Scotland


Smart Metering Systems Extends Office Lease Agreement at 48 St Vincent Street in Glasgow


Craig McGinn of Smart Metering Systems said: “Having looked at a number of alternative locations we decided that for business continuity remaining in situ was the best decision. We agreed with our landlord improvement works that would benefit our occupation and support our staff to create the best environment in a central location which they enjoy.”


Gillian


Smart Metering Systems (SMS), a leading energy infrastructure company, has successfully renegotiated and extended its lease at 48 St Vincent Street, Glasgow advised by Ryden’s Office Agency team.


The decision follows an extensive search for alternative office premises and detailed negotiations, culminating in SMS’s commitment to


remain in its current location, which


encompasses over 18,000 sq ft on the 2nd and 3rd floors.


The strategic decision to regear the lease rather


than relocate was made after


considering the building’s excellent central location, which is highly valued by the staff, and the improvement works proposed by the landlord Pontegadea.


Giles of Ryden, who represented


Smart Metering Systems in this transaction, commented: “After our comprehensive market assessment and meaningful discussions with the landlord, it became clear that SMS’s best course of action was to continue their tenure at 48 St Vincent Street.


“We are proud to have assisted SMS through these pivotal negotiations, ensuring


needs are met through planned property improvements.”


Savills acted for the landlord Pontegadea. 48 St Vincent Street is a mixed-use building featuring retail spaces on the ground floor and office accommodation on the upper levels. This dynamic property serves as a vibrant hub for business and commerce, located in the heart of Glasgow’s bustling city center. The building’s central location, coupled with the planned upgrades, makes it an ideal workspace for modern businesses.


HFD Makes Experienced Hire for Senior Property Management Role


HFD leading –


Scotland’s commercial


property company – has


appointed Lisa Gribben as property management director


to support the operation and growth of its serviced offices portfolio.


Lisa was previously a partner at independent commercial


property consultancy Knight


Frank, covering the whole of Scotland, and has over two decades of experience in property management. In her new role with HFD, she will support the property division of the business in providing high-quality occupier services to clients across the central belt.


Lisa’s appointment follows the launch of HFD’s new serviced office concept, Ospa, in February. The first-of-its-kind offering in Scotland provides occupiers with all-inclusive, flexible serviced office space, without the hidden fees typically associated with similar services.


The portfolio includes 180,297 sq. ft. across four buildings at Strathclyde Business Park and 37,000 sq. ft. at Hamilton International Park. Over 300 businesses operate from HFD’s serviced properties across the two


COMMERCIAL PROPERTY MONTHLY 2024


sites, supporting a community of over 6,000 professionals with sustainability and well- being at the core of the occupier offering.


HFD also manages office space at 177 Bothwell Street in Glasgow city centre, as well the Aurora building at 120 Bothwell Street, which is due to complete later this year.


HFD has a 30-year legacy of providing quality serviced office space and has invested significantly in refurbishing and enhancing the properties across its estate. Each of the sites offers high-quality, highly sustainable office space, with electricity supplied from identified, 100% renewable sources and a range of on-site amenities.


Rosemary Hill, director of HFD Services, added: “Lisa is a great addition and has significant experience in property management that will add to the expertise we already have in the team. She joins at an exciting time following the launch of Ospa which, with the greater emphasis on quality and flexibility, has already been well- received by the market. She will support us with further development of the new service, while also maintaining our track record with existing occupiers – some of which have been based at HFD properties for decades.”


their


£81.5 Million Build-to-Rent Scheme Completes at Glasgow’s Candleriggs Square Merchant City Regeneration Site Continues to Take Shape with Second Major Completion


The £300 million transformation of Candleriggs Square in Glasgow’s Merchant City


is forward funded by Legal &


General (L&G). Main contractor Graham Construction has delivered the practical completion of the £81.5 million scheme, allowing L&G to progress with the internal fit-out


continuing apace following the


completion of the second major building on the site – a 346-homes build-to-rent scheme,


of the building before the first residents move in later this summer.


Developed by a joint venture between Drum Property Group and Stamford Investments,


the 3.6-acre Candleriggs


Square site is regarded by many as the last and most important piece of Glasgow’s Merchant City regeneration jigsaw. The square welcomed the opening of Scotland’s largest hotel by room numbers, the 494-room Social Hub Glasgow, in April this year.


Designed to meet the increasing demand for high-quality city centre rental accommodation in Scotland, the 325,000 sq. ft L&G scheme provides 346 apartments together with a range of retail and commercial units


at ground floor


level creating an attractive and accessible public realm. An entrance lobby opens onto Glasgow’s Trongate, providing direct access to a communal landscaped courtyard at the first-floor level, while a range of roof terraces provide spectacular views


across the city. The building’s


completion was marked by the release of drone footage showing how the finished homes form a spectacular cornerstone of the Candleriggs Square regeneration.


The 3.6-acre - bound by Wilson


Candleriggs Square site Street, Hutcheson


Street, Candleriggs and Trongate – was originally home to Glasgow’s flourishing fruit and vegetable market. For most of the 20th century, the square played host to a department store before remaining unoccupied and derelict for more than two decades, following the closure of the last operator there in 1999.


Drum and Stamford’s joint venture launched the ambitious £300m plan to transform


Candleriggs Square when


they first bought the site in March 2019. Plans include a high-quality mixed-use scheme combining homes, offices, hotels, restaurants and local amenities, together with


landscaped open spaces visit: www.candleriggs-square.com 35 and


accessible walkways, with a new public square at its heart. For more information on Candleriggs Square,


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