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.  

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'

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'

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. 

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).

Shepherd Chartered Surveyors, acting jointly with Burns and Shaw LLP, has let two substantial warehouse units at Kilda Way on Perth’s North Muirton Industrial Estate to Baldoukie Motors and G4 Security.

Baldoukie Motors has leased the 17,400 sq ft warehouse and office accommodation on a three year lease at £55,000 per annum, while G4S has leased 11,000 sq ft for 10 years at an average annual rent in excess of £40,000 per annum.

Jonathan Reid, commercial partner in Shepherd’s Perth office, said: “These lettings provide welcome evidence of demand for quality industrial accommodation within Perthshire and are two of the largest lettings in the area for some time. To secure a major occupier such as G4S and an established regional operator as Baldoukie is a great boost for the North Muirton Industrial Estate.”

Image: North Muirton Industrial Estate

Acting on behalf of Henderson Global Investors, James Barr’s investment team has concluded the acquisition of Units 1, 2, 4 & 7 at Edinburgh Interchange from Park Lane City, represented by Jones Lang LaSalle, for a price of £4.675 million.

The current annual rent roll is approximately £414,000 representing a net initial yield of 8.37%. 

Unit 1 is currently available to let and therefore there is the opportunity to improve the income through the letting of this unit with further future performance being achieved by way of a fixed uplift on Unit 7 in 2015.

Image: Edinburgh Interchange

CBRE’s detailed round-up of H2 2011 office markets across the UK’s regional centres reveals mixed fortunes for Aberdeen, Edinburgh and Glasgow:

Largest city centre deal was Glasgow’s £71m sale of 141 Bothwell Street

Edinburgh occupiers moving fast to secure their space requirements

Aberdeen rents reached £31.50 per sq ft

UK investment transactions in the second half of 2011 were down on the previous year, falling by around 36% on 2010. In total, across UK city centre markets, £1.7bn of stock was transacted during 2011.                                                                                                                                                                                                    Triple Kirks Scheme

Ashley Hancox, CBRE’s head of regional office agency, said: “2011 was another challenging year for the UK economy, with growth slowing sharply in the second half of the year. Activity levels in both the occupier and investment markets were lower than we would have expected. 

“The Euro debt crisis played its part in exaggerating the UK’s uncertain business environment. This continues to stifle business confidence, with many businesses managing costs exceedingly carefully.”

The full outcome of the problems in the Eurozone and its impact on the UK remain uncertain, but Hancox predicts growth will be slower in 2012 – and that a recession is not out of the question.

Land Securities has secured four more retailers at its 155,000 sq ft development 185–221 Buchanan Street, Glasgow. The development is scheduled for retail opening in March 2013.

The four new brands, which are taking around 15,000 sq ft in total, are Fat Face, Skechers, Watches of Switzerland and Office. These retailers join Forever21, Paperchase and Gap who committed to the development in 2011.

With 14 months to go before the scheduled retail opening, the project is 90.7% pre-let by income, an impressive performance considering the challenging economic conditions. 

Image – Land Securities' Buchanan Street scheme CGI

Exemplar Properties is to buy Edinburgh’s most prestigious development site, in a dramatic entry on to Scotland’s large-scale development scene, according to Property Week.

The London developer is believed to be paying around £65m for the Scottish capital’s Quartermile — a half-built mixed-use scheme that was put up for sale by Gladedale Group.

It beat bidders such as Moorfield and Axa Real Estate Investment Managers, and is believed to be in talks with several funders to form a joint venture to complete the development. Of these, Area Property Partners is the frontrunner.

Full story here

Hermes Real Estate Investment Management Limited (HREIML) has secured Colin’s Tyres as a new tenant at its Belleknowes Industrial Estate in Inverkeithing, Fife.   

The Aberdeen-based car services and tyre company has moved into Unit 7 at the estate, a semi-detached modern warehouse comprising 3,431 sq ft. The company signed an initial 12-month lease with an option to extend for ten years, at a rate of £16,983 p.a. 

Following this latest deal, Colin’s Tyres now operates in Aberdeen, Aberdeenshire, Edinburgh, West Lothian, East Lothian and Fife.

Gladman Developments Ltd  has secured an oil exploration company for its 25,000 sq ft headquarters building at Abercrombie Court in Aberdeen.

Independent North Sea operator, Fairfield Energy, is to relocate its Granite City operation from Dyce to the Arnhall Business Park site in Westhill.

The three-floor headquarter pavilion was the largest unit in Phase 2 of the Abercrombie Court development and has been taken by Fairfield on a 10 year lease.

Fairfield Energy was established in 2005 with major funding from North American and European private equity investors and has a growing portfolio of UKCS oil and gas interests, including the Dunlin, Merlin, Osprey, Darwin and Clipper South fields.

