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					COMMERCIAL
pROpERtY                      Thursday April 19 2012




ExtREME
gREEn
The Hamilton business park
powered by renewable energy

ALsO In thIs IssuE:
Storing up trouble:
lack of new build could
hit recovery
Riverside renewal:
further projects
for Inverclyde
Scotland calling:
why ‘north-shoring’
could breathe new
life into office
buildings
 COMMERCIAL PROPERTY DIARY
 What’s in a name?
                                                       Opening with a bang
                                                                                                                                           The launch of a new building
                                                                                                                                           in Glasgow had sparks flying


                                                                                                                                           A
 GLASwEGiAnS may be going ‘gaga’ over the
 latest baby shop, JoJo maman Bebe, above,                                                                                                            recent Glasgow              Argyle Street, given that the
 launched in the west end last month, but just                                                                                                        property event turned       very name means copper.
 how many are aware that the French-sounding                                                                                                          into a bit of a ‘shocker’      However, the resourceful
 children’s clothing, maternity and nursery                                                                                                           when a bid to silence a     agents from DtZ and Jones
 retailer is actually based in ... wales? The busi-                                                                                                   misbehaving, stop-          Lang LaSalle are never ones to
 ness, which started life as a one-woman mail-                                                                                             start fire alarm cut off               miss a trick, and were soon
 order business in newport, now has 45 stores.                                                                                             electricity to the whole building.     extolling the virtues of natural
    inthesamevein,therock’n’roll-inspiredGallic                                                                                              the few hours before an              light flooding in to the 16,000 sq
 fashion chain, The Kooples, which is opening a                                                                                            office opening are always a            ft floorplates.
 new boutique on Edinburgh’s George Street, is                                                                                             nervous time, as so many things           the guests were
 actuallyaspinonhowtheEnglishword‘couples’                                                                                                 can go wrong, but trouble with         understandably grateful the
 is pronounced in French. madame et monsieur                                MAINS MEN: Mike Buchan, Jones Lang LaSalle, Tim                wiring might be the last thing         power remained off through the
 from morningside, fond of their Gallic charm                                   Jacobsen, Ryden, Ben Newman, Tristan Capital               the assembled guests would             speeches. As our picture shows,
 and je ne sais quoi, will no doubt be fighting over                                           Partners and Bill Colville, DTZ.            expect at the launch of the            no-one was prepared to put their
 who gets the T-shirt, with prices typically start-                                                                                        99,000 sq ft cuprum building on        hands up and accept the blame.




                                                       Shepherd gets cross
 ing at £65.


 Six-shooter bites bullet                                                                                                                                                                 Annual
 CommERCiAL                 get half a dozen.                                                                                                                                             fundraiser
                                                                                                                                                                                          coming up
 property deals are like       So congratulations
 buses – you wait for       to David maxwell of


                                                       E                                     An Aberdeen
 what seems like            J&E Shepherd’s                  aster took on a whole                                                      Andrew Sykes, left,
 forever for one to         Edinburgh office, who           new meaning for a                                                          as Judas in play.                                  tHe developer of the
 come along, then you       recently managed to
                            sign off six
                                                            surveyor in aberdeen,
                                                       who became a star and a               surveyor took                                                                                st Vincent Plaza office
                                                                                                                                                                                          block in Glasgow,

                                                                                             to the stage
                            transactions on the        villain overnight.                                                                                                                 abstract securities,
                            same Friday                  andrew sykes, who works                                                                                                          has joined the
                            afternoon.                 for shepherd, wrote, directed,                                                                                                     sponsors of this year’s
                               ‘Six Deal Dave’
                            (left), now an office
                                                       and acted in his adaptation of
                                                       the last days of Jesus Christ.
                                                                                             with a passion                                                                               Great Big Property
                                                                                                                                                                                          Gig (June 14 at the
                            legend, concluded
                            four leases and two
                                                         the passion play, performed
                                                       to 2000 people over three
                                                                                             for his role                                                                                 Ferry). the annual
                                                                                                                                                                                          bash, in its seventh
  ‘Six-Deal                 sales, only to quit for    nights at the aberdeen                                                                                                             year, has raised more
  Dave’                     pastures new, joining      exhibition and Conference                                                                                                          than £70,000 for
  Maxwell.                  Thistle Properties.        Centre, was an amateur                take that and rewrote the                                                                    charity, with the
                                                       production with the cast and          words to suit the story.” Like                                                               scottish spina Bifida
 Ryden meditates on deal                               crew drawn from members of
                                                       local north-east churches.
                                                                                             several of the male actors,
                                                                                             andrew also had to grow a
                                                                                                                                                                                          association and
                                                                                                                                                                                          Cancer research UK
 THE Taoist Tai Chi Society of Great Britain has         “as well as the play being          beard.                                                                                       this year’s
 ‘martialed’ its resources north of the Border with    acted out, there was a live band        One major plus from the                                                                    beneficiaries. Wallace
 a deal to open a Scottish centre in a former          and choir, so there were 100          experience is that now he’s no                                                               Whittle, Forrest Group
 supermarket in Edinburgh. Demonstrating their         performers on stage,” andrew          stranger to being branded a                                                                  and Park Lane also
 ability to turn a property deal into an art form,     said. “We took modern songs           Judas when he turns up to                                                                    support the event.
 LSH and Ryden have negotiated the purchase            from the likes of elbow and           value homes around the city.
 of a 14,424 sq ft property, previously a Kwik-

                                                        InBrief
 Save food store, and secured permission for
 change of use from retail to leisure. The agents’
 future health and happiness are now assured.
                                                        Skypark cursed                         rock video by heavy metal group,        to offering financial
                                                        GLASGow office tower Skypark           Eden’s Curse. The band, who             advice for women has
                                                        has joined the city’s campaign to      describe themselves as a multi-         moved in. independent
                                                        attract major film and music stars     national melodic metal band (that       women, established in
                                                        by becoming the backdrop for a         will be a first), featuring musicians   1997, is expanding from
                                                                                               from five different countries,          their Edinburgh base by
                                                                                               booked out a ground-level former        taking a three-year lease
                                                                                               auction room at the complex.            of 1035 sq ft at
                                                                                               Fortunately for mainstream              Clydeport-owned
                                                                                               occupiers, the recording took place     townhouse offices at
                                                                                               over a weekend.                         number 25.
                                                                                                  owners moorfield Group and
                                                                                               Resonance Capital offered the           Minister finds
                                                                                               location free after the group was let   his calling                                 Alex Neil MSP at the opening.
                                                                                               down while touring in malaysia.         wE’RE not sure if it was his
                                                                                                                                       lucky day, but Cabinet Secretary       cinema and bingo hall. it will be
                                                                                               Independent women                       Alex neil mSP obviously thought a      some time before there is a full
                                                                                               in A colourful past, Blythswood         giant bingo card was a good bet        house again, but the first office
                                                                                               Square in Glasgow has been no           when he opened a new business          occupier of the irvine Bay Urban
                                                                                               stranger to ladies demonstrating        centre in Ayrshire last month.         Regeneration Company scheme
                                                                                               their negotiating skills.                  now the challenge is to make        is the appropriately named
                                                                                                  But times have moved on, as          sure the same numbers turn up at       Sterling Efforts, which assists
                                                                                               have the punters, and now               the new facility in Stevenston as      households suffering from financial
                                                        Eden’s Curse at Skypark.               Scotland’s first iFA firm dedicated     they did when it was The Grange        difficulties.


