Scotland Highlands & Islands – Industrial overview


Graham + Sibbald are extremely active in the Highlands & Islands, disposing and acquiring all styles and type of commercial property.


For the purposes of this article, the subject is industrial property and particularly why it is such a strong asset class.


The Longman Industrial Estate is the premier business


address for Class 4, 5 & 6 (and some retail) operators within Inverness and it serves the local population of upwards 60,000 people. It is also the focal point for business for the wider Highlands & Islands which has an estimated population of in excess of 250,000.


Within the Inverness area, there is a limited supply of development land and therefore the Longman (out with the established areas of the Carse Industrial area and Dalcross/ Inverness Airport Business Park) experiences very little competition from other locations. As such, local occupiers and existing businesses will seek to secure accommodation within the Longman Industrial Estate to serve the established customer base. There is very limited supply of new build industrial accommodation within Inverness and the Longman in particular due to the lack of available land. Because of the occupier demand, older units tend to be refurbished, upgraded and extended to meet the requirements of occupiers and businesses as they grow. There is not enough development to cater for the demand from occupiers and that underpins the Longman as the premier business address within Inverness. The Longman cannot naturally


extend because it is bordered by the Moray Firth, A9 trunk road and Inverness city centre. The combination of active occupier requirements and lack


of new product means


that there is significant pressure on rental and land values remain strong, despite the recent economic uncertainty and interest rate rises.


We have seen significant rental growth over the past 18-24 months and void periods for units are often practically nil. Because of this demand, the quality of units when compared to new build is often secondary.


Headline rental levels for prime properties are now well in excess of £10 per sq ft, void periods are practically nil and it is possible to secure long term leases. Land values are also protected by this depth of demand where established businesses prefer to purchase rather than lease.


Given the difficulties in acquiring industrial property in the Highlands, Graham + Sibbald can offer to act on your behalf. At the outset, once your requirements are understood, we would provide a report highlighting suitable options in the market. Given our expert knowledge, we can provide ideas and opportunities that are not actively marketed. In the majority of cases, the property which is ‘off market’ is the right one.


Using Graham + Sibbald for the acquisition of your property can help avoid any surprises and minimise the risks of buying / leasing in a complex and very active market.


DM Hall Brings Kinloss Golf Club in Forres and Adjoining Proposed Holiday Park to Market


Offers over £900,000 are invited, or offers over £500,000 for golf club, and offers over £400,000 for proposed holiday park


Kinloss Golf Club, an established 9-hole golf course with clubhouse and a proposed holiday


park comprising


planning consent for 16 holiday lodges and 6 glamping pod plots situated close to the popular Moray Coast, is being marketed by the rural team at DM Hall, a


leading independent firm of chartered surveyors.


Bids over £900,000 are invited for the whole 49.22-acre site though it is also available in two lots: LOT 1, the golf course, including the clubhouse with planning consent for residential conversion extending to 40.66 acres is available at offers over £500,00, while LOT 2, the holiday park site, including 16 lodge plots and 6 glamping pod plots of 8.56 acres is on the market at offers over £400,000


Kinloss Country Golf Club is a well-maintained facility featuring a clubhouse (GIA 129.2 square metres), car park, a nine-hole golf course defined by hedges and post and wire fences. The clubhouse, positioned at the entrance of the property, is constructed with a timber frame and is well-equipped to cater to members and guests. Inside, the clubhouse is divided into several functional areas, including an entrance/reception, a comfortable lounge and bar, kitchen, WC facilities, and changing rooms.


The proposed holiday park, which forms the eastern part of the property, has planning permission for the construction of 16 holiday lodges, the sites for which have been established, can be occupied for 11 months of the year. There is also approval for 6 glamping pods within a wooded site to the rear. The overall site lies in an elevated position, providing an attractive outlook over the surrounding countryside and good access from the public road.


COMMERCIAL PROPERTY MONTHLY 2024


Working with Health and Social Care Moray, Springfield and Grampian Housing Association will deliver a mix of bungalows, terrace houses, cottage flats and apartments to suit a wide selection of the community in Elgin. The homes will be built for Grampian Housing Association with some of the properties designed to meet varying needs.


12 apartments with two communal spaces within the development have been designed for select people in the area with learning disabilities to offer a level of independence. The apartments have been designed to create a supportive environment where the tenants can live independently with staff on hand to encourage key life skills. With the clever building design, there will be a communal space for the tenants to enjoy safely together and smart technology will be utilised with sensors and alarms in place.


Located within Elgin South, a new village on the edge of Elgin with a range of housing, open spaces, play parks and community infrastructure, the new homes will be close to local amenities.


The much-needed affordable homes will be highly energy efficient, utilising innovative air source heating technology which will keep running costs low for the residents with a minimal impact on the environment. Built using timber frames at Springfield’s offsite timber factory and with thick layers of quality insulation, the homes have been designed to retain heat, again contributing to reduced running costs for the residents.


Construction work on the affordable homes is already underway and planning for the apartments to suit varying needs is expected in the coming weeks.


27


Springfield Set to Deliver Affordable Homes to Support Independent Living


Springfield Partnerships, the affordable housing arm of the Springfield Group, has agreed a contract worth £8.2m with Grampian Housing Association for the delivery of 42 high quality affordable homes in Moray – including apartments designed to offer independence for people with learning disabilities.


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