Edinburgh Woollen Mill has acquired the Peacocks brand, 388 stores and concessions, as well as the business’s headquarters and logistics functions in Wales.  The deal has protected around 6,000 jobs in the UK.

The remaining 224 stores were not included in the sale and have ceased trading with immediate effect, resulting in 3,100 redundancies.  There will also be approximately 16 redundancies at the headquarters in Cardiff.

Chris Laverty, joint administrator and restructuring partner at KPMG, said: “Today’s deal ensures the continued trading of a well known name on the high street.  While it is unfortunate that redundancies have been necessary, we are pleased that we have been able to preserve the majority of the business and jobs.” 

Scotland’s retail warehousing and industrial sectors showed more resilience than other sectors in Q4 2011, according to CBRE’s latest Scottish Property Quarterly.

Q4 2011 saw total returns for all property in Scotland falling to 0.5%, from 1.3% in Q3 2011 and 2% in Q4 2010 – representing the lowest quarterly figure since Q2 2009, when total returns were negative. 

The report notes that falling capital and rental values contributed to the decline in total returns, explained by Q4 2011 being the third consecutive quarter of falling capital values – and the 13th of falling rental values.

Compared with other sectors, retail performed relatively well with total returns for Q4 2011 of 0.7%.  Despite this, the quarter also saw a decline of 0.8% after two quarters of flat capital values, contributing to the annual fall of 0.2% for the sector. 

Image: Retail warehousing proved resilient in last quarter of 2011

A £10 million test facility for offshore wind turbines is to be developed at Hunterston. North Ayrshire Council's planning committee has given the go-ahead for the facility, which will test models and prototypes of before they are deployed in the new generation of windfarms around the Scottish and UK coast.

The committee was told that the development represents an opportunity to tap into the massive investment pouring into this industry, totalling between £100 billion and £120 billion over the next few years.

The Hunterston facility will operate for five years and has the potential to generate a range of economic and employment opportunities for local businesses.

2011 saw Edinburgh City Core experience healthy absorption of office space, despite a modest fall in annual take-up. Overall, occupation of office space in the City Core increased by 266,833 sq ft helping to raise overall occupancy to 89.2%, the highest level since 2007, according to Colliers’ latest Edinburgh Snapshot.

Despite an annual decline in take-up across the Edinburgh Central Business District (CBD) of 18%, a shortage of new supply has seen an increase in occupation and a commensurate decline in vacant space. Annual take-up was just 3% below the five year average. 

Availability of Grade A product has fallen by 33% over the past 18 months, now standing at its lowest level since the end of 2007. Grade A vacancy is now down to 19.5%. Tightening of Grade A supply has led to a modest positive absorption of Grade B space. 

Image: Atria, under construction at EICC, will provide 190,000 sq ft 

2011 saw office net stock absorption record a very modest fall for central Glasgow city offices. Despite a rise in take-up in the second half of 2011, a strong element of market churn has meant that occupation declined in the City Core, according to Colliers’ latest Central Glasgow Snapshot.

The completion of the council’s new HQ at Collegelands helped to lift absorption in the Outer Core. Absorption of offices in the City Core was negative throughout 2011 with overall occupation of office space for the 12 months to December 2011 falling by 36,376 sq ft. 

While availability of Grade A offices actually rose by 2% in the six months from June to December 2011, the majority of available space second-hand with no schemes currently offering floor plates over 17,000 sq ft. 

Image: G1 George Square, Glasgow.

Plans to develop a world-class research and technology centre at the University of Strathclyde have been given the go-ahead by Glasgow city planners.

The Technology and Innovation Centre (TIC) will bring together academics and partners from industry and business – from across the international scene – to develop solutions to challenges which are central to economic regeneration and to address key technological challenges faced by society. It is due to be open for business in 2014.

Professor Jim McDonald, Principal of the University of Strathclyde, said: "Today’s news marks an important milestone in a development which will reinforce our position as a leading international technological university, attract major inward investment to the city, create jobs and help businesses compete on the world stage.

Image: Strathclyde TIC, 'Enables world-class researchers to work side-by-side with business'

Upmarket textile manufacturer Johnstons of Elgin is expanding its Hawick operation by creating a new Visitor Centre, café and retail outlet at the Eastfield Mills site in Hawick.  

Director James Sugden said: “This investment in Hawick will initially create 15 new jobs but, equally importantly, it will safeguard the 250 jobs that are already here.”  

Building work has already started on Phase One of the renovation, which involves a new mansard roof on part of the existing building, with substantial restructuring of the ground floor to create 3,600 sq ft of retail/visitor centre space.  