THE HERALD 19.04.12 heraldscotland.com
                                                                                                                              COMMERCIAL PROPERTY news 

S
           COTLAND’s first carbon
           neutral office park, unveiled       An extreme green
           to an invited audience of
           commercial property folk            office campus in
           earlier this week, is set to
cause something of a stir.                     Hamilton is setting
   The EcoCampus, right, at Hamil-
ton International Park doesn’t just            new standards in
come with all the latest energy effi-
cient features to satisfy even the
most fer vent sandal wearing
                                               business parks
environmentalists.
   Thanks to the nearby Blantyre               already buy g reen power and
Muir windfarm development, the                 installed their own combined heat
223,000 sq ft of new speculative space         and power plant at Fintry House,
in three large office buildings will be        where they have 650 staff in a contact
powered entirely by renewable                  centre.
energy.                                          All this comes on top of delivering
   Remarkable in itself, but only the          three more Grade A properties with
beginning. A power purchase agree-             top sustainable specification, ‘excel-
ment negotiated by developer HFD               lent’ BREEAM energy efficiency
Group will enable this green energy            rating and carbon neutral energy
to be purchased by occupiers for less          performance certificate.
than they can buy traditional power.             This is the first of the developer’s




                                                                                                   Nine to five eco
   In a climate of soaring energy costs,       projects to feature full floor to ceiling
the calculations which show poten-             height glazing across all four eleva-
tial savings of £2.6 million on electric-      tions, deflecting UV build-up but
ity bills over the 15 years of a standard      maximising daylight throughout the
lease are a powerful argument.                 buildings and taking advantage of
   It does not end there. HFD develop-         panoramic views across the Clyde
ment director Stephen Lewis                    Valley and Greater Glasgow.
disclosed that planning consent has              The 65,000, 75,000 and 85,000 sq ft
just been given for a second set of            buildings have a mix of natural                There is also ‘grey water’ harvest-          that these resources are better              The job of letting agents DTZ and
three 2MW turbines, which could                ventilation and standard comfort            ing of rainwater for sanitary use,              addressed later in the letting game.       Lambert Smith Hampton is made
potentially deliver green power to             cooling, double height entrance             aerated taps for low water use, and               The developer claims further             easier with Enterprise Zone allow-
the rest of this Hamilton business             foyer, shower facilities on each of         waste minimisation by halting                   sustainability credentials with 10         ances reducing occupational costs
park, where the workforce will                 their three levels, and 21,000 to 28,000    construction at shell and core only,            buses an hour through the park,            by 40% off a base quoting rent of £18
already hit the 6000 mark by the end           sq ft floor plates. Zoning, movement        reducing the potential for abortive             connecting to transport hubs at East       per sq ft.
of the year.                                   and daylight sensors control low            fit-out works.                                  Kilbride and Hamilton, as well as an         The EcoCampus architects were
   Wider availability could work well          energy lighting through a building             Occupier requirements have                   on-site gym, pharmacy, nursery,            Mosaic architecture and design, with
for companies like John Lewis, who             management system.                          become so specific and customised               ATM, café and food stores.                 construction by Balfour Beatty.



  Investors eye Aberdeen                                                                   funders to enter a north-east market
                                                                                                                                           Canada funds SECC car park
                                                                                                                                           C
  Drum ProPerty GrouP’s speculative                                                        which does not always find favour with                ANADA Life has agreed to             entertainment and sport arena
  new Prime Four business park (pictured) at                                               London and european investors.                        forward fund the new multi-          currently being built, as well as a
  Kingswells, west of Aberdeen, has clearly                                                   As highlighted in the Herald’s last                storey car park at the SECC site     proposed hotel on adjoining land.
  enhanced Aberdeen’s status with the                                                      commercial property supplement, the three       in Glasgow, committing £23.2m for            Michael White of Canada Life said:
  south-east based investment community.                                                   companies moving out to the business            the completed development, which           “We believe this method of funding is
     With three european HQs for oil and                                                   park will be Canadian oil firm Nexen            will be operated by arms-length            an innovation, for private finance to
  gas companies already signed up as pre-                                                  Petroleum, Apache Corporation and               council organisation City Parking.         work with the public sector and yet
  lets, forward funding does not seem to be                                                transocean Drilling.                              Canada Life will acquire the ground      leave the intrinsic real estate value
  a problem, with F&C reit Asset                                                              All have agreed 15 or 20-year leases at      lease interest in the site and the local   with the council. We hope to complete
  management reported to be close to                                                       around £23 per sq ft, with virtually no rent-   authority has an option to purchase        many more similar projects.”
  winning the battle to provide the £95m to       In what would be one of scotland’s       free period and few breaks.                     this after 35 years for £1.                  Knight Frank and Shepherd &
  buy the 300,000 sq ft of space. All this,    largest office investments, F&C are            the prospective deal would reflect             Construction is underway, with the       Wedderburn advised Canada Life,
  before a brick has been laid on site.        believed to have outbid three other          a yield of about 7%.                           car park due to be open in less than 12    with CBRE and Dundas & Wilson for
                                                                                                                                           months, serving The Hydro music,           the SECC.




                                                                                                                                                                               heraldscotland.com 19.04.12 THE HERALD
 COMMERCIAL PROPERTY industrial

     Room for improvements
Former steel                                                                                                                                                            The L-shaped building with four
                                                                                                                                                                     re-clad interconnecting bays has 7-
HQ offers                                                                                                                                                            14.5m head height, seven ground-
                                                                                                                                                                     level loading doors and secure yard

long-term                                                                                                                                                            enclosed with palisade fencing.
                                                                                                                                                                        Paul Sweeney of jLL said the

redevelopment
                                                                                                                                                                     property was now being actively
                                                                                                                                                                     marketed for sale after a short-term
                                                                                                                                                                     leasing period during which it has
potential                                                                                                                                                            been used for the off-site assembly
                                                                                                                                                                     of lightweight buildings.




A
                                                                                                                                                                        He said the scale and location of
           major industrial complex                                                                                                                                  this well-known site is expected to
           in Lanarkshire, with 8.7                                                                                                                                  generate interest, with its prospects
           acres of land and longer                                                                                                                                  in the market enhanced by future
           term redevelopment                                                                                                                                        residential redevelopment potential,
           potential, is on the market                                                                                                                               subject to planning consent.
for £1.4 million.                                                                                                                                                    adjoining land has been
  The former headquarters of Bone                                                                                                                                    released for housing in the past.
Steel, which called in the receivers                                                                                                                                    jones Lang are also advising
two years ago with the loss of more                                                                                                                                  KPmG on the disposal of a 42,000 sq
than 100 jobs, has been put up for                                                                                                                                   ft warehouse with secure yard at
sale by KPmG through property                                                                                                     BIG DEAL: For sale by KPMG         Glen road, Newhouse Industrial
advisers jones Lang LaSalle.                                                                                                       through Jones Lang LaSalle,       Estate. This 2.9-acre island site near
  This large facility in Netherton                                                                                             this large facility in Wishaw has     junction 6 of the m8 motorway has
road, Wishaw, has 120,000 sq ft of                                                                                                120,00 sq ft of manufacturing      ground and dock level loading
manufacturing space, with up to 50-                                                                                           space and 12,000 sq ft of offices.     facilities as well as 9000 sq ft of office
tonne cranes, and 600m bay length,                                                                                                                                   space. Nearby occupiers include
as well as 12,000 sq ft of offices.                                                                                                                                  Terex, Honeywell and Hill Hire.




Docking facility is a major asset                                                                                                                                     New tenants
                                                                                                                                                                      for city parks
M
       oorfIELd GrouP has                                                      ARTERY: Good transport links include          per sq ft to service an existing
       confirmed two more large                                                    access to the White Cart Water.           contract.                                Colliers international has
       industrial lettings at                                                                                                  In other moves at Westway, james       signed five new tenants to
Westway Park in renfrew, where                                                                                               Barr has been appointed joint            rockspring’s industrial estates in
improved private docking facilities                                                                                          agents, alan meldrum is new site         Glasgow.
will soon allow even more large                                                                                              manager, and a positive first six           at Queenslie, engineering firm
products to be shipped down the                                                                                              months trading was reported by the       Drysdale Brothers will move into 4100
Clyde via the White Cart Water.                                                                                              business centre café.                    sq ft at £6 per sq ft, with fish-
  Scottish Power has agreed terms                                                                                              Yan Stewart of the new advisers        processing company Marine Products
with existing occupier, East West                                                                                            praised moorfield’s pro-active asset-    renting 11,500 sq ft for £28,000, both
Storage, to lease 23,000 sq ft for a                                                                                         management strategy: “Space is           for 10 years.
three-year term at £69,000 pa in
addition to its present 37,000 sq ft.
                                             River provides added benefits                                                   available on flexible occupier-led
                                                                                                                             terms on buildings suited to
                                                                                                                                                                         at annick, building firm reconstruct
                                                                                                                                                                      Projects has taken a 932 sq ft unit for
Gary Clark of Scottish Power said        accommodation with good road              scale of the products we transport to     engineering companies who require        three years at £8.05 per sq ft, with
the operator’s flexible approach to      access, and we have also used the         and from the facility.”                   cranage or distribution and              window blind firm JnG taking 933 sq ft
space allowed optimum business           dock facility in the last few months.       meanwhile, the malcolm Group            warehousing providers who can            at £8.30 and east end tyres taking a
continuity: “The park provides us        This is of paramount importance to        has signed up for a short-term lease      benefit from excellent building          yard at £6500 pa.
with quality-high bay                    our business due to the size and          on 115,000 sq ft at a rental of £3.25     height and external yard provision.”



