scottish news |
PRIME INDUSTRIAL REDEVELOPMENT OPPORTUNITY IN INVERNESS FOR SALE A
cting on the instruction of Forest Enterprise Scotland, Shepherd
Chartered Surveyors is offering a prime industrial redevelopment opportunity in Inverness for sale. Prominently located on the north side
of Harbour Road, one of the main thoroughfares within the Longman Industrial Estate, the prime business area of the city, the property benefits from a high- profile roadside location and enjoys easy connections to the main road network with the A82, A9 and A96 all readily accessible. The property comprises a generally
level and rectangular site extending to 1.3 acres and presently has three workshop/storage buildings with a concrete dock leveller in the centre.
An acre of the site is held under
heritable interest with the remainder held on a ground lease which runs until 2063. The ground lease is subject to five-yearly rent reviews with a current rent payable of £6,500 per annum. Sandy Rennie, partner in the Inverness
office of Shepherd Chartered Surveyors, said: “This prime site provides a rare opportunity for a purchaser to comprehensively redevelop a much sought after industrial location for owner
LBTT REVENUE FALLS
Scottish Property Federation (SPF) have shown Land and Building Transaction Tax (LBTT) revenue has fallen from April to May 2017. Overall, May 2017 saw LBTT revenues
O
fall £3.2m to £43.5m compared to April 2017. The major factor in this month’s decline is a drop in commercial property LBTT of a third from £17.9m in April 2017 to just £12.3m collected in May 2017. Residential property revenue has
slightly increased compared to April (up from £19.3m to £20.7m). However, if replicated over the year these revenues would still leave the Scottish Government considerably short of the residential SDLT in Scotland in its final year where it returned £275m (2014-15). The LBTT revenue is boosted
considerably by the second homes 3% ‘slab tax’ (called the Additional Dwellings Supplement, or ADS for short) which by itself generated £10.5m in the month (up from £9.6m in April) and accounted for nearly a quarter of all LBTT revenue (£43.5m) in May 2017.
COMMERCIAL PROPERTY MONTHLY 2017
fficial figures released by Revenue Scotland and analysed by the
occupation or investment purposes, subject to planning. Prospective purchasers should make their own enquiries as to the suitability of their proposed use.” The whole site is available for sale with
offers over £1.25 million invited. Interested parties should contact the sole selling agent on tel 01463 712239. For more
information visit
www.shepherd.co.uk
BEST NEW DEVELOPMENT OUTSIDE CENTRAL LONDON C
ommercial property developer Knight Property Group celebrate The Capitol’s
ongoing success this week after bringing home the building’s fourth award. Since reaching completion in April last
year, the £35 million project has been awarded a number of high calibre awards, with the most recent being Business Council for Offices regional Commercial Workplace of the Year and OAS Awards Best New Build outside Central London. Arron Finnie, Partner at Ryden and joint
acting agent for The Capitol comments, “Three years ago Aberdeen was at a
high, with the barrel of Brent crude oil sitting at record breaking levels the city was thriving and the lack of city centre Grade A office space enticed tenants to the suburbs of the City. This in turn had a negative effect on the City Centre and contributed to the demise of Union Street, leaving a vast number of units empty and over time areas became a derelict eyesore. It was a brave move for Knight to
continue with the project, aware of the tough market they were facing due to the Oil and Gas downturn within the area. With great risks come great rewards,
which in regards to The Capitol is definitely the case. I’m delighted to see that industry experts from across the UK are recognising
the building and its stature.” In addition to the building itself, Knight
Property Group have also been recognised by Scottish Property Awards for City Centre Regeneration Project of the Year which celebrated the positive impact that the redevelopment of The Capitol had on Aberdeen City. James Barrack, Knight Property Group
Managing Director comments, “The aim of The Capitol redevelopment was to bring new life to an iconic but derelict building and to kick start city centre regeneration on Union Street. The Capitol has been one of Aberdeen’s
greatest landmarks for years and it was important that we did not compromise on quality, despite the market we were faced with. It’s a proud moment within my career knowing that not only have we restored an Aberdeen landmark to its former glory, we have also provided Aberdeen with a building recognised as the best new build outside central London.” Despite the downturn in Aberdeen, The
Capitol have overcome the challenges and the property is now home to two blue chip companies, Maclay Murray& Spens LLP and PwC, with Chrysaor scheduled to move to the building later this year having signed a 10 year lease on the property.
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