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scotland |


INDUSTRIAL RENTS PREDICTED TO INCREASE RAPIDLY IN EAST CENTRAL SCOTLAND LOCATIONS W


ithin East Central Scotland, the main issue facing the industrial property


market is the frustration felt by existing Scottish-based companies who are seeking to relocate to bigger and/or better


accommodation in the area. Supply of all sizes of


Neil McAllister


warehousing and industrial units is very limited. What new development there is has had very little effect on the overall market situation. This challenge facing current


occupiers has occurred because by far the majority – over 80% – are sitting within accommodation that was built at least 30 years ago. Most of this property does not suit their modern business needs in terms of configuration and specification and a


good proportion of the space is nearing time expiry.


Rents in the best locations in


Edinburgh, Livingston, Falkirk/ Grangemouth and Stirling are firmly established at between £7.50 and £8.50 per sq.ft for small to medium-sized


We predict double digit rents will certainly be achievable in some of these locations in the relative short term.


accommodation. We predict double digit rents will certainly be achievable in some of these locations in the relative short term. This rental level will become the norm, rather than the exception.


The challenge for developers is to secure truly developable land at a viable cost and in a location where the level of rents mentioned above would be achievable. The industrial, and certainly the trade market, is very sensitive to location. Get it right and the developer could see themselves in the enviable position where pre-lets are secured and the end investment product will be much in demand from fund-backed purchasers. In areas such as Fife where rents are lower and new builds more difficult to justify, investor opportunities exist for good asset management and refurbishment of traditional accommodation. There is also a real opportunity to improve the existing rents, given the low starting point.


This is certainly the case with properties


such as Buko Business Centre in Glenrothes which has just come on to the market as an investment opportunity. Neil McAllister, Industrial Agent, Ryden


INVESTMENT OPPORTUNITY


bukobusinesscentre ASHLEY ROAD, GLENROTHES FIFE KY6 2SE FOR SALE


> Available for immediate acquisition


> The Centre extends to 190,173 sq ft (17,668 sq m)


> Net income of £127,533 per annum with scope to increase substantially


> Asset management opportunities > Offers over £1,000,000


Neil McAllister neil.mcallister@ryden.co.uk


Andrew Reilly a.reilly@andrewreillyassociates.co.uk


www.bukobusinesscentre.com COMMERCIAL PROPERTY MONTHLY 2018 67


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