The interpretative centre will feature a 20 minute video of the processes of cashmere manufacture, focusing on the fact that Johnstons of Elgin is the only Scottish mill to carry out all processes from fibre to finished garment.  

Hub North Scotland has appointed Angus Macfarlane as chief executive. Comprising Alba Community Partnerships, 18 Participants and the Scottish Futures Trust, hub North Scotland aims to deliver £435 million of community facilities over the next 10 years.  

 Angus said: “My knowledge and experience of establishing new businesses and joint venture partnering will benefit hub North Scotland in both implementing its development and growth strategy, as well as establishing on-going long term relationships with our partners.

“As we move forward, hub North Scotland, along with its partners, will strive to bring value for money to the projects we secure, create jobs in the local communities where we work and secure the involvement of local sub-contractors where possible.”

Angus Macfarlane: 'Implementing development and growth strategy'

First Minister Alex Salmond is urging the UK Chancellor today (21 February 2012) “to deliver long-term stability in the tax regime to support maximum recovery by the industry”.

He said: “More than half of the value of North Sea oil and gas reserves is yet to be extracted – representing an asset with a potential wholesale value of a trillion pounds.”

Addressing the SCDI Oil & Gas conference the First Minister welcomed the fact the UK Government is now working with the industry on options for reform of the tax regime, following the Chancellor’s “unexpected and damaging announcement” in last year’s Budget of a hike in the supplementary charge paid by North Sea operators.

Ahead of the Chancellor’s Budget next month, the First Minister called for action to:

• Ensure the tax system maximises recovery rates, including the use of enhanced field allowances
• Ensure the industry is consulted on future tax reforms
• Provide greater certainty on future decommissioning tax relief

Seven turned out to be a lucky number for the owners of Peffer industrial estate, in south Edinburgh. Ryden and joint agent Cre8te (the landlords) have signed up seven new tenants, leaving only one unit remaining at the estate.

The new occupiers are Quantum Catering, Focus Shop Scotland, Cherubim, Finnegan’s Sandwich Bars, Keyes Brothers Construction and Robert Girdwood (Display) Ltd, all of which took industrial/workshop space. Meanwhile, Calister Ltd leased self-contained office space. 

The properties, ranging from 450-1,000 sq ft, have been let on three or five year FRI leases, with rents at circa £7.50 per sq ft.  The new tenants join Peffer Paints, Commsworld, Unicorn Foods and Greens Deli at the estate.

GE Prem KF, a joint venture property investment vehicle owned by GE Capital Real Estate Europe (75%) and Paradigm Real Estate Managers (25%), has agreed a £39m funding facility with Royal Bank of Scotland Corporate & Institutional Banking.

GE Prem KF, which is the landlord of a significant number of Kwik Fit stores, will use the three-year facility to support the Glasgow-based management team in improving value and funding further development opportunities.

With 570 centres throughout the UK, Kwik Fit was acquired in June 2011 by the Japanese conglomerate ITOCHU – who have announced plans for the long term expansion of the Kwik Fit brand across the United Kingdom.

Argyll-based seafood business Loch Fyne Oysters has secured significant investment, allowing it to capitalise on its brand and to penetrate new export markets.

The deal provides the resources and partnership expertise for the company to target 50% of sales from outside the UK within five years, as well as introducing innovative methods of sustainable aquaculture across its operations.

The management of the business will remain with the existing team, whilst ownership of the company will now be transferred to Scottish Seafood Investments (SSI). As part of this partnership, Loch Fyne Oysters will remain based in Argyll and all 105 jobs in the company are unaffected.

Bruce Davidson, managing director of Loch Fyne Oysters, said: “This is an endorsement of the success story that is Loch Fyne Oysters. SSI has provided us with the investment we need to grow our business, while ensuring we maintain our independence.

“This exciting new partnership presents some great opportunities, allowing us to increase capacity and work together on the growth of our international business, taking the Loch Fyne brand to the market in the most effective way.

A £6 million Scottish Land Fund is being launched today (20 February 2012) to help rural communities buy local land. The funding will be delivered by Big Lottery Scotland and Highlands and Islands Enterprise (HIE).

Launching the fund at Galson Estate in Sutherland, environment minister Stewart Stevenson said: “Galson Estate, which today marks its fifth anniversary in community ownership, is a fantastic example of what a community buyout can achieve.

“Community land ownership can bring tremendous benefits both to communities themselves and Scotland as a whole. Land ownership is key to building independent, resilient rural communities and creating a sense of confidence and community empowerment.

