scottish news |
SUPERMARKET ACQUIRED
Wm Morrisons supermarket in St. Vincent Place, Lanark, and Helix House, an office building in Aberdeen. Morrisons, a c.23,000 sq.ft
A
supermarket was acquired from Leto Limited for £5.65 million. Morrisons, having only just signed a new 25 year lease towards the end of 2015, are committed to the site and reflect one of the core asset types Aprirose are keen to buy.
Helix House, an 89,335 sq.ft office building is located on the west side of Kirkton Drive on Raiths Industrial Estate in Aberdeen. It was acquired from Helix Well Ops for £7.8 million again under a long lease.
Helix House is a modern office and industrial facility with links to an office and workshop area, 161 car park spaces and a fully concrete secure yard area. It has excellent communication links, is adjacent to Aberdeen International Airport and is located seven miles from Aberdeen City Centre.
Aprirose owns seven other assets
in Scotland, including offices and supermarkets in Glasgow, Edinburgh and Aberdeen.
LAST UNIT TAKEN
n M7 Real Estate joint venture vehicle has recently announced that it has secured the letting of the last available unit at its 90,646 sq.ft industrial site, Imperial Park in Linwood to Supply Technologies Ltd. Supply Technologies Ltd have taken Unit 4 (comprising 20,083 sq.ft) on a ten year lease. Existing tenants include Bunzl UK Ltd, Babcock Flagship Ltd and Curot Contracts Ltd already established at the site. The industrial park near Glasgow was acquired by the joint venture in January 2015 and is now fully occupied for the first time since its original construction in 2007. Euan Burns, M7 Asset Manager in Scotland commented, “This property is now fully let for the first time and is testament to M7’s capability to undertake targeted and proactive asset management to transform a property that was 25% vacant to fully let. This demonstrates the ongoing demand for well located, modern units across the Central Belt.”
A JLL and Savills acted for M7 Real
Estate. Lambert Smith Hampton acted for Supply Technologies Ltd.
COMMERCIAL PROPERTY MONTHLY 2016 21
prirose, the leading real estate investment company, has acquired
STRONG DEMAND IN GLASGOW markets in Glasgow S
The Glasgow office market also enjoyed a successful start to 2016 with 282,455 sq.ft of space acquired for occupation during quarter 1. This is already past the halfway point compared to the full year figures for 2015 and the ten year average for Glasgow. This strong start is the result of Morgan Stanley signing a pre-let for 154,814 sq.ft at Bothwell Exchange, a new development being delivered by HFD Group on Waterloo Street in the city centre. Take-up was also boosted by further lettings at Glasgow’s newest office buildings including the Association of Chartered Certified Accountants (ACCA) taking 55,744
trong demand and a lack of supply has led to a good start to 2016 for office
sq.ft across three floors at 110 Queen Street and Registers for Scotland acquiring 17,294 sq.ft of space at St Vincent Plaza. Total available supply at the end of the first quarter stood at 1.63m sq.ft, down 5% from the position at the end of 2015, and 13% lower than twelve months ago. The new build stock that completed in 2015 has been very popular with occupiers to the extent that St Vincent Plaza remains the only Grade A new build office building that can accommodate a requirement in excess of 50,000 sq.ft in Glasgow.
At the end of quarter 1, the prime rent stood at £29.50 per sq.ft. With supply continuing to deplete, further growth in prime rental levels is anticipated in Glasgow city centre.
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