SGM finds further Mountain Warehouse footholds
DEALS
GLASGOW-based SGM Property Consultants has scaled the heights with its
latest batch of deals. It has advised Mountain Warehouse on its Scottish
expansion by acquiring stores in The Thistles, Stirling; St James,
Edinburgh; Olympia Mall, East Kilbride and Gordon Street, Glasgow. It
has also let a unit to Mountain Warehouse at Eastgate, Inverness.
Mountain Warehouse, which has more than 40 stores in the UK, sells a
wide range of outdoor clothing, travel gear and accessories.
Stephen Gunn, director at SGM, said: “The rubbish weather in Scotland
makes it ideal territory for Mountain Warehouse to open more stores.
They have traded well from Edinburgh Fort and Tillicoultry Outlet Centre
for a number of years.
“They are now looking at a number of other towns across the country.”
Savills acted for the landlord in Glasgow, McParlane & Co acted on East
Kilbride, Culverwell acted for the St James Centre and Eric Young & Co
acted for The Thistles.
Brandon Centre just the ticket for First Group
CALA Properties has secured a further two lettings at the 350,000 sq ft
multi-let Brandon Shopping Centre in Motherwell.
First Group, advised by Ryden, has taken a ten-year lease on a 1,178 sq
ft retail unit, for an annual rent of £23,500. The bus company will use
the unit as a ticket office and drivers’ rest area.
The Salvation Army (Philip Wragg acting) has taken a ten-year lease on a
1,104 sq ft unit for an annual rent of £25,000 for use as a charity shop.
CALA Properties’ asset manager for the centre, Roger Telford, said: “We
have been making good progress in our plans to revitalise and refresh
the Brandon Shopping Centre, and this is now starting to pay dividends
in terms of lettings and retailer interest.”
In both deals CALA was advised by Cushman & Wakefield and Eric Young.
A planning application which will boost the quality of retail space and
provide a new feature entrance at the shopping centre is under
consideration by North Lanarkshire Council.
The plans allow for the development of the former Asda store, providing
up to 74,000 sq ft of modern retail space, with new frontages to
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Mountain Warehouse has more than 40 stores in the UK
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the mall and car park. Six new units have been designed to allow
existing retailers in the town to expand.
ICON takes a second bite at South Gyle
AN ICONIC deal for Ryden and King Sturge: acting for Dunedin Property
they have signed up ICON Clinical Research (UK) for the 3,700 sq ft
first floor at 36 South Gyle Business Park, Edinburgh.
ICON, represented by CBRE, a wholly-owned subsidiary of Icon plc,
arrived at The Gyle in March when it leased one of the first-floor
suites at 38 South Gyle Crescent. The Dublin & NYSE-listed company set
up its office as a regional operation centre, but due to impressive
growth it has come back for more and leased the second first-floor suite
at £18.70 a square foot on a ten-year lease, with an option to break
after five years.
Scott Gibson, of Dunedin, says he is confident that there will be
several more lettings this year now that the refurbishment programme is
complete, and John Clement, partner of King Sturge, added that ICON was
attracted by high specification of the office and the “fantastic” car
parking ratio, as well as the excellent location.
The deal contributed to an increased level of interest in the west
Edinburgh market in recent months, and Peter I’Anson, partner of Ryden,
said: “This letting allows us to attract other occupiers of a similar
size and type to ICON as we have available to lease suites from 3,663 sq
ft to 6,214 sq ft, and an entire building of 12,363 sq ft available on a
flexible lease duration, or for sale to an owner occupier.”
Dunedin bought the park in December 2004 from Hermes, and an extensive
refurbishment followed.
Ryden secures a bridal suite in Haddington
Acting for landlords Braemore Estates, Ryden has secured a lease at 32
High Street in Haddington. Lindi Giovanni, a mother-of-the-bride and
special occasions clothes retailer, has signed a ten-year lease at
£12,000 a year on the 519 sq ft ground-floor retail unit.
William Biggart of Ryden said: “The letting to Lindi Giovanni shows that
there is still demand for specialist shops in market towns like
Haddington.”
First phase wrapped up at Bothwell Bridge
BT Local Business has created a Hamilton hub by signing a deal to move
to Bothwell Bridge Business Park, Bothwell Road, Hamilton.
The telecoms business has
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taken 1,277 sq ft of ground-floor office space and the deal completes
phase one of the development, which is now fully let.
There are only three office pavilions remaining within phase two, with
suites ranging from 1,349 sq ft to 7,938 sq ft to let or purchase.
Current plans for phase three include four office pavilions and the
remaining units are being marketed at £195 per sq ft to purchase and
£15.50 for leasehold interest.
Alistair Reid from Jones Lang LaSalle, who acted, said: “Securing an
office letting at Bothwell Bridge Business Park in light of current
market conditions is a significant boost for the park, and we are
currently in negotiations with two potential occupiers.”
DEGI clinches second Prague site
DEGI, part of Aberdeen Property Investors, has completed its second
investment in Prague by signing the purchase agreement for the fully-let
mixed-use complex, Andel Palace, in the Czech capital’s leading business
district. The purchase price amounts to about £45 million.
The property has been bought indirectly through a real-estate company,
and will be added to the DEGI open-ended property fund which focuses on
commercial properties worldwide.
The seller, a partnership backed by a Dublin investor, was advised by
Jones Lang LaSalle Capital Markets; DEGI was advised by DTZ Prague.
Lochlands lease
PL Mobility, which offers a vehicle adaptation service for wheelchair
users, has taken a 1,950 sq ft unit at Lochlands Business Park, Larbert,
on a five-year lease at £9,000 a year.
Jones Lang LaSalle on behalf of RBCTC, trustees for the industrial trust
c/o Valad Property Trust, orchestrated the deal, and Finlay Hunter from
JLL's Glasgow office said: “This letting proves that in spite of the
current pessimism within the property industry there are still occupiers
looking to expand, particularly within the industrial market.”
PL Mobility represented itself.
Scaffolding base
Colliers CRE has let a 6,266 sq ft industrial and office property at
Palacecraig Street, Coatbridge, to Scaffolding Scotland on a five-year
lease at £5.25 per square foot,
Scaffolding Scotland will use it as a base from which to serve its
customers across Scotland.
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