Glasgow beats the blues in office projects
By Stewart McIntosh
OFFICE development in Glasgow has increased over the last 12 months,
despite the credit crunch.
According to the annual Glasgow Crane Survey, researched and published
by Drivers Jonas, the shortage of modern office stock in the city centre
has convinced developers to ignore the doomsayers and press on with
office schemes. But if you’re looking for gloom in the gritty city of
the west, you’ll find it on any residential site.
Andrew Kubski, partner at Drivers Jonas Scotland, said: “In the office
market the number of new starts has, perhaps surprisingly, increased by
17 per cent. There are seven developers who have taken the plunge and
committed to development.
“With extremely low levels of available Grade A stock, these buildings
should be a welcome addition to the city, though they come at a time of
slowing occupier demand. If demand continues to be subdued, developers
may begin to struggle, given the current levels of construction.”
However, he argues that, so far, “not many” requirements have been
shelved altogether and, if this continues, “latent demand should be
satisfied at some stage”.
Across the sectors, the survey shows that Glasgow has seen an overall
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Kubski: 'Slowing occupier demand'
development slowdown with 11 new starts (seven office, three residential
and one retail) compared to 16 starts a year ago. The biggest
development slowdown has been in the residential market, with new resi
starts having fallen by 57 per cent and start dates pushed back on new
schemes.
Not surprisingly, Drivers Jonas predicts that even fewer residential
schemes will start on site over the next 12 months.
DJ partner David Murdoch said: “We are aware that a number of banks will
not even discuss proposals for schemes of one and two bedroom
apartments, regardless of the location or quality.
"With limited activity in the hotel and retail markets, the areas to
watch over the next 12 months will be the residential and office
sectors. With no residential or office schemes currently scheduled to
complete post-2009, we will have to wait and see if developers have the
confidence to press the button on any new development schemes.”
In the meantime, he predicts that the acid test of the Glasgow office
market’s strength will be whether the speculative schemes find tenants.
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James Barr takes up the hunt for whisky HQ
JAMES Barr has nipped in and won a competitive tender to be appointed by
The Glenmorangie Company as agents to identify new headquarters in the
centre of Edinburgh and the land on which to build a bespoke,
state-of-the-art, bottling facility in the Lothians, writes Edward
Marr.
The move follows The Glenmorangie Company's announcement last month of a
two-year investment programme worth £45 million, which will see it focus
on building its premium single-
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malt Scotch whisky brands, Glenmorangie and Ardbeg.
As well as being responsible for finding the site, James Barr will be
responsible for space planning and designing and fitting out the
buildings.
Blyth & Blyth has been appointed to design and manage the build of the
new bottling facility within the Lothian area, preferably close to
Glenmorangie's operations in Broxburn, West Lothian.
Eric Forgie, chief executive at James Barr, said: “Our aim is to deliver
prestigious Edinburgh city-centre HQ offices of the highest calibre
which are worthy of the international luxury brand that Glenmorangie has
established."
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| Just the location for those spooked by the slump
DTZ is looking for a tenant for 5,938sq ft of office space in
Edinburgh. There is one snag – it is reckoned that the place already has
an unwelcome tenant, who is paying no rent, writes Jim Dow.
The property is Craigcrook Castle on the northern side of
Corstorphine Hill, and the place is said to have its own poltergeist.
Former occupiers have claimed that the ghost throws paper clips
across the room and makes knocking noises. Believers say that the castle
is haunted by the Scottish critic and jurist, Lord Francis Jeffery.
The 16th-century castle has strong literary connections, having been
visited by Charles Dickens, Hans Christian Andersen, George Elliott,
Alfred Tennyson and Sir Walter Scott.
In addition to the 5,938sq ft of office space with 22 car park
spaces, there is a 1,970sq ft stable block,
currently used as storage, to the rear of the building. It has the
potential for conversion into what could be quirky office accommodation.
The properties are available to let together or separately at £18.00
per sq ft.
Nicola Moore, of DTZ, said the castle has excellent office and
meeting-room space, as well as a kitchen, staff canteen area and vast
storage facilities.
“The building offers potential occupiers a truly unique opportunity
to secure one of the most prestigious office properties in Edinburgh,"
she said.
“It has been maintained to a very high standard and has married the
needs of modern office occupiers with the retention of the period
building."
Craigcrook Castle was occupied as a house until the 1960s.
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