                                                   New life for Ayrshire estate
                                                   A
                                                          N INduSTrIaL estate in ayrshire has
                                                          changed hands in a £715,000 deal.
                                                                                                         PRIME PURCHASE: Highhouse
                                                          Glasgow property company New Land
                                                                                                         Industrial Estate at Auchinleck.
                                                   assets has formed a joint venture with
                                                   Sussex-based Hurston Estates to purchase the
                                                   30-unit Highhouse Industrial Estate at
                                                   auchinleck from ashtenne.
                                                      The properties are largely modern, built in
                                                   the mid-1980s on the site of a former coal mine.
                                                      angus Hamilton of the new owners is
                                                   delighted to add to the company’s portfolio of
                                                   property and be working with Hurston.                 gilphead and oban, which is of a similar nature,
                                                      “The attraction of this investment is a combi-     has remained fully let through the downturn.
                                                   nation of high initial yield, together with the          “Since we acquired Highhouse, we have
                                                   opportunity to manage and improve the estate          secured two new lettings, leaving only one unit
                                                   over the short to medium-term,” he said.              vacant, have started a programme of repairs
                                                      “our experience with these multi-let indus-        and improvements, and had positive discus-
                                                   trial estates, where the average unit size is below   sions with tenants on lease renewals later this
                                                   2000 sq ft, has been a positive one throughout the    year. We are sure there will be significant
                                                   recession, and our investment property in Loch-       income growth.”

THE HERALD 19.04.12 heraldscotland.com
                                                                                                     COMMERCIAL PROPERTY INDUSTRIAL 


    Newbuild
                                                                                                                         The large new Zenith
                                                                                                                            production unit at
                                                                                                                                                           DEAL ROUNDUP
                                                                                                                               Eurocentral EZ,
                                                                                                                                                               Something cooking at foundry
                                                                                                                                                               Once it was the home of the world-famous eSSe




    shortage
                                                                                                                                                               cookers and stoves. Today the former Smith and
                                                                                                                                                               Wellstood Foundry in Bonnybridge, which was
                                                                                                                                                               established in 1871 and eventually closed in the 1980s,
                                                                                                                                                               is the canalbank estate.
                                                                                                                                                                   With 100,000 sq ft of workshops, storage areas and
                                                                                                                                                               offices – at flexible and affordable terms – the industrial
                                                                                                                                                               heritage of this site is certainly not over.




    predicted
                                                                                                                                                                   There are 25 units and 17 offices and shops within a
                                                                                                                                                               4.5-acre site, with a recent renaissance attracting new
                                                                                                                                                               tenants including local motor service companies,
                                                                                                                                                               building and construction firms and a training company.
                                                                                                                                                                   canalbank MD eric Dyer said he was aiming to offer
                                                                                                                                                               solutions for start-ups and small and medium-size
                                                                                                                                                               operators, with budget month-by-month lease terms
                                                                                                                                                               and cost-effective rents. eight workshop units are
                                                                                                                                                               currently available, with rentals from £200 per month.
                                                                                                                                                                   The Seabegs Road operation is five minutes off the
                                                                                                                                                               upgraded M80 motorway.


                                                                                                                                                               New deal lights up estate
                                                                                                                                                               SOlaR energy firm ePH has secured a 4596 sq ft unit at
                                                                                                                                                               langlands Place, east Kilbride, in a super-quick deal
                                                                                                                                                               managed for landlord Helical Bar by Jones lang laSalle
                                                                                                                                                               and FG Burnett.
                                                                                                                                                                  The firm, which delivers solar panels across the UK to
                                                                                                                                                               a network of accredited installers, signed up within one
                                                                                                                                                               month at the park, where units range from 2300 to
                                                                                                                                                               16,400 sq ft, with rents from £4.25 per sq ft.




S
                                                                                                                                                                  Robert Ross of ePH said: “Solar energy is one of the
           cotland’s industrial
           property market has
                                      Lack of speculative development                                              Brakes and Morrisons, both in
                                                                                                                   the market for properties of
                                                                                                                                                               largest growth industries in the world and the new
                                                                                                                                                               premises in langlands Place provide an ideal base for
           shown remarkable
           resilience, shifting 2.8
                                      could be a problem in the future                                             more than 100,000 sq ft.
                                                                                                                     “In the past 12 months, we
                                                                                                                                                               our business.”

           million sq ft of space                                                                                  have seen the profile of
last year – 24% above the yearly      newbuild when the economy            services will be relocated,             occupiers shift, with                       Coatbridge deals
average, according to figures         picks up.                            safeguarding 450 existing jobs          manufacturing now accounting                cOllieRS international has let 10 Palacecraig Street,
from dtZ.                                In the most significant           and creating 150 more. the              for 33% of deals, up from 13% a             coatbridge, to commercial vehicle repair company ceM
   cBRE statistics show it was        recent deal, Ryden, acting for       move is seen as vital to the            year earlier,” said Peter Fraser            Scotland.
also the best-performing sector       calachem Fine chemicals, sold        supermarket’s expansion plans.          of dtZ. “the shift is                       The 3.8-acre yard has been let on a five-year lease at an
investment-wise, with total           a 36-acre strategic site at Earls      Earls Gate Park is a specialist       emphasised by a reduction in                annual rental of £95,000.
returns of 1.1% in the final          Gate Park, Grangemouth, for a        industrial and business park            deal size as manufacturers                     next door, clearwater Kitchens and Bathrooms has
quarter and initial yields            new £35 million asda                 joint venture between                   occupy smaller units than retail            taken a five-year lease of a 7229 sq ft warehouse at an
actually moving in from               development.                         calachem and scottish                   or supply chain providers.                  annual rental of £23,000.
7.2% to 7%.                              site developer Bericote           Enterprise. Ryden has so far              “owner-occupiers continue                    industrial units at this location range from small
   However, other than the            Properties has work well under       disposed of 68 acres and five           to seek opportunities to acquire            workshops to 50,000 sq ft modern distribution units.
scot sheridan/MEPc project            way on what will become one of       buildings totalling 75,000 sq ft.       premises at historically low                   The agents have also leased a 2400 sq ft building,
at clyde Gateway and large new        the most energy-efficient and        a further 12 acres are under            prices. the biggest issue for               owned by Harley Seeds, at Motherwell’s etna industrial
production units such as Zenith       sustainable distribution             offer, with three serviced              occupiers moving forward will               estate, for one year at a rental of £8000.
at the Eurocentral EZ, there is       facilities in the UK, totalling      development plots of one to             be the potential lack of good-                 Secondhand furniture charity Recap has taken a
so little speculative                 475,000 sq ft.                       nine acres remaining available.         quality buildings, as, with                 one-year lease on JiG ltd’s 10,624 sq ft unit at 12-20
development that we are                  construction of the new             dtZ says the outlook for the          limited new development, we                 Tannoch Drive, lenziemill, cumbernauld, at £3.25
storing up a problem for the          operation will be complete by        rest of 2012 is strong, with            can expect existing stock levels            per sq ft.
future: a shortage of quality         september, when existing             active requirements from                to diminish.”