Image: Dan Smith, FG Burnett at Abercrombie Court   

Elite Training and Consultancy has purchased the first floor of 144 West Regent Street, Glasgow, for £177,500 from a private vendor client of Ryden.  The IT tuition specialists previously leased the 1,095 sq ft accommodation.

Ross Jubin at Ryden said: “Elite Training and Consultancy approached us looking to purchase office space in the city, whilst still tied into their existing lease at West Regent Street for two years.  

“As the West Regent Street suite was tenanted it was not being marketed.  Fortunately, our client was open to selling their accommodation subject to achieving a fair price. The sale also reflected significant savings for Elite Training in light of their existing lease commitment.

“Current market conditions have led to a reduction in the number of sales, but this transaction highlights how a deal that is mutually beneficial to both landlord and tenant can be achieved.”

Industrial Property Investment Fund (IPIF) has completed four unit lettings in Glasgow and Edinburgh, advised by Jones Lang La Salle’s industrial and logistics team.  

The four industrial lettings, comprising nearly 53,000 sq ft in total, were all completed within the space of two weeks in December 2011.

M&H Logistics signed a 10 year lease, with a 5 year break option, to take 23,064 sq ft at an average headline rate of £5.50 per sq ft in Unit 3 on Edinburgh Distribution Park in Newbridge – making it the second largest unit transacted in Edinburgh last year. 

In a move that could herald further retail or leisure development at Braehead, Capital Shopping Centres Group has acquired two development sites from Peel Group – one at Braehead, Glasgow and the other in Malaga, Spain.

In the first deal, Clydeport Properties was paid £4.7 million for the 30.96 acre site known as King George V Docks (West), adjacent to CSC's shopping centre at Braehead. The acquisition offers significant opportunities for future development in relation to the shopping centre and leisure activities at Braehead. 

In the second deal Peel Holdings was paid €2.5 million for a three year option, alongside a refundable deposit of €7.5 million, to purchase two parcels of land in the province of Malaga. 

The sites comprise: a 60 acre site which has initial planning consents for a high-class regional shopping centre and leisure development; and an adjacent 14 acre site which is earmarked for possible future development.

Image: Braehead shopping centre, more development to come?

The latest occupier to take space in Edinburgh’s Exchange Place office development is 4sight Financial Software.

The IT specialist has leased 4,467 sq ft of space for its new head office at Exchange Place 2, at a rental of £20 per sq ft, on a 5 year lease. The company develops software technology for the financial services industry and has expanded from its current premises in Conference House in the city. 

4sight Financial Software joins energy consultancy firm Wood Mackenzie in the building, which is part of the largest speculative city centre development in Edinburgh.

Angela Lowe of Cushman & Wakefield, who represented the landlord – Scottish Widows Investment Partnership – along with joint letting agents Jones Lang LaSalle and Cuthbert White, said: “4sight Financial Software is a great addition to Exchange Place 2, which offers outstanding, cost effective modern accommodation in one of the best locations in the city.  

Drivers Jonas Deloitte (DJD) has confirmed the £3.4 million sale of Shettleston’s Annick Industrial Estate to Berkshire-based Kewbrook Limited.

The site, comprising 55 units extending to 107,559 sq ft, has been bought from Rockspring Property Investment Managers acting on behalf of Hanover Property Unit Trust, advised by DJD.

Craig Leslie, senior surveyor in the national transactions team based in DJD’s Glasgow office, said: “This represents a great result in what continues to be a very challenging market.

“The deal demonstrates that there is continued investor demand for multi-let industrial stock – where the asset fundamentals are good and the property is priced correctly.”

Image: Annick Industrial Estate, sold at an initial net yield of 11% 

First Minister Alex Salmond has signed an energy development agreement with Masdar, an Abu Dhabi-based renewables developer. 

The signing at the World Future Energy Summit in Abu Dhabi follows discussions between the FM and Dr Sultan Ahmed Al Jaber, Chief Executive of alternative energy company Masdar, during the FM’s visit to the UAE in November last year. 

In the first agreement of its kind between Masdar and a nation, the framework outlines a detailed plan of activity to deliver tangible clean energy projects. The agreement focuses on development opportunities, investment in low carbon projects, technological cooperation, policy making and best practice initiatives.

Following a letting to building consultants Gardiner & Theobald LLP, Mapeley’s newly refurbished Clarendon House in Edinburgh is now almost 30% let.

Gardiner & Theobald took 3229 sq ft on the 5th floor at an initial rental of £23 per sq ft on a new sub-lease expiring in 2021. The Nursing and Midwifery Council occupies the ground floor.

