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| scotland


IN MY VIEW A


berdeen and the surrounding hinterland has entered a markedly different


economic environment over the past 12 months, with significantly reduced tenant demand in response to the ongoing cost cutting taking place as a result of the low price of oil. There is now a considerable over supply of available office space in the City, with agents Knight Frank reporting available office space in Aberdeen surpassing 2,000,000 sq.ft for the first time. While the office lettings market may be


languishing in the doldrums at present due to a rapid shift in the supply / demand ratios, it is not all bad news for the commercial property sector. Industrial uptake has slowed in the past 12 months but deals are still taking place, particularly where landlords are prepared to negotiate to secure a letting. In these tough times,


An ANM GROUP company


NORTHERN EST TES


ABERDEEN &


E S TAT E S


Commercial property specialists for Northern and North Eastern Scotland


Unrivalled local expertise in rural and commercial property matters


Gervase Topp, Associate, Aberdeen & Northern Estates


the drive to save money is overwhelming and this is very true of the commercial property world. However, the old adage “you get what you pay for” holds more true than ever when every penny counts and it is never advisable to skimp on professional advice. Negotiation positions have turned through 180 degrees with excellent opportunities available for prospective tenants in the form of rent free periods or reduced initial rents although there is a notable difference between deals where tenants are represented by a professional advisor and those who try to save money by negotiating the deal themselves. Another issue looming on the horizon


for landlords with older properties are the potential changes to EPC regulations for non-domestic properties. The Scottish Government has published some detail


Gervase Topp


aimed at improving the energy efficiency of commercial properties which are likely to have significant financial implications for the owners of older, less efficient properties. While details of the


proposed changes are scarce at present, ministers have confirmed that the draft regulations “The Assessment of Energy Performance of Non-Domestic Buildings (Scotland)” are scheduled to come into force in 2016. The Regulations are likely to require certain properties to achieve a “minimum” energy performance level – most likely “E” rating based on current standards, with a similar standard already operating in England and Wales. We await further detail with interest and some trepidation given the possibility that these changes may make some properties uneconomic to upgrade and therefore unlettable. Contact on 01467 623800 or


www.anestates.co.uk NEW ASSOCIATE A


berdeen & Northern (Estates) Ltd is pleased to announce the


appointment of Gervase Topp as an Associate from 1 January 2016. Gervase is a farmer’s son from


Lancashire who has lived and worked in the North East for over 20 years. After graduating from the University of Aberdeen with an honours degree in geology he worked in the oil industry for over six years before returning to university to study Land Economy, graduating the Masters course with commendation in 2005. Gervase is a member of the Royal


• Commercial property sales and leases


• Valuations • Landlord & tenant negotiations • Rent reviews and lease arrangements


• Portfolio & asset management • Development land guidance • Renewable energy scheme advice


• Phone and radio mast lease advice


Contact us at Thainstone Centre, Inverurie, AB51 5XZ


Telephone: 01467 623800 email: estates@anmgroup.co.uk www.anestates.co.uk


42


Institution of Chartered Surveyors (RICS) and a RICS Registered Valuer. A former chairman of the Aberdeen and North East Region of the RICS, he provides a multi- disciplinary role for the firm. This includes commercial agency and valuation work as well as the provision of other professional work. Gervase, who has been with the


company for three years said, “I am delighted to receive this recognition. I am looking forward to working with our present and future clients at a time when our busy estates office continues to build upon market success, despite the current challenging market conditions.


COMMERCIAL PROPERTY MONTHLY 2016


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