                                                     Warehouses in Perth                                    Letting space is a breeze
                                                     TWO substantial                                        aiRBORne eneRGy is the latest tenant to
                                                     warehouses at Kilda                                    expand its operations within imex Business
                                                     Way, north Muirton                                     centre at Bilston Glen industrial estate,
                                                     industrial estate,                                     loanhead, agreeing terms on a new 1000 sq ft
                                                     Perth, have new                                        unit.
                                                     tenants.                                                  Ryden secured a 21-month lease at £7.39 per
                                                        Baldoukie Motors                                    sq ft with the small-scale wind turbine company,
                                                     has taken a 17,400 sq                                  which has now doubled their space within a year.
                                                     ft warehouse with                                         There have been seven other new tenants and
                                                     office accommodation, Kilda Way, Perth.                20 lease extensions since Bilston Glen estates
                                                     signing up for three                                   acquired the 43,660
                                                     years at £55,000 pa,                                   sq ft facility two
                                                     while G4S has leased 11,000 sq ft for 10 years at      years ago.
                                                     £40,000.                                                  against the
                                                        Jonathan Reid of Shepherd said: “These lettings     national trend, the
                                                     provide welcome evidence of demand for quality         average rent has
                                                     industrial accommodation within Perthshire.” The       risen to £7, and the
                                                     estate is two miles north of the town centre and       typical unexpired
                                                     links well to the ‘motor mile’ of car dealers and a9   lease has
                                                     trunk road.                                            lengthened,
                                                         Shepherd also has a 4400 sq ft showroom,           reflecting a strong
                                                     warehouse and office building for sale at Mintlaw      performance in the       Imex, Loanhead.
                                                     industrial estate in Buchan, priced at £185,000.       difficult economy.


                                                                                                                                                                          heraldscotland.com 19.04.12 THE HERALD
 COMMERCIAL PROPERTY developments                                                                                                                                                                                                                                                                       COMMERCIAL PROPERTY developments 
  New deal for Valentine card site?
  the owners of Dundee Business Park, on the 10-
  acre former Valentine’s card factory, near the
  Kingsway, have unveiled major development plans.
                                                            More offices
                                                            are going up at
                                                            a huge urban                           Second project                                                                                              Nuns eye                                                                                                    Sainsbury for
                                                                                                                                                                                                                                                                                                                           Haddington
                                                                                                                                                                                                                                                                                                                           Sainsbury’s has won a long fought
                                                                                                                                                                                                                                                                                                                           battle in an ongoing east Lothian




                                                                                                                                                                                                               conversion
     Gladman Developments, which is proposing an                                                                                                                                                                                                                                                                           supermarket war by securing




                                                                                                   at Riverside
                                                            regeneration
  £18 million investment which they say could                                                                                                                                                                                                                                                                              planning permission for a store on
  create 550 full-time new jobs plus a further 300                                                                                                                                                                                                                                                                         the outskirts of market town of
  during construction, are holding a public exhibition                                                                                                                                                                                                                                                                     haddington.
  in Lochee today as part of their community
  consultation. A formal application to the city
                                                            development                                                                                                                                                                                                                                                       Local councillors voted
                                                                                                                                                                                                                                                                                                                           unanimously in favour of the




                                                            H
  council is expected by the end of June.                                                                                                                                                                                                                                                                                  company’s 40,000 sq ft store and
                                                                                                                                                                                                                                                                                                                                                                    STORE WINNER: An artist’s impression




                                                                                                                                                                                                               A
     the scheme involves a further 13 office pavilions,              Ot on the heels of its                                                                                                                                                                                                                                petrol station at Gateside West in
                                                                                                                                                                                                                                                                                                                                                                    of Sainsbury’s new Haddington store
  providing 30,000 sq ft of space, with the rest of the
  site a mixed-use project consisting of 20,000 sq ft
                                                                     successful Clyde View
                                                                     office development at
                                                                                                                                                                                                                           CARMELItE
                                                                                                                                                                                                                           monastery in              Dumbarton monastery                                                   contrast to rival tesco’s
                                                                                                                                                                                                                                                                                                                           neighbouring site.                      Strathclyde University, George         building is due to start on site in
  of cash-and-carry, 33,500 sq ft of car showrooms
  and autocare services, plus a four-storey, 95-bed
                                                                     Greenock, urban
                                                            regeneration company Riverside
                                                                                                                                                                                                                           Dumbarton, being
                                                                                                                                                                                                                           vacated by the nuns       offers unique opportunity                                                For adviser Ryden, this was the
                                                                                                                                                                                                                                                                                                                           culmination of seven years of
                                                                                                                                                                                                                                                                                                                                                                   Square and Queen Street station.
                                                                                                                                                                                                                                                                                                                                                                      the first phase of the scheme
                                                                                                                                                                                                                                                                                                                                                                                                          June and the school will be able to
                                                                                                                                                                                                                                                                                                                                                                                                          accommodate 650 pupils in three
  hotel with restaurant and pub facilities.                 Inverclyde is pressing ahead with                                                                                                                              after nearly 80                                                                                 work, first acquiring the 19-acre       has seen completion of new office      teaching wings. the project
     Gladman acquired the site five years ago and           a second 20,000 sq ft project at                                                                                                                   years, is up for sale through                                                                               site for PPG for its development        and student accommodation, as          includes two all weather floodlit
  already has consent for 140,000 sq ft of offices.         Riverside Business Park.                                                                                                                           property firm Savills.                                                                                      potential, then producing an            well as a multi-storey car park,       sports pitches and one grass
  While an initial phase of 15,000 sq ft has been built        Construction firm CBC will                                                                                                                         the property, right, in                                                                                  options appraisal, including food       and subject to agreeing terms with     pitch. Sustainable technology is a
  and part-let, the current market for this product         start on the design-and-build                                                                                                                      Helenslee Road is a detached                                                                                retail, which promoted the site         an operator, it is envisaged a 12-     feature of design to reduce long
  does not support speculative development.                 scheme before the summer, with                                                                                                                     B listed Victorian villa, with                                                                              allocation within the local plan.       month build period would allow         term carbon footprint. BAM beat
     “We have identified commercial sectors which           completion scheduled for the                                                                                                                       a new build extension, and                                                                                     In the next stage, the agents        the hotel to start trading in the      off 20 interested rivals to win the
  would benefit from the visibility of this site – 40,000   first quarter of 2013.                                                                                                                             has panoramic views over the                                                                                concluded a deal with the retailer,     second half of 2013.                   project.
  cars travel on the Kingsway every day,” said                 Clyde View was the town’s first                                                                                                                 Firth of Clyde.                                                                                             subject to consent, and protected          Kerr Young of Christie said:
  Gladman partner Greg Limb. “We have interest              speculative office building for 15   Artist’s impression of Riverside Inverclyde’s new 20,000 sq ft development at Riverside Business Park.           the original building dates                                                                              the owner’s interests. It is expected   “Collegelands is already acting as     Property Cycle
  from household names which are not in Dundee,             years but has worked well, with                                                                                                                    from 1890 and was constructed                                                                               to be around a year before the new      a catalyst for further regeneration    SWIP’s flagship office
  and local businesses looking to expand. the mixed         American-based global health         office space for start-up, new and   space at the former tt plant is     Kilmarnock’s former Opera            in the Arts and Crafts tradition,                                                                           supermarket is open.                    projects. the completed hotel will     development in edinburgh,
  commercial uses would let us complete a further 13        services company CIGNA               small-to-medium businesses. the      being refurbished.                  House is tuning up for a new life    with Scottish baronial                                                                                                                              offer the operator prospects for       exchange Place, has lined up two
  office pavilions.”                                        Healthcare Benefits taking 16,144    project is due for completion by        Contracts have been awarded      with a development restoring the     detailing. It retains numerous                                                                              Hotel opportunity                       excellent trading performance,         more tenants. evans Cycles has
                                                            sq ft of Grade-A space on a five-    the end of June next year.           for landscaping and rubble          façade and turning the long-         original features, including                                                                                Christie & Co are helping               particularly in light of the pending   taken a 15-year lease on 6288 sq
                                                            year lease.                            Naminder Singh of Riverside        removal from the wider i3 (Irvine   derelict building into office        stained glass windows, wood                                                                                 developer Dawn Group market a           Commonwealth Games, which              ft of retail space at building one for
                                                               this deal, with Cushman and       Inverclyde said good progress        Industry and Innovation Park)       accommodation.                       panelling, turrets and crow                                                HISTORIC: the B-listed           new hotel development                   Glasgow will host in 2014.”            its first store in the capital. And
                                                            joint letting agent James McGee      was also being made with             site as an initial step towards       twenty years after fire ravaged    stepped gables. there are 2.2                                              Victorian villa and grounds      opportunity in Collegelands, the                                               4Sight Financial Software has
                                                            advising the landlord, is set to     regeneration work in Gourock,        creating a top industrial and       the property, a new office           acres of garden grounds.                                                                                    business and residential area off       Construction win                       rented 4467 sq ft of building two
                                                            create 50 new jobs over the next     including extensive public realm     inward investment location at       building for East Ayrshire              Jamie Doran of Savills said         Situated in a desirable           Orchard, left, could deliver       high Street in Glasgow.                 BAM Construction has won the           for 10 years. the project in the
                                                            two years and means the Pottery      improvements. It was hoped to        this new Enterprise Area.           Council staff will emerge from       the decision by the order of        residential area of                  plots each 2.8 acres in size,        the project envisages a hotel of      contract to build a new £15.5m         city’s prime financial district
                                                            Street building is now fully let,    have new industrial space               Working with Scottish            behind the Victorian sandstone       nuns to relocate meant the          Dumbarton and close to new           with exclusive fishing rights      up to 200 bedrooms in this mixed        Dumbarton Academy.                     provides a total of 200,000 sq ft
                                                            with five other tenants              available at Kelburn on the Port     Enterprise, the idea is to market   frontage.                            property was available for          build housing by Manor               on the River Clyde, and even       used development, close to                Work on the Keppie designed          over three buildings.
                                                            completing the 26,000 sq ft          Glasgow side by next May, with       the business park in three            the Klin Group is developing       conversion. It was enclosed as      Kingdom, the monastery is            coming complete with an
                                                            line-up.                             discussions under way with           distinct campuses – one for         the project, an important part of                                        only half a mile from the            individual paddock.
                                                               A £1.6 million refurbishment      potential development partners.      industry and logistics, an          the town’s conservation and                                              town centre and a similar               Planning consent has been
                                                            of the east wing of the iconic, A-     Further down the coast, the        innovation one with superfast       regeneration efforts, supported                                          distance from the railway            obtained for contemporary
                                                            listed Custom House in Greenock      Irvine Bay Regeneration              broadband for small and medium      by the Heritage Lottery Fund,                                            station with good bus links.         design houses with up to 6000
                                                            will also get under way next         Company has £200,000 of work         enterprises or research and         Historic Scotland and the local                                             the monastery is in a             sq ft on each plot. Good access
                                                            month, with Clark Contracts          under way to transform a former      development, and a third 200-       authority and providing local                                            conservation area and the            from junction 7 of the M74
                                                            appointed to tackle the work of      electronics factory. About 110,000   acre, single-user site.             jobs and training. the building is                                       listing requires development         motorway, via the A72 road, is
                                                            sensitive modernisation to create    sq ft of workshop and storage           Elsewhere in Ayrshire,           on target to be completed this                                           to maintain the character of         expected to make this an
                                                                                                                                                                          autumn.                                BOUNTY: Orchard                   the building.                        attractive proposition for those
                                                                                                         LEFT:                                                              A £10m building project to           development plots                    the agents are also handling      looking to build their dream
                                                                                                         Kilmarnock’s                                                     provide a one-stop shop for                                              the sale of five serviced plots at   home in the country, yet within
                                                                                                         former Opera                                                     council services in Cumnock has      a Carmelite monastery in            the former Mauldslie Castle          easy reach of Glasgow.
                                                                                                         House is to be                                                   also been completed. this will be    1934 but over time has              Nurseries, near Rosebank in             the plots are segment
                                                                                                         redeveloped.                                                     home to 200 staff and is part of a   become physically unsuitable        the Clyde Valley. Doran said         shaped, fanning out towards
                                                                                                                                                                          masterplan of restoration and        and too large for the reducing      this exclusive residential           the river. Offers are invited
                                                                                                          RIGHT: Custom                                                   renewal of the town centre,          numbers of older nuns.              development, called the              for individual plots.
                                                                                                                House in                                                  including the upgrading of


