| scotland
CONFIDENCE RETURNING TO THE MARKET IN THE CENTRAL BELT OF SCOTLAND
By Michael McIntyre, DM Hall
s you would expect the different sectors of the commercial market in the Central Belt have faced a variety of challenges over the last few years, however, it is encouraging to see signs of improvement across the board as we enter 2018. As is to be expected in an area dominated by Scotland’s largest container port at Grangemouth and the country’s only petrochemical complex, the industrial sector continues to be a strong performer, a position which is unlikely to change in the foreseeable future.
A After the Michael McIntyre
impact of the credit crunch, the industrial sector in
Falkirk and the wider surrounding area undoubtedly benefited from the fact that availability remained comparatively limited, placing less pressure on underlying rental
and capital values than in comparison to other areas.
While the retail sector in the Central Belt continues to face a number of significant challenges, it has undoubtedly benefitted from the 2017 rates revaluation which has seen significant reductions in many Rateable Values. This realignment, coupled with an increase in the threshold for 100% Small Business Rates Relief, has stimulated demand and market activity with purchasers now seeking to acquire “affordable” units as tenant demand has increased for appropriately priced premises. Turning finally to the office sector, while this continues to be affected by modest demand, there have been heartening signs at the end of 2017 that enquiries and activity have started to pick up.
In this regard we completed two lettings at Callendar Park in the last quarter of 2017 with a third letting of 2,800 sq.ft having settled last week. At the same time
COMPLETES £148M OF SCOTTISH NEW BUILD PLOT SALES
GILLESPIE MACANDREW
and economic pressures threatened by Brexit, according to leading independent Scottish law firm Gillespie Macandrew with offices in Perth, Edinburgh and Glasgow; has transacted nearly £148 million worth of new build plot sales in the last 12 months. Acting on behalf of three major housebuilders with developments spanning across the Central, East and West of Scotland, Gillespie Macandrew’s Housebuilding team were involved in almost 700 plot sales across 27 developments, with house prices selling between £112,892 and £470,991. According to current figures by the
T
Scottish Government, 6,953 private new build homes were built in the first half of 2017 (January-June) across Scotland, a rise of 7.5% compared to the same period in 2016. Harry Smith, Head of Housebuilder
and Construction at Gillespie Macandrew, 82
he Scottish house building sector is performing well despite the political
said: “The Scottish housebuilding sector is
continuing to remain upbeat, despite uncertainties stemming from Brexit. “The demand is there for house buyers looking to get on the first rung of the property ladder; take the next step in to owning a bigger home or even downsize. Investors too are keen to strengthen their property portfolios with buy-to-let investments. “However, demand is greater than supply which is why Ministers need to take stock and tackle Scotland's chronic housing shortage.” In March this year, Gillespie Macandrew reported an 8.4 per cent increase in turnover, worth £0.88 million in growth over the year, to £11.36 million. This represents the fifth successive year of growth in the firm and the largest single year increase in the firm’s history. Gillespie Macandrew is recognised as a leading law firm particularly in Land and Rural Affairs, Energy and Private Client.
A
prominent Perth pub on the banks of the river Tay is being offered for sale by Colliers International.
The Bridgend Inn, in the city’s eastern suburb of Bridgend, occupies a good roadside location and features a traditional pub interior. The single bar operation has beamed ceilings and timber servers and gantry. Paul Shiells, director of licensed and leisure at Colliers International, said: “The Bridgend Inn is a solid trading pub and has the advantage of a sitting tenant and favourable beer and machine ties.” The main pub offers around 36 bar covers with a further 12 in the pool room to the rear. It is being sold with the three- bedroom landlord’s accommodation on the upper floor included.
Colliers International is inviting offers of around £130,000 + VAT for the Bridgend Inn, Perth PH2 7HD.
COMMERCIAL PROPERTY MONTHLY 2018
we also let a ground floor suite at Earls Court in Grangemouth with a number of other active enquiries ongoing. This increase in enquiries and activity may be partly down to improved business confidence although it is hard to say whether people really are confident or are just seeking to get on with their lives and businesses while Brexit and all the other upheavals rumble on in the background.
Amid all the uncertainty, what can be confidently said is that there is a discernible appetite for the right premises at the right price and that’s a market we can all be happy with.
Michael McIntyre is an Associate in the
Falkirk/Stirling offices of DM Hall Chartered Surveyors.
For more information visit:
www.dmhall.co.uk
PERTH PUB WITH SITTING TENANT ON THE MARKET FOR £130,00
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