scotland |
COMES TO QUEEN ANNE DRIVE
R
yden, on behalf of Scottish Midland Co-operative Society Ltd, has let unit E Queen Anne Drive, Newbridge in West Edinburgh to the document storage company OASIS Group. OASIS Group has taken a nine year lease on the property, which provides 2,464 sq.m (26,520 sq.ft) of high bay warehousing accommodation. The building, situated close to the Newbridge roundabout, is part of a terrace of warehousing units which are sub-divided into four bays. The quoting rent for all four units is £2.75 per sq.ft. Neil McAllister, partner at Ryden, said: “This is the first letting reward for Scotmid following their investment in the property by overcladding the walls and roof. The accommodation now provides cost effective quality warehousing on the west side of Edinburgh which is becoming increasingly difficult to find.” Unit G, extending to 2,765 sq.m (29,758 sq.ft), is also under offer, whilst unit F (2,552 sq.m (26,388 sq.ft)) and unit H (1,061 sq.m (11,419 sq.ft)) remain available to let.
OASIS GROUP
APEX HOUSE OFFICE COMPLEX IN EDINBURGH ACQUIRED P
atrizia Immobilien AG announces that it has acquired the Apex House office complex in Edinburgh, UK, from Catalyst Capital for a net price of GBP 26 million (around EUR 30 million). The acquisition was made on behalf of a value-add fund managed by Patrizia for a large German pension fund based in Northern Germany. James Muir, Patrizia ’s Managing Director for the UK & Ireland, commented: “The acquisition of Apex House presents an opportunity to invest in a value-add asset in a market with strong fundamentals. The UK economy remains resilient with good levels of GDP growth and consistently high levels of employment. In addition to this, Investor appetite for UK real estate has increased significantly following the aftermath of the Brexit vote. As a UK financial centre, Edinburgh is second only to London and the demand-supply imbalance in the city makes this acquisition a tremendous opportunity to deliver excellent value for our clients.”
Built in 1991, Apex House offers over 90,000 sq.ft of space across three buildings, in addition to 136 parking spaces. The property is approximately 80 per cent occupied with an average remaining lease
PRESTIGIOUS NEW OFFICE IN THE HEART OF EDINBURGH
T
he combined surveying and estate agency firms of BNP Paribas Real Estate UK, Strutt & Parker and John Clegg & Co have moved into a prestigious new office in the heart of Edinburgh. The move follows the merger last year of BNP PRE UK with
Strutt & Parker and its independent forestry arm John Clegg & Co to become one of the UK’s largest property consultancies, providing advice and support on all matters relating to commercial, residential and rural real estate. The firm’s Scotland headquarters are now at 76 George Street
in Edinburgh, in newly refurbished ground and first floor office space.
Andy Martin, UK CEO of BNP Paribas Real Estate, said: “We are delighted to be able to bring three exceptional teams and three premium brands together under one roof to provide a comprehensive property service to our clients across Scotland. Our new Scotland headquarters embodies the true spirit of collaboration that lies at the heart of our merger and the enhanced client service offer that our new UK business now delivers.” The Edinburgh office will offer a comprehensive property
service. BNP PRE provides commercial investment and agency, valuations, rating advice, property management and facilities management; Strutt & Parker’s residential arm specialises in the prime Edinburgh city market, country houses and estate and farm sales, while John Clegg & Co, UK leaders in buying and selling forestry, also acts in forestry valuation and asset management. Commercial agency, farming, land management, planning and additional residential sales teams will continue to be based in Glasgow, Perth, Banchory and Inverness.
The teams will continue to operate under the BNP Paribas Real Estate, Strutt & Parker and John Clegg & Co brands.
COMMERCIAL PROPERTY MONTHLY 2018
term of four years. The asset has benefited from significant investment and is designed to a high specification with tenants including Scottish Enterprise, Scottish Further and Higher Education Funding Council, Mazars LLP and Svenska Handlesbanken AB. Through active asset management and targeted refurbishment Patrizia will be able to take advantage of the tight market conditions in Edinburgh in leasing the remaining vacant space. The property is strategically located in
the city’s Haymarket district, often referred to as the gateway to Edinburgh’s financial district, and is one of the city’s main areas of expansion. The area has benefited from significant public transport infrastructure upgrades over the past three years, including the redesign of Haymarket rail station and the completion of the Haymarket tram stop. Coupled with the existing bus network, Haymarket is now deemed a major transport hub and key office district. Patrizia has broad experience in managing value-add funds with around EUR 7 billion of its assets under management considered value-add investments prior to the acquisition of Rockspring Property Investment Managers in December 2017.
NEW CO-WORKING HUB E
dinburgh’s reputation for building one of the UK’s most vibrant entrepreneurial ecosystems has received a further boost with the opening of a major new co-working hub in the city centre later this year. Spaces, the successful coworking brand born in Amsterdam, has let 29,707 sq.ft of office space at the recently refurbished development, One Lochrin Square in Edinburgh’s Exchange District.
Spaces provides a creative working environment with a social
heart for an entrepreneurial community. At Spaces, the community is able to integrate work into their lifestyle. The company has an entrepreneurial ethos, and encourages members to network with each other through an inspiring program of business and leisure events. Founded in 2006, the company is already home to businesses
in several locations across the UK, including London, Liverpool, Brighton and Glasgow, with plans to announce more locations in the coming months. Outside of the UK, Spaces’ global footprint now spans more than 25 countries, including the USA, Brazil, Australia, Japan and Spain. The deal will see Spaces occupy three floors of the building, representing 46 per cent of the total floor area. The buildings other tenant, Ctrip, the Chinese owner of
Edinburgh-based Skyscanner, took 12,000 sq.ft on the building’s first floor late last year. Located in Fountainbridge, One Lochrin Square, which totals 64,000 sq.ft of contemporary Grade A office space over five floors was re-launched by UBS Asset Management on behalf of investors in March 2017 following a major refurbishment. UBS Asset Management was represented by JLL and Knight
Frank. Spaces was represented by niche specialists, CuthbertWhite.
71
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