Clarendon House is situated on the south side of George Street in the block bounded by Castle Street to the east and Charlotte Square to the west.

The improvements included a comprehensive refurbishment of the building’s entrance, common parts, M&E, and floors to a Grade A standard. 

Ian Gladwinfield, asset manager at Mapeley said: “We are delighted to have signed up an industry leading company, providing its endorsement of the quality of the refurbishment works we’ve carried out. 

Image: Clarendon House

In 2011’s largest Edinburgh office investment sale, Edinburgh One has been acquired by Frankfurt-based investment fund Deka Immobilien GmbH in a £23.75 million deal. The seller was F&C REIT and the deal was concluded after competition from a number of UK and foreign bidders.

The building, which is located at 60 Morrison Street adjacent to the EICC, covers 55,022 sq ft. It has a 14-space basement car park and is leased by Scottish Widows Plc until 2021.

David Plummer of F&C REIT said: “We are pleased to achieve a successful sale in such a challenging market. This sale fits in with our strategy of recycling our client’s portfolio as we have been active in buying as well as selling of late.”

While 2011 proved to be a poor year for commercial property investment in Scotland, a flurry of big ticket sales during the final weeks “gives hope for a better year ahead” – according to a new review from Cushman & Wakefield. 

The firm’s Scottish Property Investment Market Review of 2011 shows that although there had been 195 transactions at over £150,000, which was similar to 2010, the total value was £1.2bn, 18.5% down on 2010's figure of £1.47bn. 

John Hamilton, partner in the Capital Markets Group at Cushman & Wakefield, said: "The transaction volume at £1.2bn is the lowest we have recorded since the recession began in 2008 – and a fraction of the average over the 2005 - 2007 period of around £3bn per annum."

Image: 141 Bothwell Street changed hands in £71m deal

The 175,000 sq ft Grade A office building at 141 Bothwell Street, Glasgow, has changed hands in a £70 million deal. 

The asset was acquired by Pramerica Real Estate Investors on behalf of a single client account. Pramerica is the European arm of the real estate investment and management business of Prudential Financial, which is headquartered in the United States.

Completed in 2009, 141 Bothwell Street is a landmark, multi-let office building, which was awarded an Excellent BREEAM for Offices 2006 rating – the first building in Glasgow to achieve this level of certification. The building comes with 60 underground parking spaces.

The nine-storey building is fully let to a number of blue chip tenants, including Shell, HSBC Bank plc, and PricewaterhouseCoopers, with an average weighted unexpired lease term of 11 years. In addition, there are 60 underground car parking spaces.

The Centre, Land Securities’ shopping mall in Livingston, West Lothian, has enjoyed a pre-Christmas rush – as new retailers jostle for space.

December (2011) saw the arrival of: handmade cosmetics retailer Lush; retro sweet shop Henley Sweets; and designer childrenswear store Baby Loves It. These add to the wide range of occupiers at the Centre, including the 49,100 sq ft Primark store which opened on December 7.

Image: The Centre, 'new lettings are a sign of retailers’ confidence'

Acting on behalf of The Conygar Investment Company PLC, James Barr’s investment team has acquired a portfolio comprising nine assets in an off-market deal. The purchase price totaled around £40 million. 

The seller was a consortium including Edinmore Group and Buccleuch Property, who were represented by Eric Young & Co. The annual rent roll is approximately £4.22 million representing net initial yield of 10.56%. 

The portfolio comprises: 

Compass House, Dundee (pictured, right)

A 30,500 sq ft heritable office building in Dundee’s prime waterfront location, let to the Scottish Ministers until March 2019. Total rental income is £380,000 pa.

Watt Place, Hamilton International Technology Park, Blantyre

A 34,300 square foot freehold industrial unit, let to motor vehicle component manufacturer CTS Corporation UK on a lease expiring in February 2016. The current rental income is £189,000 pa.

Shepherd Chartered Surveyors has secured a trio of retail deals in Perth, in the run up to the festive trading period. The retailers are outdoor clothing specialist Rohan, independent nursery showroom Kenmar and home essentials boutique The Fussy Cow.

Rohan’s new 584 sq ft outlet is at 37 St John Street, at the southern end of the street between its junctions with South Street and St Johns Place. St Johns Street is a popular pedestrianised retailing location in the centre of Perth and the property is located directly opposite the main entrance to McEwens of Perth department store.

Acting on behalf of a private landlord, Shepherd secured a 10 year lease with an initial two month rent free period, a first year rental of £10,000 followed by four years at £17,500 with a tenant break at year five.

The Fussy Cow, meanwhile, can be found at the prominent location of 12 George Street, close to its junction with the prime retailing area of High Street. Acting on behalf of landlord Blythswood, Shepherd secured a five year lease with six weeks rent free and a break at 18 months with a stepped rent from £10,000 up to £13,000 in year five for the 517 sq ft unit.

