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A NEW NAME AND A NEW ECONOMIC STRATEGY FOR THE GLASGOW CITY REGION T


he Glasgow and Clyde Valley City Deal Cabinet has agreed two substantial new


steps towards the closer integration of the eight councils in the region. Councillors have agreed to rebrand the


£1.13bn programme as the Glasgow City Region City Deal. The cabinet has also agreed to build on the success of the project by commissioning a new economic strategy for the whole city region. The change of name from “Glasgow and


the Clyde Valley City Deal” to “Glasgow City Region City Deal” reflects the fact that Glasgow has a high level of recognition and positive profile domestically and internationally. The creation of a specific brand based


around the Glasgow City region will make it easier to promote the benefits of the City Deal to inward investors and domestic businesses who stand to win work as part of the City Deal. This is an approach which has been successfully adopted by the city region’s major domestic competitors such as Manchester, which has created a single brand covering the whole of Greater Manchester. The Cabinet has also approved the


creation of a Regional Economic Strategy


PROPERTY MANAGEMENT SERVICE LAUNCHED


property management service for landlords and owners of commercial property throughout Scotland. Based in


E Steve Morris


East Kilbride, Morris Property Management has already formed an association with commercial property consultancy Rosslyn


Property to provide clients with combined agency lettings, disposals and acquisitions requirements, together with a full property management service. Having worked in the commercial


property sector in Scotland for over 30 years, most recently as an Associate at property management company Workman’s Glasgow office, Morris has established his own consultancy to deliver a comprehensive property management service tailored to clients’ specific requirements.


52


xperienced Chartered Surveyor Steven Morris has launched a specialist


which will run from summer 2016 to 2030. The strategy will set out clear and coherent vision for the economic future of the region. Speaking following the Cabinet, Cllr


Mark Macmillan (Leader of Renfrewshire Council), the Cabinet’s Enterprise Portfolio lead, said: “The City Deal recognises the fact that the economies of the Glasgow City Region local authorities are completely interlinked. None of us can succeed without


In the next few years these


eight councils, which will retain their own identities, will be working towards growing the regional economy.


every part of the region working together. The decisions we have taken this week are a big step towards the creation of a single regional economy and no one should underestimate how significant this is. In the next few years these eight councils, which will retain their own identities, will be working towards growing the regional economy.”


Since its first meeting in August 2015,


the Glasgow City Region City Deal Cabinet has approved £82million of funding towards projects with a total value of £1.09 billion. The City Deal will bring tens of thousands of jobs to the Glasgow city region over the next few decades through 20 major infrastructure projects; drive innovation and growth through the support of key sectors such as life sciences; and address challenges in the region’s labour market. The City Deal is expected to give the


Glasgow city region a permanent uplift in its GVA of £2.2billion per annum (4.4%); generate 15,000 construction jobs during the construction period and 28,000 permanent additional jobs once construction is complete; and will unlock £3.3billion of private sector investment. The eight local authorities participating


in the Glasgow City Region City Deal are: East Dunbartonshire Council; East Renfrewshire Council; Glasgow City Council; Inverclyde Council; North Lanarkshire Council; Renfrewshire Council; South Lanarkshire Council and West Dunbartonshire Council. For more information contact citydealGCV@glasgow.gov.uk


WEST OF SCOTLAND INDUSTRIAL LOOKS HEALTHY by Ian Davidson, Colliers International


healthier than it has for a long time, following more than a year of steady improvement. The majority of demand is being seen for properties of less than 15,000 sq.ft with the greatest activity in the sub-5,000 sq.ft size bracket with many multi-let estates experiencing high occupancy rates. The last 18 months or so has also


T


witnessed good levels of enquiries and transactions for medium sized buildings of 20,000 to 50,000. Over that period, strong demand from parcel delivery and courier firms - expanding to match the surge in online shopping, has seen several modern centrally-located warehouses of 40,000 to 50,000 sq.ft snapped up by the likes of Whistl, UK Mail and DX. Demand for larger premises of 50,000


sq.ft and above is more limited. However even this range has seen transactional activity in recent months. Notable deals include: Amazon and CCG acquiring 93,000 sq.ft and 122,000 sq.ft respectively at Eurocentral and JBT Distribution taking 130,000 sq.ft at Fairfield Place, East Kilbride. There has also been take-up from a number of other sectors including; engineers,


he market for industrial property in the West of Scotland is looking


manufacturers and logistics firms. The preference from many of these


sectors is for modern space which is operationally more efficient and cheaper to maintain and run than older buildings. The virtual moratorium on development over the last 7 to 8 years has led to shortages of supply which is now resulting in rental growth and reduced incentives for modern buildings in prime locations around the M74 and M8 corridors. The level of speculative development


is expected to be insufficient to meet demand for the foreseeable future. Although a small number of developers are considering speculative projects, there are only 2 schemes currently under construction in the whole of West Scotland; J Smart & Co’s 22,000 sq.ft phase 1 building at Belgrave Point, Bellshill and Fusion Assets / CBC’s 43,000 sq.ft multi-unit development at Western Campus, Strathclyde Business Park, BellshilI which will offer units of 1,500 to 15,000 sq.ft. Of course, the theory is that as rents


rise and incentives fall, more developers will move their plans from the drawing board to the ground. Iain Davidson is director, Industrial & Logistics at Colliers International.


COMMERCIAL PROPERTY MONTHLY 2016


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