Demand for townhouse properties, whether for residential  or office use, is increasing, according to property consultants Ryden who recently sold the freehold interest in 16 Young Street to a private purchaser for £350,000. 

Ryden marketed the building on behalf of DB Gunn.

The traditional mid-terrace two-storey and attic townhouse extends to 226 sq m (2,429 sq ft) and is category A listed.

Peter I'Anson of Ryden said: "Over the last few months we have seen the level of take-up for townhouse opportunities increase, with interest from commercial owner-occupiers or parties looking to convert Georgian townhouses back into residential use.  

Cushman & Wakefield has appointed Rob Davis to join its newly-formed building surveying and project management team in Scotland.

Rob, who was head of Ryden’s Building Surveying in Edinburgh, will be responsible for establishing the division, which will offer project management, pre-acquisition surveys, schedules of condition, dilapidations and minor works.

Rob said: “Refurbishment projects are going to be big news this year as a combination of lack of funding for new build projects, planning restrictions, new legislation and a surplus of unoccupied stock will have landlords looking at new ways to improve their existing buildings.”

Rob will also be working on an existing contract for National Australia Group Europe (NAGE) and will be working closely with the Estates and Facilities Management team, providing project management services to deliver ongoing projects for the financial institution. 

Image: Rob Davies

Edinburgh-based Lomond Capital has acquired James Gibb Property Management, which has managed and rented properties in the capital since 1872.

The lettings specialist says it is close to making further announcements in both Glasgow and Manchester, while progressing discussions with a number of firms in Aberdeen and Newcastle.

The acquisition of James Gibb adds a further 500 properties to Lomond Capital’s portfolio, positioning the firm as the second largest player in Edinburgh’s lettings market.

Stuart Pender, chief executive of Lomond Capital, said: “The addition of James Gibb Property Management brings a wealth of experience and strong relationships across the property industry to our portfolio. Our strategy to consolidate the lettings market is progressing well and we are now looking to expand beyond Edinburgh, and beyond Scotland.”

Image: Julie Grieve

Work is underway in Irvine to create an international class innovation and industrial investment location in the south-west of Scotland. 

At i3 – Irvine Industry and Innovation park – landscaping work is already underway to transform the appearance of the site. This will include the removal of accumulated rubbish and dereliction from parts of the surrounding area.

The awarding of contracts follows hard on the heels of the Scottish Government announcement that an Enterprise Area would be created in Irvine, focussing on life sciences – with i3 forming the key part of the Enterprise Area.

Formerly called Riverside Business Park, i3 is now a major part of the plan to attract inward investors to the area. Working with Scottish Enterprise, the idea is to market the extensive park in three distinct campuses, innovation, industry and investment. 

A challenging outlook has prompted a further drop in confidence in the Scottish construction sector, according to the latest quarterly survey of  building firms in membership of the Scottish Building Federation (SBF). 

SBF’s Scottish Construction Monitor reveals that the industry’s confidence rating north of the border has dropped by nine points since the last survey, now standing at minus 28 – six points below where it was at the beginning of 2011.

The latest survey asked SBF members to provide an overview of the general outlook for the Scottish construction industry over the next year, based on a range of key indicators. These included employment, apprenticeships, and the expected performance of key sectors of the industry, including publicly and privately funded projects, housebuilding, and repair and maintenance.

SSE Renewables, Scottish and Southern Energy’s renewable energy development division, has submitted an application to the Scottish Government for consent to construct a new pumped storage hydro electric scheme of up to 600MW capacity to the north-west of Loch Lochy, in the Great Glen. 

SSE says that the scheme would help meet peak demand and would extract, store (up to 30GWh) and release energy to and from the electricity transmission system, helping to balance supply and demand for power at a national scale.

The scheme would be Scotland’s largest hydro project and the first brand new pumped storage scheme to be developed in Great Britain since 1974. With a cost currently estimated at £800m it would also be one of the largest construction projects in Scotland.

The scheme would require the construction of a new dam and upper reservoir at Loch a’ Choire Ghlais (the upper reservoir).  At an estimated height above ground level of up to 92m, this would be one of the largest dams in the UK. 

Advice: Property agents Bell Ingram detail the pleasures – and pitfalls – of buying a Scottish estate:

Many people dream of owning an estate in Scotland, whether it’s for business or pleasure. The popular image of a Scottish Estate conjures up visions of mountainous expanses interwoven with lochs, rivers and vast forested areas.  It may also feature a large shooting lodge or perhaps a castle and an extensive portfolio of farms and cottages.   