                                                                                                                                                                                                               Miller warms to Aberdeen
                                                                                                         Greenock will be                                                 historic buildings such as the
                                                                                                             refurbished.                                                 Dumfries Arms and town hall.




                                                            Phoenix rises in Edinburgh                                                                                                                         M
                                                                                                                                                                                                                       ILLER Developments is
                                                                                                                                                                                                                       to step up development
                                                                                                                                                                                                                       activity in Aberdeen
                                                                                                                                                                                                               following the sale of two fully
                                                                                                                                                                                                                                                   HOT PROPERTY: Admiral Court pre-let in four weeks




                                                            R
                                                                  yDEN is handling retail and leisure                                                                                                          let office investments.
                                                                  opportunities which will be created as      The new retail and leisure project.                                                                 Miller Cromdale sold Free-
                                                                  part of the mixed-use SoCo development                                                                                                       dom House to CBRE investors
                                                            in the heart of Edinburgh’s Old town.                                                                                                              last autumn for £6.765m (reflect-
                                                              the multi-million-pound project, granted                                                                                                         ing an initial yield of 9%) and
                                                            planning permission in 2009, is on the                                                                                                             Millerhasnowsoldits50%stake
                                                            historic South Bridge to Cowgate site that                                                                                                         in Admiral Court, right, to joint
                                                            was devastated by fire in 2002.                                                                                                                    venture partner Cromdale.
                                                              the new scheme will be anchored by a 259-                                                                                                           Admiral Court was a specu-       ft and 574 parking spaces on         company is also preparing
                                                            bed Ibis hotel and 4,708 sq ft Sainsbury’s                                                                                                         lative 40,000 sq ft office build-   North Esplanade West.                proposals for a business park on
                                                            Local on South Bridge. Plans are also in place                                                                                                     ing which pre-let within four          “Marketing is also underway       Dyce Drive and has launched a
                                                            for reinstatement of nightclub La Belle                                                                                                            weeks of completion.                on Pilgrim House, which has          pre-planning application to
                                                            Angele.                                                                                                                                               Miller director Pamela Grant     consent for 27,000 sq ft of open     Aberdeen City Council.
                                                              the agents are marketing 12,000 sq ft: a                                                                                                         said the deals had released         plan accommodation over three          Further north, Shepherd
                                                            1935 sq ft unit next to the convenience store,                                                                                                     capital from mature fully-let       storeys. Aberdeen has been a         are acting for BW Contracts in
                                                            plus three further units with mezzanine                                                                                                            investments: “We are looking        very successful market for           selling a development in a
                                                            levels and double-height frontage.               returned to being a vibrant area: “Come                                                           at options for Ardent House, a      Miller and we intend to play an      residential and commercial
                                                              Will Biggart of Ryden said the Jansons         December 2013, the development will have                                                          riverfront HQ building with         active role in the next phase of     area on the east side of Wind-
                                                            Property scheme would ensure the site            risen from the ashes.”                                                                            planning consent for 173,460 sq     developments in the city.” the       mill Street in Peterhead.