Ryden has fully let two speculative industrial units in Aberdeen, prior to their completion.

Gilcomston Investments / Bamma Properties’ development at Raiths Industrial Estate, Pitmedden Road, Dyce, Aberdeen, constitutes an investment of in excess of £2.5m. The scheme comprises two new build industrial warehouse units, with secure yards and both properties were let on 15-year leases. 

Survival One, a leading provider of logistics support for survival equipment contractors, took building A – extending to 1,059 sq m (11,393 sq ft) – at a rent of £135,000 per annum.  Alfa Laval, a specialist in heat transfer, separation and fluid handling, took the 795 sq m (8,557 sq ft) building B at £105,000 per annum.

Image: Raiths Industrial Estate units, CGI 

Telereal Trillium has let its 36,600 sq ft Antonine House, on Falkirk’s Callander Business Park, to BP Exploration Operating Co. 

Acting on behalf of Telereal Trillium, Lambert Smith Hampton (LSH) secured the deal with BP Exploration on an eleven year fixed term lease, at an annual rent equating to £11.00 per sq ft.

Ian Davidson, associate director at LSH, said: “This is the largest office deal in Falkirk for almost two decades, and is one of the largest in Scotland this year. Securing a long term lease commitment at a strong rental level from a tenant with such a substantial covenant illustrates that the upper end of the market remains active.”

Image: Antonine House, Callander Business Park

A modern industrial unit with offices at Claymore Drive on Aberdeen Science & Energy Park, has been sold for £2,156,000.  

Ryden was instructed by Weatherford to sell the premises as the company relocated from Bridge of Don to their upgraded facility at Kirkton Drive in Dyce, Aberdeen.

The property at Claymore Drive extends to 27,113 sq ft and was purchased by Carnegie Developments Ltd, who in turn let the premises to Read Well on undisclosed terms.  

COOK, the frozen ready meals manufacturer and retailer, is to open its first premises in Scotland at 328 Morningside Road, Edinburgh.

The company has taken the retail unit next to I J Mellis cheesemonger, extending to 815 sq ft, on a ten-year lease at a rent of £21,000 per annum. Ryden acted on behalf of the landlord in the deal.

The company is a £22m independent family business that has been trading since 1997. It now has a national network of more than 50 branded shops, an online delivery service and more than 300 concessions in farm shops and independents.

The firm’s founding principle was to use the same techniques and ingredients that a good domestic cook would use at home. As proof of its handmade nature, the name of the individual chef who cooked each dish is printed on the packaging.

In a move that could see over 1000 homes being built across Scotland, law firm Tods Murray acted for Harworth Estates on the Scottish aspects of a £10m deal with Taylor Wimpey. 

Harworth Estates is a division of UK Coal, the largest independent coal minining company in the UK.

As part of the deal, Taylor Wimpey purchased a portfolio of Scottish estates consisting of 240 acres of land spread across three sites in Fife and the central belt.

Compropscotland swept past two significant mileposts today (9 May 2011). At 9.22 this morning we uploaded our 1000^th story since our re-launch in mid-November 2010. Then, just over two hours later at 11.27am, the site recorded its 100,000^th hit.

Stewart McIntosh, Comprop’s editor and director, said: “We didn’t expect to hit either of those mileposts until mid-June – so it came as a pleasant surprise when we achieved them both on the same, sunny, May morning. We’re logging 800 to 1000 hits a day, which in covering a specialist sector, demonstrates a strong – and highly professional –readership. And those 1000 stories add up to half a million words – each of them about property in its various forms, sectors and regions.

“From the outset, we aimed to establish ourselves as the top source of news, comment and research about Scotland’s commercial property sector – a sector that doesn’t get the coverage it deserves in the mainstream business pages. As property and construction digs its way out from under the rubble of the market crash, we follow the story step by step – and brick by brick. We chart the challenges, report the reversals and celebrate the successes.”

Image: Stewart McIntosh, editor Compropscotland.com

In an off-market deal, James Barr’s investment team has sold a multi let office within Edinburgh’s old town.

Crichton House on Crichton Close is located in Holyrood, close to the Scottish Parliament building, BBC Scotland and Scotsman Publications.  

Originally developed as part of the wider Holyrood North Project, the building extends to 9,461 sq ft and is let on a series of short term leases.  Tenants include The Scottish Building Employers Federation, The Association of British Pharmaceuticals Society and Ledingham Chalmers LLP.

In what is claimed to be Edinburgh’s biggest city centre office deal since 2009, Virgin Money is taking 30,000 sq ft at 28 St Andrew Square for its new headquarters. The new premises, which were leased from Heineken UK, will provide expansion opportunities for Virgin Money and will open for business in the summer.

