| scotland
WHITECROSS ADVISE PRINCES SQUARE ON THE EVERYMAN CINEMAS LAUNCH
E
veryman Cinemas, the fast-growing independent boutique cinema operator, is to open its first cinema north of the border in Glasgow’s award-winning shopping and leisure destination, Princes Square. Whitecross Building Consultancy, a dynamic firm of Chartered Building Surveyors with offices in Glasgow and Edinburgh, act for Redevco, owners of Princes Square, and have been involved in the deal from the outset. Whitecross provide advice on Redevco’s property assets in Scotland and are providing building surveying and project management support for the Everyman Cinemas project. Everyman Cinemas, which has 22 other successful sites in England, has signed a 30 year lease on a 10,000 sq.ft unit in Glasgow’s Princes Square, which was named ‘Scotland’s Favourite Building’ by the Royal Institute for Architects in Scotland in 2016.
The new cinema will be located in the large unit previously occupied by Dwell in the centre’s Courtyard next to restaurants D’Arcy’s, Il Pavone and Pizza Express. The high quality cinema will be made
up of three intimate auditoriums, seating 95, 74 and 36 customers respectively and is expected to open in Autumn 2018. Andrew Foulds, Portfolio Director for
Redevco said: “The decision by Everyman Cinema to choose Princes Square as its first location in Scotland is very exciting and will add a new leisure dimension to complement our premium retail and restaurant mix. Princes Square has prided itself on leading the retail and leisure environment in Glasgow’s vibrant city centre for 30 years and brands like Belstaff, Vivienne Westwood, Space NK, Karen Millen and COS already bring a unique retail
GLASGOW OFFICE MARKET TAKE-UP A
ccording to the latest research from CBRE Scotland, the total office market
take-up in Glasgow in the fourth quarter of 2017 was 330,061 sq.ft, resulting in 631,814 sq.ft of office space transactions across the whole year. Andy Cunningham, senior director in CBRE’s Glasgow office, commented: “With a strong total take-up for the year the Glasgow office market has performed well, particularly when you consider the 5-year average annual take-up is normally around 550,000 sq.ft. Notable deals include DWP taking 84,542 sq.ft at 1 Atlantic Quaya and Scottish Courts & Tribunals acquiring 80,498 sq.ft at 3 Atlantic Quay. “However Glasgow is suffering from a severe shortage of ready-to-occupy Grade A space with only 61,026 sq.ft remaining available on the market. With no speculative funding to develop we could be facing a challenge with attracting new inward investment and retaining the city’s businesses. There is also a considerable time lag for building new offices to be delivered, particularly when you require approximately twelve months for all necessary statutory consents and then approximately 30 months for an average construction period. This will put pressure on rents for new build Grade A space in order to keep up with costs which could
48 environment to the city.”
Whitecross advises clients throughout the UK and provides specialist Building Consultancy and Project Management services across all sectors of the commercial property industry, from large industrial and office space to leisure and retail. Clients include Gap, House of Fraser, Succession Group, Beam Suntory and DHL, as well as Redevco.
50 STEPS CLOSER
create the conditions for a new headline rent in the city moving forward. “Developers with credible office development sites still need to satisfy occupiers over concerns such as ownership structure, vacant possession, planning, technical skills and track record to complete high quality space within the set programme. With the market not responding to tenant demand, there is a real potential for pre-lets to be agreed.” There also remains a significant amount of Grade B space on the market with approximately 1.2million sq.ft across varying floor plate sizes and specifications. Functional obsolescence is a major barrier to letting some of this space however the 0-5,000 sq.ft sector is still the most active in the Glasgow market. Andy Cunningham continued: “The future of the Glasgow office market will see change with demand for more flexible leasing solutions increasing in popularity. Previously Glasgow was a very immature market for this product but with new entrants like We Work, Spaces, Managed Office Solutions, Orega and iHub reviewing the Scottish market, it is starting to gather some real momentum. Developers need to take notice of this new trend as boring, institutional office space is being viewed by some occupiers as bland.”
C
ircular Glasgow has recently embarked on a recruitment campaign
designed to facilitate 50 Glasgow based businesses to prepare for the future. Circular Glasgow, hosted by Glasgow Chamber of Commerce, will connect with companies across the city helping them to open up new revenue streams, increase competitive advantage and realise financial savings using a range of practical tools. The team aims to complete 50 Circle
Assessments by the end of 2018 using an online tool created by Circle Economy, global market leaders based in the Netherlands. The initiative will look at different ways businesses can innovate and incorporate new design and technology, thinking through the adoption of new business models, including circular economy strategies. A circular economy is one in which
every product is created with the intent of extending its life span - a direct challenge to the ‘take, make, dispose’ mentality.
Circular Glasgow complements Zero
Waste Scotland’s and the Scottish Government's nationwide support for SMEs to develop circular economy business ideas.
COMMERCIAL PROPERTY MONTHLY 2018
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