Scotland


Growing Renewable Energy Company Signs up as 30 Semple Street’s Latest Pre-letting


Edinburgh-based renewable energy company Red Rock Power has become the latest tenant to commit to a long-term lease at 30 Semple Street.


The class-leading office development, being undertaken by Corran Properties Limited on behalf of CBRE Investment Management, will be the newest and greenest in the city when it completes later in 2024.


Red Rock Power has committed to lease the 8,135 sq. ft. fourth floor of 30 Semple Street, which offers the company’s 80-strong team views of Edinburgh Castle and the city’s skyline. The company plans to move into the building in Spring 2025, following completion of the building’s construction.


30 Semple Street is setting new standards in the Scottish office market for its environmental standards, which includes being the first to achieve BREEAM ‘Outstanding’, a design-reviewed NABERS 5* target rating and a platinum AirScore, amongst many other accreditations.


The landlord’s team was represented by Knight Frank, Cuthbert White and Brodies. Red Rock Power was represented by JLL and Addleshaw Goddard.


Zoe Gray, director at CBRE Investment Management, commented: “We’re delighted to welcome Red Rock Power. It is especially pleasing to welcome a leading renewable energy company which recognises and endorses the environmental standards we have set for ourselves at 30 Semple Street.”


Frazer Wardhaugh, chief legal officer at Red Rock Power, added: “30 Semple Street is the perfect home for us as we continue to grow our operations in the UK and Europe. Its best-in-class green credentials, attention to detail and high quality, modern finishes are parallel with our own vision and the move will mark a key step in our own evolution as a business.”


Scottish Commercial Property Investment Drops, but ‘Cautious Optimism’ Remains as Buyer Pool Deepens


Investment investors


interest to


in rates Scottish


commercial property dipped during the first


take a pause


for thought in Q2, according to new figures from Knight Frank.


The independent commercial property


invested in consultancy’s


analysis of RCA data found that nearly £750 million was


Scottish


commercial property between January and June 2024. While


this was down 19% on the £922 million in the same period last year and 22% below the five-year average of £954 million, it was more than double 2020’s £447 million.


Retail property accounted for the majority of investment by sector type, with a 51% share of the total volume. Hotels made up another 19%, while offices and industrials accounted for 16% and 10% respectively.


Real estate investment trusts (REITs) and listed property companies were the most active buyers, with a 32% share of investment volumes. International investors accounted for another 30%, while private capital made up another 20%, highlighting the increasing diversity of the buyer pool for Scottish commercial property.


Despite the overall fall in investment volumes, Knight Frank said there had been a recent pick up in activity,


Alasdair Steele, head of Scotland commercial at Knight Frank, said: “At the start of 2024, it looked likely that interest rates would be cut at least once in the first six months of the year and, as a result, we had a much stronger Q1 than 2023. However, a mixed set of inflation figures and economic indicators in the first few months, combined with the calling of the general election,


meant many investors paused decision-


making during the second quarter to see if a clearer picture would emerge.


“While that uncertainty has slowed transactions, there has still been a relatively healthy level of deal activity and interest – particularly in recent weeks. The headline figure for the last six months might not paint the best picture, but the reality on the ground feels a bit more positive.


“The spread of different types of investors in the last six months is also worth noting. Over the last decade international buyers have come to account for the majority of investment in Scotland, but in the year to date there has been a much more even share, with institutional investors buying as well as selling, alongside increased interest from private equity and property companies. A deeper pool of buyers can only bode well for the remainder of 2024.”


of 2024, as uncertainty over


six months caused


with its capital markets team having recently completed on a flurry of deals totalling well over £100 million. These included the sale of Edinburgh’s 40 Torphichen Street, and in Glasgow the acquisition of 1 West Regent Street and a deal for a large multi-story car-park.


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COMMERCIAL PROPERTY MONTHLY 2024


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