TBC Glasgow’s Aurora Powers on with SSE Letting


Occupancy now 73% following series of lettings agreed pre practical completion


Leading energy company SSE has


secured 62,000 sq. ft.


across four floors of Glasgow’s Aurora at 120 Bothwell Street, with the well-known office building recently reaching practical completion of its ambitious project.


refurbishment


SSE will expand its Glasgow presence, with the space at Aurora adding to its existing office on Waterloo Street. The building is owned by Forma Real Estate Fund and is being refurbished in partnership with HFD Property, Scotland’s leading commercial property developer.


Aurora is providing 175,000 sq. ft. of Grade A office accommodation at the heart of Glasgow’s central business and international financial service districts, where supply of high-quality stock has been diminishing. With five pre-completion lettings agreed, 73% of the building is accounted for and there is already interest in the remaining space.


One of Scotland’s most sustainable offices, Aurora has achieved Net Zero Carbon, an Energy Performance Certificate (EPC) ‘A+’ rating, BREEAM ‘Excellent’, and is 100% powered by renewable sources. The refurbishment of the building will also deliver a 77% reduction in carbon emissions compared to an equivalent new-build property.


Offering a range of on-site amenities, Aurora features a 4,000 sq. ft. rooftop terrace, enhanced reception with flexible meeting spaces and


biophilia linking a new café space, auditorium facilities, and a podcast studio. High-quality ‘end of journey’ facilities will encourage active commuting, with 200 bike racks and 21 showers.


Forma Real Estate Fund was represented by CBRE, while SSE was represented by MC2.


Ben Dickins, Head of Asset Management (UK) at Forma Real Estate Fund, said: “Sustainability is the core of SSE’s business and it says a great deal about the building’s credentials that the company has chosen Aurora as its new Glasgow base. Aurora offers the ideal combination of market- leading green features and amenities, combined with an accessible city centre location. With practical completion achieved and a strong level of interest in the remaining space, we hope to announce more deals before the end of the year.”


Stephen Lewis, MD of HFD Property, added: “The whole concept behind Aurora is to provide what modern occupiers need from their office space – a dynamic workplace in a sustainable environment, with access to best-in-class amenities in a city centre location that you can commute to through a variety of different means. Sustainability has been absolutely critical to the project throughout and, with that in mind, it is apt that we welcome SSE as one of the building’s main occupiers.”


David Tate, Director of Property & FM at SSE said: “SSE continues to invest billions into the net zero transition and to support this expansion, we’ve decided to enter into this lease at Aurora which is conveniently located, and only a few minutes’ walk from One Waterloo Street.


“Now that the lease has been agreed, work is progressing on developing a detailed project plan to ensure the new building fully meets the needs of those moving to it. Colleagues are expected to move towards the end of 2025.”


Exciting Times Ahead in Ayrshire


The commercial property market has


experienced cost of one living of and the


strongest performing periods in a number of years despite economic uncertainty, interest rate changes and


doing


business increases, with strong demand for all sectors throughout Ayrshire.


Modern industrial units of all sizes are currently in low supply, with a strong level of demand throughout all areas of Ayrshire. Graham +


providing collaboration and meeting space rather than traditional high density office accommodation.


Fraser H Lang, Partner and Head of Ayrshire at Graham + Sibbald comments, “The new-build office space currently available within Ayrshire includes market leading, energy efficient


and flexible accommodation at Annickbank


Innovation Campus, Irvine and the HALO Enterprise & Innovation Centre, Kilmarnock, the quality of which is normally only available within large city centres. Rents are available at a fraction of city centre costs whilst benefitting from all that Ayrshire has to offer.”


Sibbald have successfully completed the letting of a number of industrial units ranging in size


and location for new-start businesses to long-established international companies. We anticipate this level of demand to hold strong and are currently advising clients in the development of new-build accommodation to satisfy the ongoing demand.


The office sector has seen the greatest change in recent years as a result of a shift in working patterns following the Covid-19 pandemic. This has resulted in increased demand for modern flexible office accommodation from small business centre suites to large open plan floorplates and pavilion style offices. Many companies and individuals have adopted a hybrid working style seeking flexible space


“We are also excited to be instructed by North Ayrshire Council in the marketing of new build state of the art Advanced Manufacturing unit at i3 Riverside Business Park, Irvine extending to 18,180 sqft with 8m eaves height, which offers unrivalled quality accommodation rarely created upon a bespoke basis.”


The retail sector is also slowly recovering throughout Ayrshire, with a resurgence in demand from small local independent retailers, providing boutique-style individual offerings.


Graham + Sibbald offers a high level of personal service, specialist skills and local knowledge from the largest multi- disciplined team of property professionals within Ayrshire, providing a full range of commercial and residential property services from their offices in Ayr and Kilmarnock.


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COMMERCIAL PROPERTY MONTHLY 2024


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