents the first acquisition in the UK for the BVK European high street retail account, which Hines was awarded in December 2015. Acquisitions of prime high street retail assets were previously made in Oslo and Milan totalling over €100 million of value. Jake Walsh, Director, Hines UK, said: “This represented a


rare off-market opportunity to acquire a prime retail asset of scale in an excellent location in the city’s retail core. It fully meets our criteria and offers an immediate value add opportunity with the vacant unit.”


16 T LSH READY TO SHIFT UP A GEAR


he man leading Scottish operations for national commercial property consultancy Lambert Smith Hampton (LSH) has revealed they are now in a prime position to significantly scale up the business north of the border. Craig Maguire, who was appointed LSH’s head of operations for Scotland earlier this year, was speaking at the company’s new office launch celebration in Glasgow last night (May 19th) which was attended by staff and clients. Maguire’s appointment has come during a crucial phase for LSH in Scotland. As well as the move to their new Glasgow HQ in Bothwell Street,


Craig Maguire


the company is also relocating to larger accommodation in Edinburgh this summer, with the opening of a new office suite in Castle Street. LSH has also recently strengthened its teams across Scotland with a number of new appointments and promotions within key departments. And as Maguire is quick to point out, the solid footing has been built despite a backdrop of two years of political uncertainty across the UK: “In the last couple of years we’ve had the Independence Referendum in Scotland, a UK General Election, Scottish Parliamentary election and the forthcoming EU Referendum to contend with. There’s no doubt political uncertainty impacts the market and makes investors jittery. “That said, LSH has built solid foundations during that period and I believe the new offices in Glasgow and Edinburgh, as well as our on-going recruitment policy, are major milestones in the firm’s growth plans for Scotland. We are committed to doubling the size of the business in Scotland and by investing in new premises and staff we are providing our clients and competitors with a sign of our intent to move up a gear. “Everything is now firmly in place for us to strategically expand our operations in Scotland,” added Maguire.


COMMERCIAL PROPERTY MONTHLY 2016


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