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scotland |


STIRLING LEISURE PARK SOLD BY CUSHMAN & WAKEFIELD C


ushman & Wakefield has sold The Barracks Leisure Park in Stirling on behalf of LaSalle Investment Management for £5.4m, reflecting a net initial yield of 7.35%.


The Park, developed in 2008 and home to Stirling’s only cinema and restaurant complex, was purchased by a private investor.


Located adjacent to Stirling Railway Station and just five minutes from Thistles Shopping Centre, the 29,607 sq.ft leisure development consists of an eight-screen movie theatre, three restaurants and one kiosk, currently occupied by Nando’s, Frankie & Benny’s, Toast and Flip n Shake. Sarah Stewart, Associate at Cushman &


Wakefield who advised LaSalle Investment Management on the sale, said: “There were a number of interested parties in the development which provides the only cinema and casual dining restaurants in the Stirling area, with the nearest alternative 15 miles away in Falkirk. “With more than 224,000 people within a 40 minute drive-time and the ongoing expansion of Stirling’s vibrant Forthside quarter it represents an exciting


investment opportunity with potential for rental growth.”


This latest deal follows a busy 12 months where the Scottish Capital Markets Team at Cushman & Wakefield transacted over £390m with recent transactions


STIRLING’S FIRST PURPOSE BUILT STUDENT ACCOMMODATION


have continued their penetration into the UK student housing sector with their latest development, the construction of Stirling’s first purpose built student accommodation (PBSA). Maven will act as the asset manager representing Hong Kong based IPIM to deliver the £18.2m project in conjunction with development manager Whiteburn Projects Limited and senior debt finance from The Royal Bank of Scotland.


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The 207-bed facility will be located on the banks of the River Fourth next to Stirling City Centre, Scotland, and within easy commute of the out-of-town campus of the University of Stirling. The site is located only 250m from the main railway station and sits on the dedicated bus route to/from the university campus, which runs up to 19 buses per hour. Forthside Way will become the first PBSA in Stirling, and will help address the acute shortage in accommodation for the substantial student population of circa 10,000. Construction is due to commence in early 2018, with the complex due to be


COMMERCIAL PROPERTY MONTHLY 2018


aven Capital Partners (“Maven”) and IP Investment Management (“IPIM”)


open in time for the start of the 2019/20 academic year. The development will be set across


two buildings and comprise 123 studios, 8 one-bed apartments, and 76 two and three-bed cluster flats. Residents at Forthside Way will also benefit from extensive communal facilities which include a cinema, gym, games room, laundry and several private/group study rooms.


The acquisition is Maven’s seventh


PBSA collaboration with IPIM. Together they have delivered over 1,200 purpose built student accommodation beds at sites across the UK, including the £19m development of The Millhouse in Edinburgh and 103 studios at 800 Bristol Road in Selly Oak, Birmingham. In addition, the joint venture currently has PBSA sites under construction in Liverpool, Durham, Exeter and Bournemouth. Maven’s property portfolio has expanded significantly in recent years and the team now manages 19 property investments with a combined Gross Development Value in excess of £250 million.


including the sale of 123 Fountainbridge, a student accommodation block in Edinburgh for £24m on behalf of Gatehouse Bank and the purchase of House of Fraser, Edinburgh on behalf of Parabola. Visit www.cushmanwakefield.com


CONTRACT AWARD


FOR ST CATHERINE’S RETAIL PARK PHASE 4


ollowing on from the successful completion of previous phases of work, Maxi Construction has been awarded the design and build contract from Episo Boxes GP Ltd for Phase 4 of the redevelopment of St Catherine’s Retail Park in Perth. The project involves the demolition of an existing unit and the construction of 5 new retail units providing over 4,500sq.m of space within the operational retail park. Works include new services connections, piling, concrete floor slab, structural steel frame, masonry cavity walls, metal composite panel wall and roof cladding, curtain walling, automatic sliding doors and internal division walls.


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Our Managing Director John Aitchison commented “We are delighted to continue our association with the Client and project team at St Catherine’s Retail Park and look forward to delivering this fourth phase of the redevelopment works.” The project team includes Currie & Brown as Employer’s Agent, Principal Designer & Quantity Surveyor, 3DReid as Architect, ACIES as Structural Engineer and KJ Tait as Building Services Engineers.


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