This image is re-enforced when an estate comes onto the market and a copy of the glossy colour brochure arrives, filled with panoramic shots of the landscape and roaring open fires in cosy lodges.

Over the past three years there has been an increase in the number of Scottish Estates coming to the market and potential purchasers from around the globe have pored over the shiny particulars.  

Most notable at present is Tournaig Estate in Wester Ross and Dalmagarry Estate in Inverness-shire.  Tournaig extends to a cool 6,697 acres and has a guide price of £2.5 million.  For that you will receive a seven bedroom house, four estate cottages, red deer stalking and an in hand stock farm.  Dalmagarry Estate is a large driven grouse moor of a similar size at 6,673 acres with a guide price of £5 million.

The average cost for UK companies to provide office space for their workers fell slightly during 2011, but costs in London's West End rocketed by 12.5% year-on-year, according to DTZ's annual 'Global Occupancy Costs: Offices' (GOCO) report. 

The West End's performance is in stark contrast to London City, where redundancies and a drive towards efficient space use among financial services companies drove costs down by 7.3%.

DTZ's report assesses the main components of occupancy costs in 124 business districts in 49 countries across the globe, ranking each location based on annual costs per workstation. 

Image: Glasgow's costs per work station increased 2.4% to £4630

Occupancy and revenue in Scottish hotels during 2011 outperformed any other part of the UK, outside London, according to the latest report by accountants and business advisers PKF. 

The firm’s hotel survey found that the annual room revenue (measured as rooms yield) rose by 2.6% in Scotland, compared with an increase of 0.9% in regional UK; up 0.5% in England and down 2.8% in Wales. 

Occupancy in Scotland was up 1.7% during 2011 compared with an increase of 1.6% in regional UK; was up 1.4% in England and up just 0.1% in Wales.

Aberdeen and Inverness led the way last year with increases in revenue of 11.3% and 4.8% respectively. Revenue in Edinburgh hotels rose 2.8% over the year, but from a very high starting point. Revenue in Edinburgh during 2011 was, at £66.87, the highest figure anywhere outside inner London. In Glasgow revenue fell 2.8% last year. 

Image: Glasgow hotel occupancy was up by only 0.4%  

Glasgow School of Art (GSA) has taken an additional 6,000 sq ft at Skypark, in Glasgow’s Finnieston area. The deal brings their total occupation at Scotland’s largest office development to 78,500 sq ft. In addition, Glasgow Housing Association (GHA) has agreed a two year lease renewal on 7,000 sq ft of space.

The remodel of the entrance ramp and arrival area will complete at the end of February, marking the end of the first phase of the multi-million pound refurbishment. Phase two, to reposition the main entrance, upgrade the reception welcome area and refurbish some of the upper floor lift lobbies and suites, will begin in the spring.

Mark Holmes, Investment and Asset Manager of owners Moorfield Real Estate Fund said: “We are delighted to retain GHA and to accommodate the GSA’s additional space requirements. The park environment offers the GSA a flexible and genuine alternative to its core campus. 

Image: Skypark, 'Creating Scotland's first business hotel'

Capital values fell by another -0.2% in January as the New Year brought little good news for the UK property market. Total return fell to 0.4%, the lowest since June 2009, according to the Investment Property Databank (IPD) UK Monthly Index. 

Phil Tily, IPD’s managing director for the UK and Ireland, said, “Rental values fell back into decline in January, albeit slightly, and they have now been negative for three out of the last four months. Yields saw slight expansion, but fragile occupier demand remains the main driver behind falling capital values.” 

With so much uncertainty still surrounding the future of the UK and the Eurozone, and reports indicating that the UK economy is falling back into recession, Tily argues that it’s no surprise that demand from tenants remains lacklustre across all sectors. “The recent quantitative easing announcement by the Bank of England shows just how hard the authorities are trying to increase spending.”

Image: Office rental values declined for  first time since October 2010' 

Trucking firm Eddie Stobart has agreed a deal with Muse Developments to take occupation of the 67,689 sq ft Pinnacle building at Eurocentral, next to the A8/M8 in North Lanarkshire.

In what is understood to be the first major industrial property deal north of the Border for six months, the multi-modal logistics business will establish a new distribution facility on the business park.

Eddie Stobart will take occupation of Pinnacle within the next couple of weeks. The facility includes refrigeration and office space to allow the company to meet growing business demand from central Scotland. Stobart has 40 other sites located around the UK and Europe. 

Muse Developments sanctioned a £21.2 million speculative build commitment in April 2010 to construct the ‘Pinnacle’ and ‘Zenith’ buildings on the 17.4 acre site known as ‘Plot F’ at Eurocentral. 