THE HERALD 19.04.12 heraldscotland.com                                                                                                                                                                                                                                                                                                                                                      heraldscotland.com 19.04.12 THE HERALD
 COMMERCIAL PROPERTY OFFICES

North to the rescue?                                                                                                                                EdinburghDeals
                                                                                                                                                    Crisis at Holyrood
                                                                                                                                                    Single homelessness charity Crisis is to open its
                                                                                                                                                    first office in Scotland at Crichton House, pictured

Adrift out of London
                                                                                                                                                    below, a modern open plan development near the
                                                                                                                                                    Scottish Parliament. Merse Properties, advised by
                                                                                                                                                    CKD galbraith, agreed a six year deal on 1131 sq ft
and higher standards                                                                                                                                at £20 per sq ft. The building, acquired by a private
                                                                                                                                                    owner for £1.62m last year, is now fully let.

likely to boost demand                                                                                                                                   CAPITAL Crisis new
                                                                                                                                                         premises in Edinburgh




GREEK CHIC Glasgow’s Grosvenor building
                                                                                                                                                    Bowleven explores
                                                                                                                                                    new territory
                                                                                                                                                    Oil and gas group Bowleven is moving to new
                                                                                                                                                    headquarters in The Cube building on leith Walk.
                                                                                                                                                    The AiM listed company, with interests in
                                                                                                                                                    exploration acreage in Cameroon, West Africa, has
                                                                                  TRACK RECORD The Spectrum on Blythswood Street                    taken 12,740 sq ft and is moving its 50-strong
                                                                                                                                                    workforce from St Andrew Square, only five minutes




                                          W
                                                                                                                                                    away. Rents start from £20 per sq ft. Cushman
                                                     ith speculative        surprisingly people in the          supply) and standby genera-         advised landlord iVg, with Jll for the tenant, who
                                                     office space in Glas- south-east arguing workers           tor critical to businesses          joins Baillie gifford and glenmorangie.
                                                     gow city centre still would be reluctant to leave          where service downtime is
                                                     stuck on the start-    London because of its               unacceptable. Rentals are           Appetite for offices
                                          ing blocks, property profes-      “wonderful quality of life”, or     around the £22 per sq ft mark.      RAPiDly growing Diet Chef has expanded its
                                                                                                                                                    headquarters operation at Rosewell House,
                                          sionals are having to find new “rich and diverse culture”.               Less attractive externally
                                                                                                                                                    Connect Business Park, Ratho, taking an additional
                                          reasons to be cheerful about         “While some provincial           but with a successful track
                                                                                                                                                    3864 sq ft at a headline rent of £15 per sq ft to
                                          future prospects.                 cities have museums and             record is the Spectrum building
                                                                                                                                                    occupy the whole ground floor. Ryden and
                                             Cushman and Wakefield’s        other attractions, none have        on Blythswood Street, above,        Cushman & Wakefield advised landlord Scotmid.
                                          Andy Cunningham points to         London’s special atmos-             where three Grade A floors of
                                          the fact that Glasgow has 1.5     phere,” bleats one contribu-        9000 sq ft are being refurbished    Westport deal
                                          million sq ft of ‘lease events’   tor, clearly afraid of a trip       by owners Orchard Street            glOBAl semiconductor company Broadcom has
                                          coming up over the next five      north of the border.                Asset Management for comple-        rented 6136 sq ft at the landmark Wesport 102
                                          years. these are companies           While options for prime          tion in July, with a quoting rent   building, right, in
                                          which have been in their build- space in Glasgow have dwin-           of £20 per sq ft.                   edinburgh’s
                                          ings for the past 15 years but    dled, small to medium inward           New owners of the 100,000 sq     exchange district, at
                                          unable to stay because the        investors looking for cost effec-   ft Cuprum, below, on Argyle         a rental believed to
                                          properties have become redun- tive office accommodation still         Street, tristan Capital and         be around £25 per sq
                                          dant over that period and no      have an intriguing choice.          taylor Wimpey, were confident       ft. The firm is
                                          longer comply with environ-          ignis Real Estate’s £3m          enough in the city as a business    relocating 28 staff
                                          mental standards. Despite the     stylish refurbishment of the        environment to parade the           from St Andrew
                                          best efforts of landlords to keep Grosvenor building opposite         prime property before property      Square and joins
                                          them, there is hope that most     Central Station, above left,        professionals and press last        other tenants Quayle
                                          of the firms reaching the end of was recently toured by the           month. the 16,500 sq ft floor       Munro and
                                                                                                                                                                               WESTPORT 102
                                          their lease will have to move.    British Council for Offices         plates are a positive advantage,    Sainsbury. Ryden
                                                                                                                                                                               secures new tenants
                                             then there is the prospect     and offers 50,000 sq ft of          added to a high spec build and      acted for landlord
                                                                                                                                                    Westport SARl, with Jll for the tenant.
                                          of more ‘north-shoring’.          Grade A over six floors,            ‘very good’ BREEAM energy
                                          hFD’s Stephen Lewis               behind an Alexander Greek           efficiency rating. the entire
                                          explains: “in the 1990s compa- thomson façade. Once hous-             building is available and could
                                                                                                                                                    Duke’s Award
                                                                                                                                                    yOuTH charity, The Duke of edinburgh’s award,
                                          nies outsourced and               ing ‘the’ city restaurant for       provide the answer for anyone       represented by DTZ, has moved to new premises at
                                          offshored – put call centres      special occasions, it has a         looking for an quick solution.      Rosebery House, Haymarket, where it has signed a
                                          out to countries such as          fascinating past and some              A first quarter 2012 report      10-year lease on 1737 sq ft or refurbished office
                                          india. then a lot of them real- strong plus points, including         from Jones Lang LaSalle             space at £15 per sq ft. This is the fourth deal in the
                                          ised this was not the best        a UPS (uninterruptible power        shows city centre office take-      past 18 months for landlord Aviva investors and
                                          thing to do. A lot of London                                          up doubling to 115,000 sq ft,       advisers Jll, involving a total of 18,000 sq ft.
                                          based firms found that while                                          the most significant deals
                                          that met the cost objectives it                                       being hEROtsc acquiring
                                          did not always meet the qual-                                         33,000 sq ft at 6 Atlantic Quay
                                          ity objectives and what the                                           and JP Morgan 20,750 sq ft at
                                          UK then did was bring jobs                                            141 Bothwell Street.
                                          back through onshoring.                                                  “the quiescent nature of
                                             “Now some are moving                                               the Grade A supply pipeline
                                          typically ‘back office’ func-                                         will pose significant chal-
                                          tions from London to                                                  lenges to occupiers over the
                                          Manchester or above, where                                            next 12-18 months,” said
                                          you still get the quality of                                          Angela Pirie from the agents.
                                          service but the cost base is                                          “Even a slight upturn in
                                          less. Genuinely, they are call-                                       demand will shift the
                                          ing this north-shoring.”                                              market’s dynamic, poten-
                                             there’s a bit of debate                                            tially forcing occupiers into
                                          about this relocation idea in                                         expensive and compromised
                                          the trade press, and not          HIGH SPEC Cuprum building           property decisions.”

THE HERALD 19.04.12 heraldscotland.com
                                                                                                            COMMERCIAL PROPERTY OFFICES 
                                                   Serviced office space cuts costs for hard pressed businesses
On the Market
Gateway park for sale
CENTRUM Business Park, below, near
Coatbridge, known to every commuter on the
Edinburgh to Glasgow motorway, has been
                                                   Hot desking eases
                                                   strain of recession
put on the market for sale as an investment or
development opportunity.
   The property, known because of its
extensive frontage to the main central
Scotland road artery, is being sold by advisers
Graham + Sibbald on behalf of a bank.
   The 12.6 acre site has a mix of office and