The company will be recruiting up to 300 new people in Edinburgh as part of their plans to launch a bank “capable of providing a real alternative for consumers”.

Jayne-Anne Gadhia, Chief Executive of Virgin Money said: “This is another exciting step in our journey towards becoming a full service bank in the UK. We are planning to grow significantly in 2011 and needed a central location with good transport links.

She went on to say that Scotland’s solid reputation for financial services and “highly talented and skilled people” would be vital in growing the business and that St Andrew Square was an ideal location. 

Capital & Regional has sold Falkirk's Howgate retail centre to Rockspring Investment Managers as part of a £135.9m portfolio of four properties.
The 'Mall Fund' portfolio also includes the Eastgate Shopping Centre in Gloucester, the Marlands Shopping Centre in Southampton and the Liberty Shopping Centre in Romford.

The properties were valued at £128.1m at the end of June, reflecting a 6 per cent uplift in the sale price. In July, Capital & Regional and Aviva agreed to restructure £1 billion of loans held by The Mall Fund, aiming to cut the fund's loan-to-value ratio from 80 per cent to 65 per cent in 2014.

A client of DTZ Investment Management, represented by Knight Frank, has bought 133-137 Buchanan Street, Glasgow, for £21.2 million - reflecting a net initial yield of 5.5 per cent.  The 35,197 sq ft building, previously owned by LNC Property Group, occupies an entire block on a prime retail location at the corner of Buchanan Street and St Vincent Street.

The premises include retail space at ground floor and basement level, with office accommodation on the upper floors.  Tenants include Phones 4U, TM Lewin, The Post Office, and a former HBOS unit, currently being assigned to Jack Wills at an enhanced rent.

Aviva Investors Pensions has agreed a new lease with Tayburn Holdings on Block C, Kittle Yards, Causewayside, Edinburgh. The suite extends to 6,148 sq ft (571.18 sq m) of office space on the first and second floors and has been let for a further 10 years to Tayburn at a rental of £92,220 per annum.
 

Sally Lindsay of letting agents SL Property Consultants said: "Aviva worked closely with Tayburn to structure a deal that worked with their business needs. Kittle Yards has office suites available from 780 sq ft to 3,000 sq ft, with car parking."
 

The flagging office market in the west of Edinburgh has been boosted by news that Business Stream is to relocate to Edinburgh Park's flagship building, 7 Lochside View.
New Edinburgh Limited (NEL), Edinburgh Park's developer, has struck a 10-year deal with Business Stream to let the 20,692 sq ft first floor at 7 Lochside View at a reported rental of £18.50 per sq ft. Pamela Grant, development director at NEL, said: "This is an important deal for Edinburgh Park and we are pleased to welcome such a high profile tenant to 7 Lochside View."
 

Cameron Stott, director at Jones Lang LaSalle, who acted for NEL said: "Securing Business Stream is a significant coup for both Edinburgh Park and the west Edinburgh office market as a whole, particularly in the current climate. West Edinburgh continues to be a popular location for businesses looking to relocate, benefitting from comparatively lower rates to offices in the city centre."

Although take-up of Grade A office space in central Glasgow rose to an encouraging 153,000 sq ft in the second quarter of this year, total lettings for 2010 are forecast to be lower than 2009's, according to DTZ's latest 'Property Times' report.

The lower level of lettings is a result of the significant number of exceptionally large Grade A deals that went through in the third quarter of 2009,

City centre availability fell back in Q2, particularly Grade A, following the increase in take-up. Demand was driven by the financial and legal sectors, with Maclay Murray & Spens and Ernst & Young taking 38,000 sq ft and 21,000 sq ft respectively in HF Developments' newly completed G1 building in George Square.

Ardgowan Hospice is the latest tenant to sign up for Greenock's Oak Mall Shopping Centre - taking Unit 15, Hamilton Way, on a new three year lease at a rental of £30,000 per annum.

The 1,310 sq ft (121/69 sq m) unit is the Hospice's sixth shop - it has a further two stores in Greenock, as well as other outlets in Gourock, Port Glasgow and Kilmacolm.

London and Cambridge Properties has found tenants for two units at its Forbes Court on Middlefield Industrial Estate, Falkirk.

The deals comprised the letting of the 5584 sq ft Unit 12 to Seed Source Limited on a ten year lease at £5 per square foot, as well as the 5317 sq ft Unit - also at £5 per sq ft, on a five year lease to C and C Solutions.

The joint letting agents were DM Hall and Ryden. Mike McIntyre DM Hall said: "The landlord has carried out a high-quality refurbishment of Forbes Court and, reflecting this, the rental rates are very competitive.

