| scotland
EDINBURGH EAST END REGENERATION T
he East End of Edinburgh is resurgent. Perhaps more than any other development in the City, the £800m Edinburgh St. James (ESJ) development by TH Real Estate is creating a ripple effect, driving regeneration down major arterial routes Leith Walk and London Road. In the six months since our inception, Scarlett Land and Development (Scarlett L&D) have played a small part with a string of deals completed. Ten bids were received for the Forth and Playfair House office investment 2,216 sq.m (28,853 sq.ft) close to ESJ; next door (on a site sold by Scarlett whilst at Rettie) all 11 units by Headon Developments sold off plan (by Rettie) in February 2018. At the other end of Leith Walk, Scarlett L&D have acquired the Ocean Point hotel site for S.Harrison Developments for a development of c.200 bedrooms; neighbouring the site on Ocean Drive Scarlett sold the Taylor Wimpey site (whilst at Rettie) in 2017 to S1 Developments; the site is now in Planning for 237 properties; meanwhile Cala have planning consent for 338 residential units on the site opposite. Elsewhere in the east, Artisan Real Estate Investors have made significant progress with their New Waverley development, including the completion of
three hotels and proposals for 190,000 sq.ft office pre-let to HMRC. Scarlett L&D advise Artisan on Residential aspects of the site (jointly with Savills and Rettie), now under offer.
Over the coming months I expect a halo effect to continue with interest in the city centre’s eastern fringes spreading out into surrounding areas. The closure of Meadowbank stadium will trigger further regeneration, spurring new residential and student housing development. Drum Property recently placed
St.Margaret's House under offer for £15m (Gross) whilst Scarlett L&D are acting on a two-acre site on Marionville Road, now under offer (potential for c.100 residential units). With a tram link from the city centre to Newhaven via Ocean Terminal looking increasingly likely, Leith stands to benefit. Drum recently submitted a PAN for a mixed-use development at Steads Place, off Leith Walk, which will include post graduate student housing to be operated by The University of Edinburgh (UoE). UoE (advised by Scarlett L&D) are actively and successfully diversifying their accommodation offering across the city with more announcements to come. We expect the year ahead will see more UK and overseas investors attracted to the
SUCCESS AT AWARDS
he commercial property arm of Shepherd Chartered Surveyors has once again dominated the Scottish category of the commercial property industry bible, Estates Gazettes’ prestigious annual awards. Not only is
T George Brewster
Shepherd the only firm to appear in the top five performers in all five commercial property categories – office, investment, retail, industrial
and leisure/hotels – but it is the regional winner for Scotland in the retail sector for the second year running. The latest accolades follow the magazine’s naming of Steven Clarke, Commercial Agency Surveyor at Shepherd, as its Edinburgh Dealmaker of the Year and the firm being named the Most Active Agent 2017 in West Scotland and the Highlands for the second year running. Sandy Rennie, the Partner responsible for the running of Shepherd Commercial in
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the Highlands, was also named Dealmaker of the Year for the region. George Brewster, Senior Partner at Shepherd, said: “This begins with a thank you to clients who have entrusted Shepherd for their property advice across Scotland. We completed some 367 agency deals across all five commercial property sectors last year, and these latest accolades demonstrate the depth and width of experience in our commercial property business, where we continue to invest significantly in people, process and technology.
“The repetition of these accolades
from industry peers over recent years illustrates the quality of service, market knowledge and in-depth expertise we can offer clients throughout Scotland.” Shepherd’s commercial offices offer a multi-disciplinary property service that includes: valuation; commercial agency; corporate recovery and restructuring; building surveying; lease advisory; rent reviews; development and investment consultancy; rating and property management.
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Proposed 237-unit Skyliner development (CGI by CDA architects), Ocean Drive Leith.
Scottish capital, driven by the exceptional quality of life offered in Edinburgh. While there is still a reluctance for BTR/PRS in Scotland among certain funds, we are in dialogue with a significant number who are now actively seeking to commit funding. With developments stretching from St Andrew Square and Edinburgh St James out to Meadowbank and Leith, it looks likely that 2018 will be a lively year. Let’s hope that the effects of politics does not curtail the regeneration of the resurgent east end. Will Scarlett is the founder and director of Scarlett Land and Development.
www.scarlettdev.co.uk
NHS LOTHIAN
he wait is almost over for the East Lothian Community Hospital as the
project takes another major step forward this week. The keys to the freshly completed Out-Patients Department were given to NHS Lothian on Friday 23rd February and will opens to patients from Monday 12th March 2018. The new Out-Patients Department is the first stage of a £70 million programme of works that will see a modern and purpose-built hospital developed on the existing Roodlands site in Haddington. The full programme is anticipated to be complete by early 2020.
The redevelopment of the hospital site is being undertaken in partnership with Hub South East Scotland Ltd, with Morrison Construction appointed as the main contractor. Jo Elliot, Hub South East’s Chair, said: “Hub South East helped drive plans for this redevelopment, so it’s fantastic to be here today as we handover the keys to the new Out-Patients Department, knowing that patients and staff will soon benefit from these modern fit-for-purpose facilities. “It’s encouraging to see it progressing on time and on budget, and we look forward to successfully delivering future phases in partnership with NHS Lothian.”
COMMERCIAL PROPERTY MONTHLY 2018
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