Scotland
MFMac Deals Demonstrate Confident Property Market in Scotland
When Morton Fraser and MacRoberts merged to become MFMac in November 2023, the firm’s Real Estate team doubled in size overnight, delivering an equivalent number of lawyers in two of Scotland’s major cities - Edinburgh and Glasgow. As well as delivering on size, the merger has shone a light on the strength of expertise of MFMac’s combined real estate team, and our excellent client base, during fairly challenging times in the Scottish real estate sector.
Michael Ramsay
2023 was a difficult year for the Scottish real estate market. A combination of high interest rates, stubbornly high inflation and weak economic growth deterred investors, developers and occupiers from sinking money into property.
But timing may well prove to be everything. Since the first quarter of 2024, there have been signs of increasing positivity in the real estate sector, and MFMac has recently been involved in some of the most notable investment and development deals.
For example, we represented David Samuel Properties in their c. £16m acquisition of the BP HQ, Dyce, Aberdeen. In the same location, MFMac also acted for Patrizia in the disposal of Annan House - one of the largest office developments in the city - for £32m.
Turning south to Glasgow, we acted for Stelmain in the acquisition
Lismore Brings Capital Trophy Office Asset to the Market for £41m
The Mint Building offers an outstanding and rare investment opportunity in the heart of Edinburgh’s St Andrew Square
Lismore Real Estate Advisors has brought The Mint Building, a premier investment opportunity, set in the heart of Edinburgh’s most highly desired office and leisure locations, to the market on behalf of Hines.
This iconic property, strategically located on the south-east corner of Edinburgh’s prestigious St Andrew Square, is fully let to four prestigious tenants: FNZ, Nationwide Building Society, Franco Manca, and Tattu.
Adjacent to the £1bn St James Quarter, The Mint Building stands as a beacon of modernity and sophistication in one of the UK’s most dynamic cities.
Completed in 2019, it extends to 70,467 sq ft across nine floors, featuring a statement double-height reception, roof terraces, secure parking, cycle storage and quality end-of-journey facilities. It comprises 59,427 sq ft of Grade A office space, alongside 11,040 sq ft of restaurant / retail accommodation.
Future-proofed to meet the exacting ESG standards of occupiers and investors, the all-electric office building boasts an EPC rating of A(7).
Commenting on the sale, Colin Finlayson, Director of Lismore Real Estate Advisors said: “Edinburgh is one of the most dynamic and fastest growing cities in the UK. The Mint Building is a true trophy asset, in Edinburgh’s most prized location. It offers an outstanding and extremely rare opportunity to acquire a newly-developed building on St Andrew Square, with an immediately reversionary income profile.”
The Mint Building represents a unique opportunity to invest in a landmark property that stands at the forefront of the city’s thriving office and leisure market, offering an unrivalled blend of location, design, tenant quality and immediate investment performance.
COMMERCIAL PROPERTY MONTHLY 2024
and redevelopment of the Tontine Building, a historic property situated within Glasgow’s Merchant City. This will be a longer- term project for the client, who is intent on reviving the building to offer more than simply offices to this area of the city.
Our client LCP Properties was also active in the first few months following the merger - acquiring The Centre Livingston, an investment acquisition of mixed-used shopping centre extending to circa 778,600 sq ft, as well as the purchase of the prestigious Princes Square retail development in Glasgow city centre.
In Scotland’s capital, we represented Broadland Properties in the purchase of 25 - 35 Castle Street and 100-104 George Street, Edinburgh, a prime mixed-use building situated on a prominent location at the corner of Castle Street and George Street. The building is occupied by a diverse range of tenants, including Pret a Manger, Fazenda, Chaophraya and Slaters.
Whilst there are undoubtedly still challenges in Scotland’s real estate market, these investment transactions are strong indicators that there is an increasing confidence in the sector - and with an uptick of similar projects in the pipeline, it promises to be a busy few months and beyond for MFMac’s real estate team and our clients.
For more information, please contact Michael on: E:
michael.ramsay@mfmac.com T: 0131 247 1000 W:
www.mfmac.com
New Road Set to Transform Transportation in Shawfair, Midlothian
Shawfair residents and commuters alike have reason to celebrate as the eagerly awaited final section of Harelaw road connecting the A6106 (Millerhill Road) has recently opened. This key piece of infrastructure will provide increased connectivity, smoother traffic flow, and enhanced accessibility for residents and businesses alike.
The road, a critical link in the Shawfair development plan, represents a significant milestone in the ongoing efforts to improve transportation infrastructure in Midlothian. The new road will provide a vital link between major thoroughfares and will complete the loop road connecting Shawfair Train Station to the rest of the masterplan. The road is sustainably designed to incorporate current drainage and landscape standards to fit in with the surrounding environment.
In addition to its practical benefits, the road is expected to open opportunities for economic growth and development in Shawfair and the wider Midlothian region by improving accessibility and reducing travel times. Sustainable public transport options further complement this progress, with the distance between Shawfair and Edinburgh being only a 14 minute train journey away with pedestrian friendly footpaths now lining the full route to the station.
“We are thrilled to announce the opening of the road, a project that represents a significant step forward for transportation infrastructure in Shawfair,” said Nick Waugh (Director – Shawfair LLP). “This new road will not only improve connectivity and ease congestion but also contribute to the ongoing revitalisation of our community, paving the way for continued growth and prosperity.”
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