Nike Factory Store is the latest addition to Gretna Gateway's tenant line-up.

Nike Factory Store is taking 8,000 sq ft of retail space. Considerable reconfiguration work will be undertaken to create the new unit before it is ready to hand over to Nike Factory Store.

Peter Gardner, general manager at Gretna Gateway, said: "We're delighted that Nike Factory Store has decided to locate its latest UK outlet store at Gretna Gateway. It is one of the world's most recognized brands and will bring more jobs for the area and help to attract additional shoppers to the Outlet Village, which will in turn benefit all of our other stores as well as the local and regional economies." 

CB Richard Ellis (Scotland) has completed a letting at 169 Sauchiehall Street, Glasgow, on behalf of London-based property investment company, Winston Group.
 

Footwear retailer Barratts has renewed its lease on the entire unit 2800 sq ft two-floor unit, on a new ten year lease at a rental of £137,500 a year. CBRE recently sold 169 Sauchiehall Street for £1.3m on behalf of Deloitte to Winston Group and was retained as letting agent for the property.
 

Kevin Sims, retail director, CB Richard Ellis (Scotland), said:  "This letting confirms continued demand for Sauchiehall Street for well positioned units at sustainable rental levels."
 

CB Richard Ellis (Scotland) represented Winston Group; Barratts was unrepresented.

www.cbre.com

On behalf of Royal London Mutual Society, Ryden has let unit 4A Seafield Trade Park, Seafield Road, Edinburgh, to Screwfix Direct Limited.
 

Screwfix has taken the newly refurbished 6,426 sq ft unit on a 10-year FRI lease at £51,408 per annum. The direct and online supplier of trade tools and accessories is relocating from existing premises at Seafield Road.
 

Alan Herriot of Ryden said:  "My client recently acquired the premises at Seafield Trade Park and subsequently undertook an extensive refurbishment and sub-division to provide three modern trade counter/warehouse units.  Following this letting, only one unit of 6,490 sq ft now remains."

www.ryden.co.uk

Confirming the current healthy demand for good quality office space in Glasgow city centre, Gee & Co has let the fifth floor at 135 Buchanan Street to Thornton Hope Limited.

The debt recovery and credit management specialists are relocating from offices in West George Street, following a search that identified 135 Buchanan Street as an ideal office for their business.

Thornton Hope has agreed a five year lease for the 1923 sq ft fifth floor at a rent of £25,000 per annum.

Stephen McKenna of Gee & Co said: "As a result of this letting, 135 Buchanan Street is now fully let.  Gee & Co completed this in just over six months of our appointment and we are delighted to have assisted the landlord, LNC Properties, with the agency of the building."

Specsavers is opening a new optical superstore on Inverness High Street.

The company has agreed a rent of £95,000 a year for the 3,972 sq ft (368.99 sq m) unit at 44 High Street. The lease is for 10 years and is subject to a rent review on the fifth anniversary.

Cushman & Wakefield acted for owners Halifax Pension Nominees Ltd, while Culverwell acted for Specsavers.

www.cushmanwakefield.com
www.culverwell.co.uk  

Ryden has sealed two Edinburgh retail deals in quick succession. For landlord Peatallan, Ryden sold 8 Ormiston Terrace to a private purchaser (unrepresented) for £150,000.  The 870 sq ft property will trade as a Chinese herbal medicine shop.

On behalf of landlord Lightthink Ltd, Ryden signed up Make-up by Chris (also unrepresented) at 38-39 West Preston Street. The 353 sq ft retail unit has been taken on a five-year FRI lease at a stepped rental from £7,500 to £9,000 per annum. The beauty salon is run by make-up artist Christine Forster who said that the new location will enable her to provide specialist advice, treatments and products to her clients. The new salon is now open.

Will Biggart of Ryden said: "Both of these deals show that there is still appetite at the smaller end of the market in Edinburgh, particularly for new starts and specialist occupiers."

www.ryden.co.uk

In a change in the law that could have major implications for commercial property deals, from 6 April 2011 all land agreements in Scotland will become subject to the UK competition rules prohibiting anti-competitive agreements ("the Chapter 1 Prohibition"). What's more, the prohibition will apply to agreements whether they were entered into before or after this date. David Flint of legal firm MacRoberts explains:

A land agreement is essentially any agreement between undertakings which creates, alters, transfers or terminates an interest in land, or an agreement to enter into such an agreement. Until now, such agreements have been specifically exempt from the Chapter 1 Prohibition, but the decision has been taken to revoke this exemption with effect from April of next year.

In effect, parties to a land agreement will now need to consider whether the agreement (or any part of it) prevents, restricts or distorts competition in the UK.

