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KNIGHT PROPERTY GROUP WELCOME KNIGHT FRANK


that they have secured their first tenant for No2 Castle Terrace, Edinburgh. Knight Frank, the world’s


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leading independent property advisor and global real estate company, have signed a pre let within the city centre property. The tenancy comprises the first floor offices of 2,948 sq.ft within the 10,955 sq.ft building. The building is currently undergoing an extensive


refurbishment which is due for completion in May 2016. Knight Property Group have agreed to provide Knight Frank with beneficial access to their floor prior to completion of the main works in order to carry out their fitting out works. Howard Crawshaw, Director at Knight Property Group


comments, “Both No2 Castle Terrace and 110 George Street have had keen interest by potential tenants. The pre-let of the first floor of No2 is testament to the quality of the refurbishment being proposed and the location of the building.”


JLL and Montagu


Evans are the joint letting agents for the development and SJS property services are the main contractor working on the property.


NEW WAVERLEY LIGHTS UP LOVE


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ovie director and Monty Python star Terry Gilliam was in Edinburgh


recently to unveil a 10-metre illuminated art work above the Waverley Arches, part of the £150 million New Waverley development in the heart of the city’s Old Town. The neon art installation lights up a


quote chosen by Gilliam from Don Quixote about the power of love, in celebration of Valentine’s Day of February 14th. It’s the first installation of the Words on the Street project being run by Edinburgh UNESCO City of Literature Trust, which is celebrating the area’s literary heritage with quotes brought to life across the city. The project benefited from £25,000


funding from the New Waverley Community Fund, a partnership bringing together New Waverley and the City of Edinburgh Council, which is investing £200,000 into projects to brighten up the local area. To coincide with National Poetry Day


in 2015, a 25-metre poem called Spiral, by Elizabeth Burns, was suspended from the redeveloped Old Sailor’s Ark building overlooking the Royal Mile. Visit www.newwaverley.com


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night Property Group are delighted to announce


15 YEAR HIGH FOR EDINBURGH O


ffice occupier take up in Edinburgh during 2015 had its strongest year for over fifteen years, according to new


research by leading property consultancy JLL. Approximately 950,000 sq.ft was transacted during the full


year in the city, up 8.6 per cent from the previous year’s total of 875,000 sq.ft. The total take-up for 2015 is at its highest level since 2001 and significantly above the five year average of 650,000 sq.ft. According to the analysis by JLL, the final quarter of the year


saw 330,000 sq.ft of occupier activity, up more than 15 per cent over the previous quarter, with JLL involved in 82 per cent of floor space transacted in the capital. In Q4 there were 8 deals in excess of 10,000 sq.ft with 55 per cent of take-up focusing on the city centre. This compares with 21 deals over 10,000 sq.ft for the full year (13 in 2014). While the capital’s resurgent financial services sector


continued to drive much of the transaction activity, Edinburgh’s fast growing TMT industry played an increasingly significant role. West Edinburgh was also a beneficiary of this stellar year with take up levels amounting to over 15 per cent of the capital’s total (37 per cent of Q4) much of which was driven by expansion from existing occupiers. Grade A transactions across Edinburgh during 2015


amounted to 395,511 sq.ft with JLL involved in 59 per cent of Grade A space transacted. The ‘hotspots’ in the market were in the sub 5,000 sq.ft and above 30,000 sq.ft size categories including a 59,000 sq.ft pre-let by Fanduel at Quartermile 4. The lack of availability is no longer just restricted to the city


centre which is helping to drive prime rents. Fully refurbished buildings on Edinburgh Park are now commanding over £19 per sq.ft and with the anticipated rise in the number of pre-lets during 2016, quoting rents on the next wave of speculative city centre development will push through the £33 per sq.ft barrier.


CHARLOTTE SQUARE COLLECTION


he Charlotte Square Collection, a managed estate of 21 townhouse


properties in Edinburgh’s iconic Georgian square, has secured two new occupiers, as interest for its beautifully renovated properties and occupancy levels gather pace. The Institute of Directors and Lomond


Capital have agreed deals which will see both establish flagship offices within Charlotte Square. The IoD has signed a lease on 2,951


sq.ft. of office accommodation at 10 Charlotte Square, to form a new hub for Scotland’s directors and a modern headquarters for the organisation. Lomond Capital, meanwhile, has pre-let the entire five floors (4,500 sq.ft) of No 32 Charlotte Square, to accommodate its expanding property group. The townhouse will now be renovated ready for occupancy in September 2016. Both organisations join a growing


number of businesses based in offices within the Collection. Old Mutual Global Investors, Cumulus Asset Management, Syz & Co and Handelsbanken all took possession of newly refurbished offices in 2015, alongside established neighbours including Cornelian Asset Managers, Hampden & Co and Murray Capital.


SHEPHERD SECURES SECOND LEASE


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hepherd Chartered Surveyors has leased a 750 sq.ft retail unit at 22


Bruntsfield Place, Edinburgh at a rent of £13,500 for 10 years for the proposed use as an art studio. The accommodation is located on a


well-established secondary parade on the west side of Bruntsfield Place between the junctions of Leamington Terrace and Whitehouse Loan, within Edinburgh’s affluent area of Bruntsfield. The property overlooks Bruntsfield Links and is well- located for the affluent residential areas of Bruntsfield, Morningside and The Grange. The lease of number 22 follows the


securing of a recent lease of a neighbouring 850 sq.ft retail unit at 7 Bruntsfield Place, which Shepherd secured for Eco-Pedals, a local bicycle repair shop at a rent of £11,000 per annum for ten years just a fortnight after bringing it to the market. And Shepherd currently has a 3,200


sq.ft large Class 1 retail unit at 14-17 Bruntsfield Place under offer. The rarely available large double frontage unit is being marketed with an initial rent of £45,000 pa sought.


COMMERCIAL PROPERTY MONTHLY 2016


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