This page contains a Flash digital edition of a book.
| scotland


QUARTERMILE’S OFFICE LETTING SUCCESS CONTINUES W


investment managed by Moorfield Group, confirms the letting of 70,033 sq ft to Cirrus Logic, Inc. a global, fabless semiconductor company headquartered in Austin, Texas. Cirrus Logic will relocate from its


E


existing Edinburgh premises to occupy four floors of Quartermile 4, resulting in the building being 100 per cent let four months before practical completion. Construction of Quartermile 4 is well


underway and is due to be completed in April 2016. It is being built as a result of an £80m funding deal secured by Quartermile with M&G Real Estate in June 2014 to speculatively develop the remaining two office buildings at the development. Quartermile 4 will be the first new


office building to be finished in Edinburgh city centre out of those currently being constructed. The new offices will be occupied during 2016. Paul Curran, Quartermile


Developments’ managing director, said: “Achieving 100 per cent pre-letting of the building four months before practical completion is a remarkable achievement. It


dinburgh’s leading mixed-use development Quartermile, an


WHITECROSS OPENS EDINBURGH OFFICE


hitecross Building Consultancy, a dynamic firm of Chartered Building


Surveyors with a high calibre of UK client base, today announces the opening of an Edinburgh office as part of their business expansion. Whitecross, established in Glasgow in


reflects the popularity of Quartermile, the confidence that exists in Edinburgh’s commercial property market and the lack of supply of Grade A office space becoming available in the city. “Quartermile 4 is one of Scotland’s


most successful speculative build projects for several years and with the level of interest attracted by it we are confident of achieving similar success in future phases.” Quartermile Developments was


represented by joint agents CBRE and Montagu Evans with legal advice provided by Brodies. M&G Real Estate was represented by law firm Maclay Murray & Spens. More information at www.qmile.com


EAST OF SCOTLAND INDUSTRIAL


showing no sign of abating, parts of the East of Scotland are starting to run seriously low on quality industrial units, and that looks set to increasingly translate into rent rises over the months ahead. Already we have seen Edinburgh rents, which had remained


T


fairly static at around £6.50 per square foot for a good deal of time, starting to rise. And the increases that are coming through are substantial, pushing through £7 and towards £8. This is hardly surprising given the lack of additional supply – there is simply nothing coming onto the market, and no developments in the pipeline. This situation looks set to continue with the abolition of


rates relief on large vacant sheds, dealing a further blow to investors considering a speculative industrial development. Up until the announcement of this measure in the last


Scottish Budget, developers had been dusting off plans as they saw the market was once again ripe for new properties. Now, at the very least it looks like we will enter a period of “wait and see”, which is a blow to Scotland's industrial sector, as the wider economy continues to improve and drive demand for premium quality units. Most of the properties in this category that we have seen marketed recently have attracted immediate, serious attention. They will not stay on the market for long. At the other end of the industrial sheds market, outdated stock


from the 1960s or even earlier, in sub-prime locations, is increasingly unpopular. These are the properties that will incur a 90 per cent rates liability when empty, and some landlords are already considering demolition as a means to mitigating such costs. Bryce Stewart is director, industrial & logistics for East of Scotland, with Colliers International


74


he East of Scotland is running out of quality industrial units reports Bryce Stewart. With demand for industrial space


C


2010 by Graeme Scott, has enjoyed another successful year, with turnover increasing by over 200%. Currently managing the million pound external refurbishment programme of the Glasgow City Hotel, Whitecross advises clients throughout the UK and provides specialist Building Consultancy and Project Management services across all sectors of the commercial property industry, from large industrial and office space to leisure and retail. The new office, located in the heart of


Scotland’s capital, will be headed up by Associate Director Craig Duff. Craig joins the company from Jones Lang LaSalle and brings a wealth of experience in the full range of building surveying professional services, including due diligence and pre- lease surveys, dilapidations, project management and contract administration, technical feasibility studies and building pathology and defect analysis.


EDINBURGH GIVES GO AHEAD


ity of Edinburgh Council has given the green light to a £60m Chris Stewart Group regeneration project, which will bring more


than 700 jobs to the city centre. Approval of plans for The Registers, an area to the south east of St Andrew Square, will see two important heritage buildings given a new lease of life, new office accommodation and street level shops, bars and restaurants. On completion in Quarter 4 2017 the development is set to


deliver an annual economic boost of £71.4m (GVA) for the city, alongside a significant ‘heritage gain’ for the area. A Chris Stewart Group development, it aims to replicate the


success of Advocate’s Close in Edinburgh’s Old Town, which has won an array of national and international awards for its design. Chris Stewart said: “The site is currently made up of a warren of


neglected lanes and empty buildings falling into disrepair and we have provided robust evidence that our plans will create nearly 750 jobs and an annual economic boost to the city of over £70m as well as deliver substantial ‘heritage gain’. We have approached this project with the same sense of custodianship, design excellence and long term sustainability as we did for Advocate’s Close and our vision is to open up a thriving area that will appeal to both local residents and visitors to the city.” The Council approval followed an extensive consultation period


and the presentation of robust evidence backing the development. The mixed-use scheme will create a vibrant and complementary mix of new offices, hotel, residential / serviced apartments, retail units and restaurants. As part of the plans, 90% of the listed fabric of the site will be restored, including two key historic listed buildings currently on the ‘at risk’ register. New life will be given to one of the most important art deco banking halls as a restaurant at the neo- classical 42 St Andrew Square and reinstating a former warehouse at 28 West Register Street into active commercial use. The intention is to start work on site in early 2016.


COMMERCIAL PROPERTY MONTHLY 2016


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