On behalf of a private investor client, Ryden has purchased the long leasehold interest in a prime air freight distribution unit at 2 Campsie Drive, Air Cargo Terminal, Glasgow International Airport. The sale price was just over £1.1m, reflecting a net initial yield of 7.92%.

The property is a 16,238 sq ft modern distribution unit, let to DHL Global Forwarding (UK) Ltd on FRI terms, expiring March 2015, with a tenant's option to extend the lease for a period of five years from the expiry date.  The net passing rent is £92,385 per annum.

Jones Lang Lasalle and Acuitus sold the property on behalf of The Airport Industrial Property Unit Trust, a client of Scottish Widows Investment Partnership.

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Direct marketing specialist, Bridge View Consultants, is the latest tenant to move to Alba Business Pavilions in Livingston. The company struck a five year deal with landlord Miller Developments to take 3,485 sq ft at a rate of £14.50 per sq ft.

Bridge View Consultants moves into pavilion 1b, one of eight office pavilions at the park. They join the Jane Moore Trust and Compass Contract Services.
 

CB Richard Ellis (Scotland) has acquired Unit 6, Regent Centre, Kirkintilloch on behalf of Poundland.

Now Europe's largest single price discount retailer, Poundland has leased approximately 15,000 sq ft arranged over two floors. The property has been acquired at a rental of £95,000 per annum on a new ten year lease.

Kevin Sims, retail director, CB Richard Ellis (Scotland), said:  "This unit will allow Poundland to trade from one of the most prominent shops in Kirkintilloch. A former Woolworths store, this follows on from Poundland's acquisitions of former Woolworths stores elsewhere in Scotland that are trading well."

Demand from overseas investors for UK commercial property is driving recovery in the investment sector, according to Lambert Smith Hampton (LSH).

The property consultancy's latest market research reveals 'the highest level of activity in two years', based on a UK-wide investment turnover of £8.3bn in the second quarter of this year. Some 15 of those deals were worth more than £100m, accounting for £3bn of the total turnover.

Although overseas investors have replaced UK institutions as the most active investors in UK commercial property, the story in Scotland is different - with institutional investors still the dominant buyers.  This is reflected in ING's acquisition of 180 West George Street Glasgow for £17.5m and SWIPP's purchase of 145 St Vincent Street for £11.8m. Both purchases reflect a net initial yield of 6.6%.
A "small recovery" has been detected in the lending market, illustrated by the return of UK REITs and the quoted property sector.

Bill Binnie, head of investment for LSH in Scotland, said: "After a period of increased activity at the start of 2010, which has resulted in a swift adjustment in values, the market is expected to go through a period of consolidation as it finds its new level. There have been significant changes over the past 12 months.

Tsunami Axis, the commercial interiors specialist, has opened its first office in Scotland - taking a new lease at 6 Hope Street, Edinburgh from JM Edwardson.

The ground and first floor office suite extends to 1,838 sq ft (170.20 sq m) and has been let for 10 years at a rental of £28,950 per annum, subject to a tenant break at year 5.

JM Edwardson was represented by Ryden; Tsunami Axis by Eric Young & Co.

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Banco Santander has bought 318 Royal Bank of Scotland branches in a £1.65 billion deal - a figure which RBS says represents a premium of £350 million the value of the assets.

The sale includes seven NatWest branches in Scotland and 311 RBS-branded branches in England and Wales.

The move reinforces the Spanish bank's competitive clout in the UK market, adding to its current Abbey, Alliance & Leicester and Bradford & Bingley brands.

After being bailed out last year by the UK Government, RBS was instructed by the European Commission to sell off the branches to safeguard competition concerns. Santander first submitted an offer to RBS in June of this year, completion is expected by December 2011.

Ramsdens Financial Ltd has taken a new lease at 110A Dalry Road, Edinburgh from Peatallan plc.

The unit comprises 1,573 sq ft (146.13 sq m) of ground floor sales and has been let for 10 years at a rental of £18,250 per annum.

Peatallan plc was represented by Ryden LLP; Ramsdens Financial Ltd was represented by Eric Young & Co.

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Russell Jones & Walker has assigned its lease at 43 Melville Street, Edinburgh, to Dunedin Property.

As part of the agreement the landlord agreed to vary the existing lease to incorporate a new 5 year term with a mutual break at year 3 at a rental of £15,411 per annum.  The office suite extends to 938 sq ft (87.15 sq m).

Russell Jones & Walker, represented by Eric Young & Co, relocated to Centrum House, 108-114 Dundas Street last year.

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Acting on behalf of Buccleuch Property, CKD Galbraith has let the last remaining office suites and industrial unit at Norton Park near Easter Road, Edinburgh.

