Braehead chosen for Xerox HQ
DEALS
THE document management company, Xerox, is to relocate its Scottish
headquarters to Riverside Braehead, the £7 million speculative office
development at Braehead in Renfrewshire.
The property also provides a contemporary showroom and meeting
facilities.
Xerox and its 80 Scottish staff will move from Phoenix Business Park and
will be leasing around 5,500 sq ft on the ground floor of Riverside
Braehead.
Mandy Walsh, surveyor at agents CB Richard Ellis, Glasgow, said: “This
is a significant first letting for Riverside Braehead. Attracting such a
prestigious business in an uncertain market is a reflection of the
quality of space on offer. We also have another half floor under offer,
which further underlines Braehead’s position as a leading business
location.”
UPWARD SWING
In a deal which is said to underline the strength of the upper end of
the Scottish hotel market, Knight Frank has sold the Royal Golf Hotel,
Dornoch, in a private sale for a figure close to the asking price of £5
million.
Acting on behalf of Havana West Limited, Knight Frank partner David Reid
closed the deal on one of the most famous golf hotels in Scotland just
six weeks from when the property was placed on the market.
The hotel has planning permission for refurbishment to provide 33
en-suite rooms with additional planning permission for 11 luxury
apartments/cottages within the hotels grounds.
Reid: “We received a lot of interest in the property and its quick sale
demonstrates a continued confidence from developers and investors in the
hotel and leisure sector. The success of this deal indicates that there
is still significant demand from discerning buyers at the top end of the
hotel market.”
In another hotel deal, this time said to indicate a perfectly healthy
market, the 21-bedroom Moffat House Hotel in Moffat has been sold
through the Glasgow office of Colliers Robert Barry.
New owners are George and Sandrina Lawson, from Glasgow, experienced
family hoteliers who also own and operate a hotel in Edinburgh. They
will, over time, move their family to the area.
“Contrary to popular belief, for the right place at the right price,
there is a perfectly healthy market, although speed and short cuts are a
thing of the past,” said Adam Lansdown, director, Colliers Robert Barry,
Glasgow. “We received a number of offers for Moffat House. In some respects,
it is ‘back to basics’,
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Top rank office deal - Riverside Braehead
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and if a place is worth it, a fair and reasonable price will be paid.”
The presumed fair and reasonable price is not being revealed but the
agents had been advertising the hotel at offers over £1.75m
LIVINGSTON LETTING
Colliers CRE and JA Pollock have let 2,855 sq ft of office space at
Livingston's Almondview Office Park, to the transport advertising
company, CBS Outdoor, on behalf of landlord Kenmore.
The letting follows Kenmore's purchase of the park in 2007 and
subsequent refurbishment programme. CBS Outdoor, represented by
Langleybury Properties, has agreed an eight-year lease, with a break at
five, at a rent of £14 a sq ft.
CBS Outdoor joins existing tenants Interserve and CIS Insurance.
CURRYS TRIO
DSG Retail has secured three new stores for its Currys and PC World
brands in Scotland. Currys has taken a 10,000 sq ft unit at the
newly-developed Glasgow North Retail at Robroyston.
In addition, two stores which will open in 2009, have been acquired for
PC World at the proposed Falkirk Gateway Retail Park, being developed by
Macdonald Estates, and at the Hammerson-owned Fife Central Retail Park
in Kirkcaldy. PC World will occupy 12,000 sq ft and 12,500 sq ft
respectively.
Chris Humphrey, associate director in Colliers CRE's out of town retail
team and DSG's retained agent in Scotland said: "This is fantastic news
for what continues to be a challenging out-of-town market, particularly
in the bulky goods sector."
Niall McLean of Macdonald Estates believes that the commitment of DSG
Retail underlines Falkirk's status as one of Scotland's leading retail
centres.
SMALL IS GOOD
"Smaller and more affordable units continue to be desirable for office
occupiers, particularly for attractive lease lengths," was the comment
from Neil Ritchie of Jones Lang LaSalle after securing M2 Digital for
the Museum Business Park at Nitshill. The office machinery and supplies
business has taken a three-year lease on a 2,184 sq ft unit at £8 per sq
ft, with JLL acting on behalf of Greater Pollok Properties.
PROUD AS PEACOCKS
The Edinburgh-based law firm, Anderson Strathern, was the lead adviser
in one of the retail market's largest property deals
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this year - the £116m acquisition of the Peacocks Shopping Centre
in Woking.
It advised clients Moyallen Holdings, one of Ireland's leading private
property investment and development companies, in acquiring the
substantial shopping centre from British Land.
James Blair led the team at Anderson Strathern, playing a key role in
structuring the acquisition for Moyallen, advising on the funding
options and developing appropriate structures to facilitate the
transaction.
Blair said: "This was a hugely exciting deal to be involved in, both
from Anderson Strathern's and Moyallen's perspective. It has been an
ideal opportunity to demonstrate Anderson Strathern's full service
capabilities on a UK wide stage.
“The client has been able to deal with one firm of advisers from the
outset, from considering the structure and funding to processing all the
legal aspects of the deal. The acquisition was identified after a
year-long search throughout the UK and fits the client's objective of
investing for the long term in this sector.”
HIGHCROSS SELLS
The Fleming House Business Centre on Kirkton Campus at Livingston has
changed hands, with Highcross property fund management, advised by Jones
Lang LaSalle, paying Epoch Property £2.16m for it.
Generating a net initial yield of 6.07 pc, Fleming House Business Centre
comprises 16,084 sq ft of office space, divided into 19 office suites
and a storage unit.
Ross Burns of JLL’s Glasgow office said: “Epoch Property had done a very
good job, taking a vacant property, refurbishing it and sub- dividing
the property to offer small suites which have let up well. There is
still the opportunity to increase the occupancy level and develop out
two half acre development plots.”
Marks Evans of Highcross added: “Fleming House offers a great
opportunity for us to expand our Bizspace operation. The property offers
us the ability to let smaller office suites on flexible terms to meet
occupier demand.”
The Highcross purchase follows its acquisition of Dundyvan Industrial
Estate, Coatbridge, for £2.2m last month and six sites in Scotland in
2007 including The Pentagon Centre, Glasgow, Morton House, Grangemouth,
and Eon House, Bellshill.
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