Image: The Pinnacle, 'There is demand for modern distribution and production units'

Building work on 67 Hope Street, the latest addition to Glasgow’s stock of modern open plan Grade A offices, has now been completed.

Work on the 10-storey, 65,000 sq ft office development opposite Glasgow Central rail station had been suspended in early 2010, when the original construction firm entered administration.  The project was previously known as the ‘Copenhagen Building’. 

Last year, Allied Irish Bank (GB) appointed Clark Contracts to complete the project, which includes a glass curtain wall and a two storey atrium, in a £1.2 million contract.

Gordon Cunningham, Clark Contracts’ managing director, said: “Completing this important Grade A office development is good news for Glasgow’s International Financial Services District – and a valuable addition to the city’s stock of top quality office accommodation”.

Advice: Scott Morris of Edinburgh-based Morris Property Tax explains the implications of the draft Finance Bill 2012 for Capital Allowances:

There has been widespread coverage over recent months on proposed changes to the Fixtures legislation under Capital Allowances Act 2001. Some advisors unfortunately took to misrepresenting the position for short term gain and have now found their previous guidance to be somewhat misplaced in suggesting certain amendments would be adopted. 

As Capital Allowances practitioners with exposure to numerous changes to the legal framework over the past 20 years, Morris Property Tax has taken a reserved stance with behind the scenes discussions and analysis of HMRC’s review. 

The proposals have now been published under the draft Finance Bill 2012. Whilst at this stage these proposals are draft, our experience would suggest that they will most likely be adopted in full. 

Image, Scott Morris: 'Fundamental changes to the existing framework will become operative this year'

Having refinanced their banking requirements with long term bankers – Lloyds Banking Group extending facilities to late 2014 – Credential Holdings has appointed Scott Cairns as non-executive director. Cairns was a former managing director of Scottish Metropolitan plc and has experience in quoted, and unquoted, property companies. 

Barrie Clapham, Credential’s group chairman and principal shareholder, said: "We are really pleased at our success in attracting someone of Scott's calibre and experience to join our Board as we seek to improve our capital value and extend our range of activities.” 

Image: Barrie Clapham, 'Scott's network and experience will be a major advantage to Credential'

Alarm bells ringing for Scottish retailers

 Customers confronting reality since Christmas

 Scotland’s consumer confidence lower than UK-wide figure

Scotland’s total retail sales in January were 1.5% down on January 2011, when they had increased 1.9%. Total retail sales in January were 1.5% down on January 2011, when they had increased 1.9%. These figures, from the latest SRC-KPMG Scottish Retail Sales Monitor, mark the worst fall in total sales for any month since 1999. 

Like-for-like sales were 2.6% lower than a year ago, when they had fallen 0.9%. January's fall was the worst since May 2011 and the ninth decline in the last 12 months.

Food sales growth picked up after a tough December, but the increase was outweighed by much weaker non-food sales. 

More than a thousand homes will be powered via Scotland’s first near shore commercial wave power array, according to energy minister Fergus Ewing.

Two new Oyster wave energy converters will be added to an existing device at the European Marine Energy Centre (EMEC) at Billia Croo, Orkney, to allow operators Aquamarine Power to test the devices as an array.

Each of the machines has a capacity of 800 Kilowatts, bringing the total capacity of the array to 2.4MW.

Although the machines are demonstrators, the array will be the first near shore wave array in Scotland to be connected to the National Grid, and will supply enough electricity to power more than 1,000 homes.

Triggered by a growing shortage of office space, prime headline rents in central Edinburgh are expected to rise by the end of this year, according to Savills’ latest Edinburgh office report.

The company predicts a steady rise from current levels of £27.50 per sq ft (£296 per sq m) towards the previous peak of £30 per sq ft (£323 per sq m), as prime office space becomes harder to source.

Keith Dobson, head of Savills Edinburgh office, said: “While occupier commitment did weaken in the second half of 2011, this has not diminished the number of high profile requirements for prime space in Edinburgh.

Property consultancy GVA has acquired UK hotel and leisure specialists RGA Consulting, based in Edinburgh and London.

The move reinforces the firm’s intention to expand its hotels and leisure offer. Following its acquisition of Humberts Leisure in May 2011, GVA is among the UK’s largest leisure specialists. The latest purchase will enhance GVA’s geographical reach into the Scottish leisure market and will be known as GVA RGA.