Ground and first floor office suites totalling 1,974 sq ft have been let to the charity Fairbridge in Scotland. The last remaining industrial unit, comprising 1,297 sq ft, has been let to a private occupier at £9,000 per annum.      

Ian Forbes of CKD Galbraith said: "Securing the letting to Fairbridge in Scotland is particularly pleasing, as all parties worked extremely hard to agree a mutually beneficial deal."

Poundland, Europe's largest single price discount retailer, has leased a 15,000 sq ft former Woolworths store in Kirkintilloch, East Dunbartonshire. The two-storey property at Unit 6 in the town's Regent Centre, has extensive frontage to the Cowgate. The annual rent is £95,000 on a new ten year lease.

Freight management company Geodis Wilson has become the second occupier at Westpoint Business Park, Paisley. The company has agreed a 10-year
lease on a 2,616 sq ft first-floor office suite at a cost of £15.50 per sq ft.

Richard Martin, general manager at Geodis Wilson, said: "It was important to select premises that reflect our corporate values and image as well as meeting our location requirements - Westpoint is the ideal choice to meet those criteria."

Stewart Milne Developments has sold a 16 acres site in Bucksburn, Aberdeen, to mechanical equipment supplier Enermech for £4 million.

EnerMech, who already lease part of the Howes Road property, has purchased the entire 16 acres which includes 68,000 sq ft of office space, industrial storage facilities, a 38,000 sq ft workshop and a large yard.

Acting on behalf of West Coast Estates, Knight Frank has completed the record letting of a new unit at Middleton Park in Bridge of Don, Aberdeen.

Unit 7 on the park has been let to Baguette Express on a 10 year lease at a rent of £23,000 per annum - at just over £40 per sq ft the deal represents a record rate for a neighbourhood retail unit in the Granite City.

Eric Shearer, partner at Knight Frank, said: "Since West Coast Estates acquired this parade over two years ago they have breathed new life into the scheme via active asset management, improving the appearance of the shops and changing the mix of tenants. Not only are occupiers benefiting from improved footfall, but the owners have seen rents improve significantly - as evidenced by this recent letting."

Poundland has taken the former Woolworths store on Glasgow's Argyle Street on a new 10-year lease, at £375,000 per annum.

The property, which comprises 20,000 sq ft of space over the ground and basement floors, will be redeveloped to create a suitable space for Poundland and will be ready for occupation in September this year.

Poundland was represented by CB Richard Ellis (Scotland), while Cushman and Wakefield acted on behalf of landlord Redevco.

Kevin Sims, retail director, CB Richard Ellis (Scotland), said:  "This will be the largest Poundland store in Scotland and a new flagship store for Glasgow.  It is an important acquisition and reinforces Poundland's position as Scotland's leading single price operator."

A Sainsbury’s supermarket at 135-145 George Street, Glasgow, has changed hands for £865,000.  Located close to Strathclyde University, the unit was bought by a private investor, represented by Ryden. The price paid reflects a net initial yield of 5.1%. 

The 3,563 sq ft property is let to Sainsbury’s until January 2025, at an initial passing rent of £46,500 a year with geared RPI uplifts at the five yearly rent reviews.

Savills acted for the private seller.

On behalf of a private landlord, Ryden has sold a prominent retail unit at 4-6 North Bank Street on the Mound in Edinburgh to a private investor. The 2,077 sq ft unit has been sold for a figure in the region of £500,000.

Margaret Milne, owner of Just Scottish, which previously occupied the premises, said: "I have been pleased with the way in which the sale has been handled with no disruption to my business. After trading successfully for many years as a gallery and a gift shop, I look forward to moving my operation online."

Will Biggart, surveyor at Ryden, said: "We are delighted with the sale price that we achieved for our client, and this, coupled with other recent sales in the area, shows that the historic part of the city, with its high influx of tourists throughout the year, continues to appeal."

In one of the largest multi-let industrial transactions Aberdeen has seen, Andrew Johnson’s Chancerygate, advised by Ryden and Biggart Baillie, has sold a portfolio of three industrial estates in the city for £10.427 million to clients of CBRE Investors, represented by King Sturge and McGrigors.  The sale price represents a yield of 8.45 per cent.
Chancerygate acquired the portfolio in 2008.  It comprises Forties Industrial Estate Centre, Denmore Industrial Estate and Portlethen Industrial Estate.  Tenants include TNT, Weatherseal, Nationwide Access and Greco Subsea.
Ken Shaw, partner at Ryden, said:  “The portfolio has undergone a proactive and successful asset management programme which has added significant value to the assets for our client.
“This first deal of its of its kind for nearly two years. The market has been tricky for this type of stock during the recession although the sale provides evidence of an improvement in pricing and a welcome return by funds into the market.”