                                                   T
industrial space and currently brings in
£170,000 in rental income, with potential for             HE number of ‘serviced’
increase by filling the vacant units.                     offices in Glasgow has
   There are six buildings on site, three                 more than doubled since
industrial and three Grade A and Grade B                  2007, reflecting a signifi-
offices, with considerable potential for           cant change in the way people
branding on this prominent location.               work, and how businesses
   Scott Darroch of G+ S said there was also a     occupy their office space.
four acre development site, which may be              New research by Instant,
available separately.                              who specialise in finding flex-
                                                   ible office solutions for clients,
                                                   found tha t prior to the
                                                   economic downturn there
                                                   were 19 serviced office centres
                                                   in Glasgow, but by the end of
                                                   last year this figure had grown
                                                   to 42. There were 4796 individ-
                                                   ual ‘workstations’ or desks.
                                                      However, prices have had a
                                                   bumpier ride, with a peak of
                                                   £247 per month for a single
Priorities changing                                workstation in 2007, and a low
                                                   of £208 in 2009, before recovery
EDINBURGH has seen a focus on ‘good                to £235 in the last 12 months.
value’ space over the last 12 months, with         In Edinburgh there were 39
occupiers concentrating on good quality            centres, costing up to £308 per
second-hand suites, well-refurbished offices,      month.
and discounted Grade A space, say DTZ.                Glasgow is the fifth-largest      do is turn up and star t           would traditionally provide a      HOT SPOT       a long shot. Their Scottish oper-
   “This is in preference to new or recent         UK serviced office market, but       working.                           desk for each employee are         The Maxim      ations include 17,000 sq ft in the
Grade A product and reflects occupiers’            the research suggests the               Serviced offices offer busi-    now reducing the amount of         park is part   first building at Maxim office
priorities at present,” he said. “However, prime   g rowth story is mirrored            nesses flexibility, with mini-     space they occupy and embrac-      of Regus’s     park, which reportedly trades
space in the city centre stands at only 385,000    across the country. Edin-            mal costs to set up or exit, and   ing flexible working               market         close to 100% occupancy, with
sq ft, the equivalent of two and a half years’     burgh’s provision has grown          firms can expand or contract       practices.                         leading        Japanese car firms Honda and
average take-up.                                   by 50%.                              as needed. This makes them           “The internet has allowed        operation      Nissan among their tenants.
   “With next to no new development                   The upward trend makes            ideal for overflow space, a base   workers to have greater flexi-
programmed to start, this will create a pinch      serviced offices one of the fast-    during refurbishment, project      bility in when and where they
point in Grade A supply and provides the           est growing sectors of the           work, short-term expansion,        work. However, they still
opportunity for well-located and presented         commercial property market,          new business start-ups who         require a suitable environ-
secondary offices to continue                      with 5485 centres now operat-        don’t want to worry about          ment from which to conduct
                                                   ing in 100 countries. The UK is      property matters, satellite        business.
                                                   the largest market, with a           offices, ‘hot desking’ and           “As permanent office space
                                                   third of the business centres.       mobile workplaces.                 per employee decreases,
                                                      Why is this an increasingly          “The pace of the serviced       companies are becoming more
                                                   popular route for companies          of fice market g rowth is          efficient with their use of
                                                   to take? Serviced offices            impressive considering we are      space but are also more
                                                   provide an instant workplace,        in a global recession,” said       exposed when sudden
                                                   for one to several hundred           Patrick Elliott, CEO of Instant.   increases in headcount are
                                                   people, for a period of a month,     “We believe the reason is that     required. Growth of the flexi-
                                                   a year, or more. Everything          advances in technology have        ble office market can be attrib-
                                                   from desks to telephones to IT       revolutionised the way busi-       uted to this shift.”
                                                   requirements are already             nesses occupy their office           In terms of operators, Regus
                                                   provided, so all people need to      space. Large corporates that       dominates the world market by

                                                     HQ in Glenrothes
                                                     LOMOND Homes is marketing
                                                     its headquarter office and
                                                     warehouse building in
                                                     Glenrothes for sale or to lease.
                                                        The purpose built HQ
                                                     building, right, on Lomond
                                                     Business Park has a range of
                                                     open plan and private offices,
                                                     with boardroom. Advisers
                                                     Shepherd, said there was 4300
                                                     sq ft of office space and 10,340
                                                     sq ft of warehouse and
                                                     production space, is looking for
                                                     offers around £685,000.


                                                                                                                                                                   heraldscotland.com 19.04.12 THE HERALD
10 COMMERCIAL PROPERTY BUSINESS SALES

An island paradise
White sands and                                                                                                                  JEWEL: The highly profitable
                                                                                                                               Beach Hotel on the Isle of Barra
a busy tourist
season add to                                                                                                                                                               Wicker Man hotel for sale
                                                                                                                                                                            A Dumfries and Galloway pub where scenes for

hotel’s appeal                                                                                                                                                              the iconic 1973 horror film The Wicker man were
                                                                                                                                                                            shot has been put up for sale.
                                                                                                                                                                               The ellangowan Hotel, above, in Creetown, near




I
                                                                                                                                                                            Newton stewart, was the fictional Green man pub
     t’s the most westerly hotel                                                                                                                                            where policeman edward Woodward supped pints
     in the UK, set in breathtaking                                                                                                                                         as he investigated the mysterious summer isle.
     scenery and overlooking                                                                                                                                                   “sadly, Britt eckland is no longer working behind
     idyllic white sands.                                                                                                                                                   the bar,” confessed selling agent Alistair Letham of
        You can arrive by ferry or                                                                                                                                          Colliers international, who is nevertheless looking
land at its famous beach airport.                                                                                                                                           for offers around £200,000.
   this is the Isle of Barra Beach
hotel, on the island’s Atlantic
                                                                                                                                                                            Chance to buy
coast, and now on the market                                                                                                                                                your own pub
through Knight Frank at offers                                                                                                                                              eiGHT former scottish &
                                                                                                                                                                            Newcastle public houses
over £950,000.
                                                                                                                                                                            are on the market at
   the 39-bedroom hotel has an 80
                                                                                                                                                                            prices well below their
cover restaurant offering
                                                                                                                                                                            historic value.
magnificent sunset and ocean                                                                                                                                                   The premises, costing
views, a cinema, traditional                                                                                                                                                between £95,000 and
lounge bars, as well as owners and                                                                                                                                          £200,000, are Café Luna,
staff accommodation.                                                                                                                                                        right, in Paisley, Central
   Already a highly profitable                                                                                                                                              Bar in Portobello,
business, despite only operating                                                  development plots, one for a four              Alan Creevy of the agents said:            Hayweights and The
from April to October, with plenty                                                bed staff block and the other four           “We believe there are likely to be           stand in musselburgh, Libertine and martha Dickie’s
of scope for an energetic                                                         self-catering holiday units.                 two distinct markets. the property           in Ayr, Old meal market in Dalkeith, and Wheatsheaf
entrepreneur to develop further                                                      Alistair Letham of Colliers               would suit couples or families               in monkton. many are in walk-in condition. All have
holiday packages and tours to this                                                International said the profitable            wishing to acquire a delightful              kitchens suitable for pub or restaurant use.
‘jewel of the Outer hebrides’.                                                    operation traded on an eight month           home and trade as a guest house,                Peter Darroch of CDLH, who is handling the
   Knight Frank partner David                                                     season. It has been priced at                on a bed and breakfast basis, with           disposal, said: “The pubs are in excellent trading
Reid said: “Many of the hotels I                                                  £595,000, with other elements by             self catering. Alternatively, it is          positions in the centre of large market towns,
have sold on scottish islands have                                                negotiation.                                 equally suited to a quality full             representing first class opportunities for purchasers
been quite small and profitability is                                                historic Barcaldine house                 service hotel with good restaurant           to operate their own licensed establishment. market
limited. this is quite an exception     Arisaig hotel, with views over a          hotel, restaurant and self                   facilities.”                                 conditions are difficult, with a general lack of funding,
                                                                                                                                                                            but we have priced the assets competitively. Given
and really does offer a great           loch to the islands of egg, Rum and       catering accommodation, just                   Other highland hotels for sale
                                                                                                                                                                            many are in High street locations, there is also
lifestyle for a couple or family.       Muck. With its origins dating             north of Oban, is on the market at           include the waterside Onich hotel
                                                                                                                                                                            alternative use value for retail, office or residential to
Barra also benefits from excellent      back to Jacobean times in the             a reduced price of £475,000.                 in Inverness-shire, overlooking
                                                                                                                                                                            gain a return on the investment.”
primary and secondary schooling.        1720s, the property has 13 en-suite          the business is being sold by             Loch Linnhe towards
If new owners wished, there have        bedrooms, restaurant, lounge bar          administrators Zolfo Cooper                  Ballachulish. It has 26 bedrooms,            Nursing home sold
also been plans drawn up to extend      and public bar/bistro. Being              through advisers CDLh. Original              bar, lounge, owner’s                         A 21 resiDeNT nursing home near Helensburgh
the property significantly.”            offered as separate lots along with       buildings date back to 1709 and the          accommodation and 2.5 acres of               has been sold through Christie & Co from an asking
   On the road to the isles route       the hotel are two detached two-           property has 11 en-suite bedrooms            garden grounds. Colliers have                price of £950,000. Bloomhill House, below, in
from Fort William to Mallaig is the     bedroom houses and two                    and five self catering units.                priced this at £1.1m.                        Cardross is a Grade B
                                                                                                                                                                            listed property in large



                                                     Little chef sites on move
                                                                                                                                                                            grounds and has been
                                                                                                                                                                            bought by a first time
                                                                                                                                                                            buyer from London. Karl
                                                                                                                                                                            Clezy of the agents said:
                                                      THree Little Chef roadside restaurants at                    simon Caplin of Christie said: “These sites offer        “it is encouraging to see
                                                      Dumbarton, Kilmarnock and Dumfries are being              operators the opportunity to create a new                   that private equity has
                                                      marketed for letting by Christie & Co.                    restaurant, fast food or retail outlets on the busy         not abandoned the care
                                                         They are included in a total of 48 Little Chef sites   roadside locations for which Little Chef was                home sector.”
                                                      which Travelodge are disposing of following a pre-        renowned.
                                                      pack administration and are available to let on new          Alternatively, the sites are suitable for a variety of
                                                      leases, for terms ranging from five to 17 years, with     other uses, such as surgeries, offices or
                                                      annual rents of £10,000 to £40,000.                       showrooms.”



