| scottish news
EDINBURGH TOPS LEAGUE TABLE
property investment outside of London, according to new research* by Morton Fraser. Research amongst British property investors by the law firm’s commercial real estate division ranks a list of ten British cities according to their attractiveness as investment options. Edinburgh (+24), Bristol (+21) and
E
Manchester (+4) are the most appealing regional locations for investors - more found them attractive propositions than those who did not. However, the remaining seven cities did not appeal to the majority of investors, with more rating them an unattractive investment proposition rather than an appealing one. Aberdeen is rated the least attractive
location for property investors. This comes after its energy-dependent economy was hit by falling oil prices, leading to thousands of job losses and the contraction of the oil & gas industry. According to Morton Fraser, Leeds,
Cardiff and Glasgow will all expect to move into a net positive investment score in the coming year after at least 30 per cent of investors felt they were attractive locations.
dinburgh has topped a list of the most attractive British locations for
THE IMPORTANCE OF FIRE INSURANCE T
he importance of sufficient building insurance is obvious to most. A recent
fire disaster on a Scottish rural estate has brought this into sharp focus. A fire ripped through a remote estate
cottage completely destroying the internal fabric of the property with only the structural walls left intact. On notifying the insurers, the loss adjuster carried out a site visit and advised the estate that in their view the property was underinsured. CKD Galbraith’s building surveying team was appointed to carry out a retrospective assessment on the estate’s behalf to establish what the building should have been insured for, prior to the fire. The retrospective assessment of the
property, undertaken by James Taylor of CKD Galbraith, confirmed the property was underinsured by more than 20%. As a result the “average” clause in the insurance policy was applied and the estate consequently received a settlement offer significantly less than the cost of reinstating the cottage. The average clause comes into force
when it can be demonstrated that the insured sum is 20% or more below the actual reinstatement cost; although care should be taken to review your policy as some insurers will have different
thresholds. If the averaging clause is applied, the claim will be reduced by the same proportion of underinsurance. In a simple example of a property that
should be insured for £100,000 but is actually only insured for £80,000, the claimant can only expect to receive £64,000 settlement in the event of a £100,000 claim. It is therefore vital that adequate and correct insurance valuations are in place to safeguard against the risk of fire damage and asset loss. In the aftermath of the fire, a phased
assessment of all properties on the estate was carried out and declared value adjustments were made where necessary. James Taylor, Associate at CKD
Galbraith, said: “Whilst the chances of a significant fire occurring are hopefully relatively low,due to improvements in construction and building legislation, this case in particular demonstrates the importance of having appropriate insurance cover to minimise loss as a result of fire damage, or indeed any other loss. “The underinsurance was extremely
costly to the estate. Had the correct insurance cover been in place at the outset, the cost of the reinstatement cost assessments would have paid for themselves many times over.”
EAST AYRSHIRE REGENERATION BOLSTERED T
he efforts of East Ayrshire Council to regenerate its towns through
investment, new business and new jobs have been bolstered by the completion of 7 new retail units in the heart of Cumnock and particularly with the news that 6 of these will be occupied from early July. The seventh unit is currently being marketed for lease or sale and offers the opportunity for a retailer to establish themselves in the centre of one of Scotland’s most vibrant market towns.
Located on Townhead Street, with
adjacent parking and excellent links to the road and public transport networks, the £2.8M investment by East Ayrshire Council has recreated a traditional Victorian streetscape within the town and provided retailers with modern, stylish and affordable space in a range of sizes from 96 sq.m to 117 sq.m. This investment represents another
piece in the regeneration of Cumnock where funding through the Conservation Area Regeneration Scheme has supported the restoration of many of the town’s historical buildings and where the Council has pursued the ‘town centre first’ principle and brought a range of its own services under one roof in a purpose built facility within the town.
22 Later this year, the 1960s Glaisnock
Shopping Centre will be demolished making way for further development. Farmfoods, the frozen food specialist will create a 10,300 sq.ft family food store on the cleared site and further investment by the Council will ensure that additional business space is provided to support private sector growth. Councillor Jim Buchanan, Cabinet
Member for Economy, East Ayrshire Council said: “It’s great to see this development nearing fruition. For the new owners and tenants these units offer a fresh start in purpose-built accommodation. “Regeneration is about more than
rebuilding and restoring fabric and fittings. It’s much more about creating good living and work spaces, taking pride in our built heritage and giving everyone the opportunity to live, shop and work in the best possible environments. For more Business Support or
information on this and other East Ayrshire commercial property for lease or sale contact:
http://eac.eu/comprop estates.management@east-
ayrshire.gov.uk Telephone: 01563 576154
COMMERCIAL PROPERTY MONTHLY 2016
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