RGA (Richard Gerald Associates), led by Max and Richard Gaunt, was founded in 1985. The company specialises in three areas of leisure – hotels, tourism and culture. Operating out of London and Edinburgh, 80% of its business services are within the hotels sector. Recent clients include Bruntwood, Coplan Estates and Chardon Management.

Image: Max Gaunt, 'This partnership provides us with the strongest possible platform

RENTAL income from wind farm developments increased by between 10 and 15 per cent throughout 2011, according to research by property consultants CKD Galbraith. 

Meanwhile, rents paid to landlords increased by 250 per cent in the 10 years from 2002 to 2011. Along with rental increases, CKD Galbraith noted that other financial agreements, such as payments for use of minerals, frequency of rent reviews and option payments, also increased as developers acknowledged the value of land to renewable energy projects.

CKD Galbraith’s energy research department ascertained that 13 wind farms became operational in Scotland during 2011, providing an additional installed capacity of 382 megawatts (MW). 

This, added to existing installed capacity, means that Scotland has 2,784 MW of wind power potential*. Ayrshire and Lanarkshire saw the biggest increases in installed capacity, with 176MW and 141MW added respectively. 

Clydebank Re-built Urban Regeneration Company (URC) has received £350,000 from the Scottish Government to deliver workshop space at Clydebank East.

Working through the West HubCo, Clydebank Re-built will use the funding to lever a further £250,000 from other public and private sector organisations.  With existing funding in place, this new allocation will take the budget for the project to £2.1 million.

Alex Neil, Cabinet Secretary for Infrastructure and Capital Investment, said: “Community regeneration remains a significant platform of our regeneration strategy and this announcement reflects our commitment to support communities to make a difference locally.

“Clydebank Re-built is addressing a fundamental need locally to create more workshop space and this project will go some way to meeting the demand.  As we continue to encourage an entrepreneurial spirit and new business start-ups, we need to put the infrastructure in place to support business generation, jobs and economic growth.”

Eleanor McAllister, managing director of Clydebank Re-built, said: "The new money will help create over 20 new jobs in the area and allow us to take forward the development of the Clydebank East site for workshops and small factory units off Glasgow Road."

Image: The Titan Crane, symbol of Clydebank's regeneration

The Law Society of Scotland's annual Cost of Time survey reveals the first rise in profitability for law firms since 2008.

The 2011 survey has shown median profitability of £71,000 per partner at Scottish legal firms, which shows a return to 2004 levels but remains well below the highs of 2005 to 2008.

Sole practitioner solicitors and smaller firms continue to be worst affected, in particular those that undertake legal aid work, with profits per partner around £46,000 for sole practitioners and £75,000 for partners of 2-4 partner firms. 

Medium sized firms of 5-9 partners appeared to show strong growth with a per partner profit of £80,000, up from £66,000 in 2010, while 10+ partner firms, showed a sharp drop from the 2010 survey figure of £178,000 to £144,000 per partner. The sample of such firms was small, and included some different firms from those who took part the year before.

Property consultancy CBRE (Scotland) has announced the appointment of Steven Hirst to the position of Director in the Professional team in Edinburgh.

Steven joins CBRE from Jones Lang LaSalle, where he had been part of the former King Sturge team, latterly as a director. During his time there, he was responsible for providing valuation and related advice on a range of single assets and large portfolios for banking, property company and institutional clients.

In his new role with CBRE, Steven will lead the professional team in Edinburgh, responsible for developing the team by offering a new and fresh perspective.  His role will also entail carrying out valuations and delivering strategic appraisals and advice across all property sectors.  

Image: Steven Hirst, 'This is an exciting challenge for me.' 

House sales in Scotland edged up slightly during January as first time buyers sought to beat the stamp duty holiday, which expires in March, says the latest RICS UK Housing Market survey (14 February 2012).

Scottish surveyors reported a slight increase in newly agreed sales in January. There was also a steady increase in the number of new buyer enquiries which had a net balance of 3%, up from -17% in December. 

From 24 March 2012, first time buyers in the UK will no longer be exempt from stamp duty on properties under £250,000. Some surveyors note that the looming deadline produced an increase in activity at the lower end of the market.

However, RICS predicts that the end of the stamp duty holiday “will not create a huge rush” from buyers in the next couple of months. They also expect prices and sales to “remain steady going in to spring”.

Sydney & London Properties Ltd has let the former Focus DIY unit on Westway Retail Park, Arbroath to B&Q.

The unit comprises a gross internal area of 28,000 sq ft (2,601.00 sq m) and has been let for 15 years at a rental of £252,000 per annum.