                                                    Grab the bull
                                                    the Georgian façade of the Black
                                                    Bull hotel, right, is a prominent
                                                    and well kent feature of the
                                                    Borders town of Lauder, on the
                                                    busy A68 edinburgh to Newcastle
                                                    road.
                                                       the historic coaching inn, with
                                                    over two centuries of history, has
                                                    eight bedrooms, two bars, lounge,
                                                    restaurant and function room and
                                                    is on the market priced by Colliers
                                                    at £675,000.

THE HERALD 19.04.12 heraldscotland.com
                                                                                COMMERCIAL PROPERTY BUSINESS SALES 11
A fine catch                                                                                                      FLODIGARRY: room with a view
                                                                                                                                                        On the market
in Aberdeen                                                                                                                                             Appetite for Thai in Glasgow
                                                                                                                                                        Thai-Themed venue Chaophraya has signed a 20




T
                                                                                                                                                        year lease to open up a major new bar, restaurant
       he Silver Darling restaurant in                                                                                                                  and private dining operation in the Townhouse
       Aberdeen, known to generations of                                                                                                                building on Buchanan Street.
       diners and occupying a landmark                                                                                                                      The chain, which has branches in five english
       building at the entrance to the city’s                                                                                                           cities, is taking over the entire building, 20,000 sq ft
harbour, is on the market through Graham +                                                                                                              over seven floors, at an annual rental of £300,000.
Sibbald.                                                                                                                                                Griffin Webster acted on behalf of the private investor
  French chef-owner Didier Dejean, who has                                                                                                              landlord.
run the business for 20 years, claims there can’t                                                                                                           The restaurant, taking its name from the main
                            be a better restaurant                                                                                                      waterway in Thailand, is described as an “exciting
                            view in Scotland than                                                                                                       concept in experiential dining and cocktail culture”
                            its panoramic vista                                                                                                         and plans to open this summer after a £2m fit out
                            along the beach, left:                                                                                                      project to create an exotic look, below.




                                                     Escape to Skye
                            “With our son                                                                                                                   This is the company’s first foray north of the Border
                            emigrating to                                                                                                               and their largest venture to date. it will feature an open
                            Australia, my wife                                                                                                          plan kitchen to add theatre to diners’ experience.
                            and I have decided to                                                                                                           Kevin Sims of CBRe, who acquired the property
                            sell up as there will                                                                                                       for Chaophraya, said: “The character and layout of
not be a family member to pass it on to.”                                                                                                               the Townhouse building, together with its high profile
  The Silver Darling, named after the                                                                                                                   location, makes this an ideal site. i’m sure that it will
affectionate reference to herring when they



                                                     F
                                                                                                                                                        become a popular haunt for discerning Glaswegians
once dominated the Scottish economy and
made famous by Neil Gunn’s novel, is an
                                                            lorA MAcDoNAlD
                                                            achieved fame for her
                                                                                       Home of Scots                   available for a further
                                                                                                                       £325,000.
                                                                                                                                                        and visitors alike, due to its proximity to other night
                                                                                                                                                        spots, public transport links and prime retailing on
award winning eatery, combining Scottish
produce and Gallic flair, with, not surprisingly,
                                                            part in helping Bonnie
                                                            Prince charlie,            island heroine                    on Speyside, the agents are
                                                                                                                       selling a former Victorian
                                                                                                                                                        Buchanan Street.”
                                                                                                                                                            ian Leigh, the company’s operations director,
an emphasis on seafood.
                               Simpson Buglass of
                                                     disguised as her maid, escape
                                                     to the Isle of Skye, following    included in                     sporting lodge, converted to a
                                                                                                                       hotel half a century ago, at
                                                                                                                                                        said: “Our research shows there is a huge appetite
                                                                                                                                                        for Thai cuisine in Scotland. We have ambitious
                            G+S said the 3,261 sq    the Battle of culloden.                                           Dulnain Bridge.                  growth plans and a key part of that expansion
                            ft business, with 50
                            covers, private dining
                                                        home for Flora, between
                                                     1751 and 1759, was the cottage
                                                                                       hotel offering                    The Muckrach lodge
                                                                                                                       hotel, below left, has 12
                                                                                                                                                        includes rolling out the brand throughout Scotland.
                                                                                                                                                        We are already looking at sites in edinburgh and
                            room for 15, and a       at Flodigarry, Staffin, where     International. This property,   bedrooms or suites, lounge       further north.
                            terrace, presented an    five of her seven children        with southerly views over the   bar, dining room, lounge and         “Opening in Scotland also provides an opportunity
                            opportunity to           were born.                        Skye coastline and across the   conservatory restaurant, in      to create some fusions between traditional Scottish
                            acquire a first class       Now her cottage –              sea to mainland Torridon,       nine acres of grounds. A         and Thai food and drink. We are looking into what
restaurant, with potential for development, in       converted to seven bedrooms       provides a total of 18          valuable feature of the          whiskies complement our Thai dishes so that we
the most buoyant local economy in the UK. The        for letting – forms part of the   bedrooms, drawing room,         property is inclusion of a       can recommend them to our customers.”
property is held on a lease from Aberdeen            Flodigarry country house          conservatory lounge, bar,       three bedroom house for
harbour Board due to expire in 2023, though the      hotel business, which is up       bistro, and dining room, set    owners and two bedroom
landlord is happy to consider options beyond         for sale through colliers         in five acres of grounds.       cottage for staff.
that date. The current rent is £17,400 pa.                                               Alistair letham of colliers     The hotel is only 10
                                                                                       describes this as a quality,    minutes form the A9, near
                                                                                       privately operated, leisure     Grantown on Spey, and is
                                                                                       destination and is inviting     being sold by Andy Picheta
                                                                                       offers around £1,575,000 for    and rebecca Ferrand, owners
                                                                                       the hotel, above, and Flora     since 2007, who are returning
                                                                                       MacDonald’s cottage with a      to the south of england.
                                                                                       separate Dun Flodigarry           Asking price for this well                                   THAI TRY: taste
                                                                                       house property, used as         established country hotel is                                  test for Glasgow
                                                     ATTRACTIVE: Muckrach Lodge        owners’ accommodation,          £795,000.


                                                                                                      Titanic
                                                                                                      attraction
                                                                                                      hoTel and leisure
                                                                                                      advisers GVA rGA,
                                                                                                      based in edinburgh and
                                                                                                      london, have played a
                                                                                                      key role in bringing the
                                                                                                      new £95m Titanic
                                                                                                      Belfast project to
                                                                                                      fruition. The firm has
                                                                                                      worked on due
                                                                                                      diligence on the visitor
                                                                                                      attraction’s business
                                                                                                      model, as well as
                                                                                                      helping source an
                                                                                                      operator.
                                                                                                        This is Northern
                                                                                                      Ireland’s largest ever
                                                                                                      tourism project,
                                                                                                      expected to attract
                                                                                                      400,000 visitors a year,
                                                                                                      and follows the
                                                                                                      company’s previous
                                                                                                      involvement with the
                                                                                                      Ulster Museum and
                                                                                                      Giant’s causeway.

                                                                                                                                                            heraldscotland.com 19.04.12 THE HERALD

				
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