| scotland
GROWING CREATIVE HUB COMMERCIAL QUAY WELCOMES LEITH AGENCY L
ate last year a well-known creative consultancy has snapped up office space in the heart of a revitalised area of Leith. The Leith Agency has let a 7,000 sq.ft suite at Commercial Quay, located between Ocean Terminal and The Shore in the heart of Leith’s commercial district. Leith Agency has moved from The Shore to be closer to sister companies Signal and Stripe Communications, which are existing tenants. Both have also extended their own leases in the development.
Commercial Quay is a former bonded warehouse that provides a range of office suites on three levels above a number of high-profile leisure and restaurant units on the ground floor, including the Michelin- starred The Kitchin, Quay Commons and Papillon, both of which recently opened their doors.
The development is owned by real estate funds managed by Blackstone and has been revamped to target the creative and tech sectors thriving in Leith, with investment in the office accommodation and brand. This has been endorsed by a spate of office lettings over the past 18 months to tenants including Ajenta, Royal
C
Haskoning, TPS and Inova Geophysical. Peter Fraser of
GVA, who advised the owners on the letting to Leith Agency said: “With top class amenities quite literally on the doorstep and an outstanding location in the centre of a rejuvenated area, Commercial Quay has become something of a creative hub and will serve as an excellent base for the Leith Agency.”
“Leith has seen a surge in office take-up over the past two years with an increase of over 35% and this trend has continued into 2017. This has been driven by market conditions in the city centre, where a lack of supply which is outstripped by demand has made it challenging for businesses to find affordable space.” Neil Gordon, Partner at Eric Young & Co
FULL HOUSE FOR EDINBURGH PARK OFFICE
ash Generator, the national pawn broker, has moved its Scottish office to Edinburgh Park, becoming the final tenant in a sought after office building in west Edinburgh. Headquartered in Bolton and with 100 high street shops
across the UK, Cash Generator relocated its Scottish office to newly refurbished offices at 3 Lochside Way from its previous Newbridge base. Leasing 3,900 sq.ft of ground floor space, Cash Generator
signed up to a 10 year lease, becoming the final tenant in the building which is also home to Coulters, Nucana, Exception, Go for Finance, Leidos and DNV GL. JLL acted, jointly with Knight Frank, for landlord Drum
Income Plus REIT Plc (DRIP REIT) who acquired the building in 2016. This is the fourth letting that has been achieved this year at 3 Lochside Way, which is now 100% let. Total take-up within the building has therefore reached 11,500 sq.ft through 2017, highlighting the quality of the building. Based in South Gyle, Edinburgh Park is Scotland’s largest business park - a 58 hectare development that is home to a range of different occupiers including Aegon, JP Morgan and Sainsbury’s Bank. Located to the west of Edinburgh city centre near Edinburgh Airport, it is easily accessible by road and public transport. Alastair Stang from JLL in Edinburgh, said: “The demand for space at Edinburgh Park has been driven by a number of factors over last few years including better relative availability and lower costs when compared to Edinburgh city centre. However, supply at Edinburgh Park is now also very limited. The quality of the business environment, and its accessibility with private and public transport links, including the tram network have ensured its popularity with occupiers. Other options in west Edinburgh are therefore now limited to accommodation at South Gyle, which will no doubt change the supply and demand landscape for Edinburgh Park during 2018.”
70
hawfair, the biggest urban expansion near Edinburgh in modern times, has reached another important milestone with the launch of Whitehill Road – a 13-hectare commercially allocated development, just south of Fort Kinnaird – the UK’s second largest retail park. The new town of Shawfair is being built from scratch. When completed it will be a town of comparable size to Cupar, Dunblane or Linlithgow. Shawfair will have 4,000 homes, new schools, community facilities and a new town centre beside the existing Shawfair railway station, in an unprecedented development that is set to secure 6,500 new jobs. The latest move sees the Whitehill Road commercial development come to market from Shawfair LLP – a partnership between Buccleuch Properties and Mactaggart & Mickel Homes. Marketing of Whitehill Road will be carried out jointly by Coates & Co and Colliers International.
S EDINBURGH CITY CENTRE OFFICE R
ockspring Property Investment Managers LLP, on behalf of Rockspring Hanover Property Unit Trust has completed the
off-market acquisition of 9-10 St Andrew Square in Edinburgh for £25.75 million, reflecting a net initial yield of 5.2%, from Balmoral Limited. 9-10 St Andrew Square is a prime office and retail asset comprising a total of 53,455 sq.ft across eight floors. Sainsbury’s occupies the retail unit, which is one of their top performing Scottish stores, while Regus, the specialist serviced office providers, leases the remainder of the building. The property is located on the south west corner of St Andrew Square, next to the recently completed headquarters of Aberdeen Standard Investments.
9-10 St Andrew Square will benefit from the recent restaurant openings of Dishoom and the Ivy Café opposite the property.
COMMERCIAL PROPERTY MONTHLY 2018
who structured the deal for The Leith Agency, added: “I’m delighted to have acted for The Leith Agency for over 15 years and feel sure that bringing the Group’s brands together in one location will bring various benefits to their staff and clients.” Further office space is available at Commercial Quay which is being marketed by GVA and Ryden.
LANDMARK DEVELOPMENT
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100