B&Q’s acquisition follows hard on the heels of Asda opening on the same retail park in November 2011. 

Sydney & London Properties Ltd was represented jointly by Eric Young & Co and GTI Property Consultants. 

The announcement yesterday (Monday 13 February 2012) that the Programme Board of the East Central hub Territory – comprising 17 public bodies – has formed the East Central hub Scotland Limited, (a joint venture company with a private sector consortium) will be welcomed by Scotland's construction firms as a boost to securing future work. 

The deal by the local authorities, health boards and other public bodies in the Tayside, Fife and Forth Valley areas will help secure long-term opportunities for local employment, as the region’s pipeline of work is valued at £500m over the next ten years.  

The private sector consortium comprises two Stirling-based companies, Robertson and the FES Group, along with Amber Infrastructure, an investor in social infrastructure projects.

The East Central hub Territory partners include:  Angus, Clackmannanshire, Dundee, Falkirk, Fife, Perth & Kinross and Stirling Councils, as well as Central Scotland Fire and Rescue, Central Scotland Police, Fife Fire and Rescue, Fife Constabulary, NHS Fife, NHS Forth Valley, NHS Tayside, Tayside Fire and Rescue and Tayside Police.

Property consultants James Barr highlight key points from Scottish Finance Secretary John Swinney’s 2012-13 Scottish budget changes, which will impact on non domestic rates from 1 April 2012: 

New Uniform Business Rate (UBR) 45 pence per £ RV

The non domestic Uniform Business Rate for 2012-13 has been increased to 45p in the pound of rateable value, effective from 1 April 2012 in line with England. 

Large Business UBR 45.8 pence per £ RV

The large Business Supplement, which applies to properties with a rateable value over £35,000 and which is currently 0.7p, will increase to 0.8p in the pound of rateable value from 1 April 2012, in line with England. 

Large Retail Stores UBR 55.1 pence per £ RV

A new Public Health Supplement has been announced for retail properties where the rateable value is on, or over, £300,000 and which are licensed to sell alcohol and registered for the sale of tobacco. The supplement which will apply for the next 3 years will be 9.3p, effective from 1 April 2012 – then increasing to 13p for the years 2013-14 and 2014-15. 

The multi-million Lomondgate regeneration scheme on the A82 at Dumbarton has just received a major boost – the opening of Scotland’s first Drive Thru Costa Coffee outlet. 

The 1,850 sq ft outlet, which was built by contractors on behalf of the Walker Group and handed over for fit-out by Costa at the end of October, features a striking curved building offering seating both indoors and outside for around 100 people. It is only the fourth Drive Thru in the UK. 

It forms part of Lomondgate Services, along with the adjacent £4.1m Premier Inn Hotel and Malt & Myre pub/restaurant.  A petrol filling station and other roadside facilities and visitor services are also planned. 

Mike Edward, The Walker Group’s development director, said: “It is amazing to see Lomondgate really coming to life after so many years in the planning. To have the first Drive Thru Costa Coffee on the site is a major coup and a tremendous vote of confidence in the whole project.” 

Advice: As much as 20% of all of Scotland’s commercial buildings could become virtually unlettable within six years if landlords don’t act now, warns David Simpson of Cushman & Wakefield: 

The Energy Act of 2011 proposes to make it unlawful to let properties rated as F or G on their Energy Performance Certificate (EPC) after April 2018. With many high street shops and historic office buildings falling far short of the energy efficiency standards required to achieve an E rating (with A being the highest award) landlords could be facing a real time bomb. 

A building with a poor energy efficiency rating will effectively become obsolete until improvement works are undertaken. Landlords will not be able to let the building and tenants won’t want to lease it.

However, the good news is that landlords have six years to get their buildings in order, but they need to start planning now so they are not caught unawares and are left with empty shops and offices in their portfolio.

Image, David Simpson: 'Over next few years rents will be forced down for non-compliant buildings'

Solicitors carrying out conveyancing transactions "could face criminal prosecution" for a "genuine error" in submitting an application for land registration with the Registers of Scotland under new legislation, the Law Society of Scotland has warned.

The Law Society said that while it is fully supportive of most of the provisions of the Land Registration etc. (Scotland) Bill, which seeks to reform and restate the law on the registration of rights to land in the land register, it raised concerns about section 108 on offences relating to applications for registration.

S.108 states that a solicitor or other legal adviser to an applicant commits an offence if the person (a) makes a materially false or misleading statement in relation to an application for registration knowing that, or being reckless as to whether, the statement is false or misleading, or (b) intentionally fails to disclose material information in relation to such an application or is reckless as to whether all material information is disclosed.

