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| scotland


IN MY VIEW W


ith a network of 32 offices, over 160 employees and a wide ranging client base it is no wonder that Allied Surveyors has developed into one of Scotland’s largest independent firms of chartered surveyors, writes Iain Mercer of Allied Surveyors Scotland plc.


That network is set to expand further following my appointment as its director of commercial agency in Edinburgh tasked with setting up the firm’s first agency presence on the east coast. Based out of Walker Street in the capital’s west end, the agency business will add to our existing range of professional services including residential and commercial property valuations, building surveying and building consultancy. It is an opportune time to enter as the commercial property market in Scotland is generally buoyant and Edinburgh, in particular, is enjoying a rise in fortunes with office take-up a good barometer of performance. During the four quarters of 2017 take-up of Grade A office space surged through 1 million sq.ft for the first time since 2004. It put the city alongside other key UK regions including Leeds, Manchester and Birmingham who all


EDINBURGH BIOQUARTER


by Iain Mercer of Allied Surveyors Scotland plc


exceeded the million sq.ft mark. Demand from the tech and financial sectors has been very strong. Pre-let agreements with State Street Bank (65,628 sq.ft) at Quartermile 3, HMRC (186,500 sq.ft) at New Waverley and Nucleus Financial (18,750 sq.ft) at Greenside are just three deals to highlight. But satisfying ongoing demand will continue to be challenging due to the lack of supply of new accommodation. Only one new development is due to complete in 2018: GSS Development’s 2 Semple Street where 38,650 sq.ft will be delivered. Of course the property market extends way beyond glitzy office space with other sectors such as industrial performing extremely well and generating some attractive yield profiles for investors. Retail is also a hot topic given the recent downfall of Maplin and Toys r Us whilst other brands such as New Look, House of Fraser, Byron and Prezzo are set to close stores to shore up their finances. All of this makes for an ever changing and dynamic property market and Allied Surveyors is eager to make its mark. Tel: 0131 357 4455 or visit


www.alliedsurveyorsscotland.com


Edinburgh St James development – marking a major new phase in the regeneration of the east end of Edinburgh. Opening to the public in 2020, the mixed-use scheme in the


F Commercial Property Consultants


Operating in Scotland & throughout the UK 


heart of Edinburgh is one of the largest and most significant regeneration projects currently underway in the UK. Comprising 850,000 sq.ft of retail space, including 85 new shops and 32 food and beverage units, an Everyman Cinema, up to 150 new homes, a five-star luxury W Hotel, a Roomzzz Aparthotel and three new public squares, Edinburgh St James is set to revolutionise and regenerate the city’s East End. Martin Perry, Project Director, Edinburgh St James, said:


“Edinburgh St James is going to be a major new landmark for the city, creating a truly inspiring place for people to live, shop and play.”


THREE NEW ACQUISITIONS R 0131 344 4197


roger@telfordproperty.com www.telfordproperty.com


 68


egional REIT, the office and industrial property-focused real estate investment trust, has announced the acquisition of three office properties across the UK, with the support of a £19 million facility from Royal Bank of Scotland’s Real Estate Finance team. The regional acquisitions, which span more than 197,000 sq.ft in total, include the 39,314 sq.ft Vantage Point office accommodation located in the Edinburgh Park business area. Stephen Inglis, Chief Executive Officer of London & Scottish


Investments, the Asset Manager of Regional REIT, said: “Since listing in 2015, Regional REIT has established a strong track record in the real estate market. These acquisitions will allow the REIT to further build on that momentum, and respond to the ongoing demand from the market for attractive space at good value for occupiers. Once again, we are grateful for Royal Bank of Scotland’s support.”


COMMERCIAL PROPERTY MONTHLY 2018 E


dinburgh BioQuarter is expanding with even more exciting


developments in the pipeline. The campus is adding a new two-storey, 1,200 square metre modular building which will provide a mix of specialist office and lab space. The development follows on from the success of Edinburgh BioQuarter’s first commercial building, which is now fully occupied with some of the country’s most innovative Life Sciences businesses. Construction started in 2017 on the University of Edinburgh’s £50m Centre for Tissue Repair, while NHS Lothian’s £150m Royal Hospital for Children and Young People and Department of Clinical Neurosciences is due to open in 2018. Already home to the Royal Infirmary


of Edinburgh, the University of Edinburgh’s Medical School and many of its award winning research institutes, the Centre for Regenerative Medicine and the Centre for Dementia Prevention. There are ambitious plans for future developments, including the creation of a new Medical Teaching School Building, an Usher Institute Building for Population Health Sciences and the relocation of the Princess Alexandra Eye Pavilion Hospital.


EDINBURGH ST JAMES


ollowing the completion of a significant demolition programme, construction has now commenced for the 1.7 million sq ft


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