The society argues that the proposed provision is not necessary because the "current criminal law . . . is sufficient to prosecute the mischief complained of", and that the introduction of the offence is "disproportionate" to the level of threat presented. 

The UK construction industry continued to stall during the final three months of 2011, due to doubts about the government's ability to boost private funding and deliver on proposed infrastructure projects, says the latest RICS Construction Market Survey.

Only 14 per cent of surveyors said they felt the government would deliver on its Autumn Statement pledge to generate sufficient institutional funding for planned infrastructure projects. There was also strong scepticism about the Get Britain Building Fund, with only a quarter of surveyors across the UK believing that it would have a positive impact on the sector.

This pessimistic assessment reflected the overall position of the industry in the final quarter of 2011, with a net balance of seven per cent more respondents reporting falling overall workloads (from -1 per cent).

Glasgow City Council has granted BAM Properties planning consent for its £70m office building on the corner of Queen Street and Ingram Street opposite the city’s Gallery of Modern Art.

BAM Properties is seeking pre-lets for the building, which could be ready for occupation in 2014 and will offer 143,000 sq ft of Grade A office accommodation, along with four retail units. 

Construction will be carried out by BAM Construction, who built Glasgow’s acclaimed Riverside Museum and the National Portrait Gallery of Scotland in Edinburgh. The building has been designed by Cooper Cromar.

The ground and mezzanine levels will feature retail and leisure units spanning a further 23,000 sq ft, accessed from Ingram Street. At basement level there will be 56 car parking spaces and cycle storage. 

Image: 110 Queen Street 'linking city centre to the Merchant City'

2011 industrial take-up in Scotland reached 2.8m sq ft

UK industrial take-up increased to 7.45m sq ft in Q4 2011

UK Industrial investment increased to £1.4bn in Q4 2011

Property consultancy DTZ has revealed the findings of its Property Times UK Industrial Q4 2011 report, which covers the market for properties over 50,000 sq ft. 

According to the report, take-up of industrial stock reached 7.45m sq ft in Q4 2011, the highest quarterly total for over a year. Despite this, annual take-up for 2011 totalled 28m sq ft, down from the 31.6m sq ft recorded in 2010.

Investment activity in the industrial sector rose in the final quarter of 2011 to nearly £1.4bn, the highest level since Q4 2006 and over 65% higher than the long-term average.

Availability of stock continued to fall for the fifth successive quarter, with most UK regions reporting a severe shortage of prime space, although this has been limited by a large number of secondary units coming on to the market.

Colliers International has secured five new tenants to Rockspring Property Investment Managers’ Queenslie and Annick Glasgow industrial estates. 

At Annick Industrial Estate, Building 2, Unit 15, has been let to Reconstruct Projects, a building and construction company, on a three-year lease. The annual rent on the 932 sq ft unit is £7,500 pa (£8.05 per sq ft).

The 933 sq ft Building 2, Unit 17, has been let to window blind manufacturer JNG on a two-year lease, at £7,750 per annum (£8.30 per sq ft), while East End Tyres Limited secures Yard A on a five-year lease (£6,500 pa).

International property consultancy CBRE increased its revenue by 15% in 2011 to $5.9 billion, compared with $5.1 billion for 2010.

Commenting on his division’s performance, Miller Mathieson, managing director of CBRE Scotland, said: “2011 was a challenging year for the commercial property industry in Scotland. 

“However, we have been pleased with the strength and resilience shown at the prime end of the market. This was evident with the sale of Edinburgh One and 141 Bothwell Street in Glasgow at the end of the year.  These transactions demonstrate good investor interest for high quality buildings in these two key cities.

“Demand for annuity-type product continues to grow and I can confirm that CBRE Scotland has successfully secured funding for a new 788-room student residence at Fountainbridge, Edinburgh, which has been pre-let to Napier University on a 22-year lease. 

Image: 141 Bothwell St, Glasgow

The USA has lost its crown as the world’s top location for shopping malls. Nine out of the world's ten biggest temples of consumerism are now in Asia, where vast malls now represent the region’s economic boom and excess.
 

Offering much more than "shop till you drop" opportunities, malls are becoming amusement parks and lifestyle centers surrounded by shops.

Building experts from Emporis.com generated the world’s Top 10 mall rankings, based on the gross lettable area. Historically, malls have been the icons of America; the first mall ever was built in Minneapolis in 1956. 

However, Asia's economic boom has resulted in the rise of consumerism and the development of mega-malls. Nowadays, Asia has more malls than America, and the two largest are located in China.