ISSUE 13 APRIL 2019 FGBUR NETT.CO.UK
INSIDE THIS ISSUE Aberdeen Gets Major New Event Complex Service Charge Audit Prevention is Better than Cure… Unique Investment Opportunity
In this edition of Property Matters we feature a selection of some of the ‘deals done’ by our agents in recent months, our Property Management Department set out the importance of having your service charge audited and we introduce our new Head of Valuation. We are delighted to have Nick Waight, Managing Director of TECA as our guest contributor. Nick gives an insight into this 'game changing' capital project as we see it coming to life and on track to open
in the Summer of this year. A fantastic addition to the North East of Scotland! We hope you enjoy reading this latest edition and if we can assist you on Commercial Property Matters then please do not hesitate to contact us.
ISSUE 13 APRIL 2019
Welcome Our aim is always to offer a wide range of articles within Property Matters, showcasing the type of projects we are involved with and the nature of the professional advice we are providing clients. I believe this particular edition delivers on that front. TOWARDS A COMMON GOAL? When economies are requiring stimulation to encourage activity, it is understandably quizzical when property developers and others describe first-hand the frustration with many local authority planning departments, too often sticking to the strict interpretation of planning policy when a degree of flexibility and the creation of common ground would seem easier. Pragmatism is required, we need to have delivery of projects as the common aim with much less evidence of an adversarial approach. Property market trends
seem to be moving quicker than ever, illustrated most graphically by the changes in our High Streets. They are no longer the domain of only retail users – the future must include more residential, community, leisure and health related uses to name but a few. Given that change, perhaps there should be more flexibility in dealing with historically restricted planning consents for existing retail on the edge of town where demand exists, but only on the basis of seeking a wider use planning consent. Refusing such consent does not necessarily result in the same occupier then deciding upon a town centre location, it may not fit their business model. Markets change and I believe that we tend to anticipate those cycles well, with the help of Town and Country planners we can deliver those inevitable changes quicker to society’s benefit. Changes of use are a constant and that is alright. Planners may have a wider part to play, they have to have the desire and confidence to embrace that “new role”.
STEP UP FOR DAVID MCCURDY We are pleased to announce the promotion of David McCurdy from Associate to Director in our Building Consultancy Department. In his new role, David is working alongside Jim Johnstone and the Building Consultancy team to grow our existing range of services as well as new work streams. This well-deserved promotion reflects David’s valued contribution to the business.
Richard Noble, Managing Director firstname.lastname@example.org
GRADUATE SUCCESS Congratulations to Graduate Building Surveyor, Andrew Beedie for passing his Assessment of Professional Competence and becoming a member of the Royal Institution of Chartered Surveyors (MRICS) and Chartered Building Surveyor. Andrew's success reflects his continued hard work and dedication to the profession. For more information on the RICS visit www.rics.org
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ABERDEEN GETS MAJOR NEW EVENT COMPLEX Nick Waight is Managing Director at The Event Complex Aberdeen (TECA), Scotland’s brand new, state-of-the-art events venue opening later this year in Aberdeen.
the Anaerobic plant and the resulting hydrogen gas is harvested and used to power the energy centre which supplies heating, cooling and power not only to TECA but also the on-site hotels.
WORLD-CLASS FLEXIBLE EVENT VENUE
NEXT TO MOST REGIONALLY CONNECTED AIRPORT
Opening this summer, the multi-million pound development, being delivered by Aberdeen City Council, in partnership with Henry Boot Developments, will replace the Aberdeen Exhibition and Conference Centre (AECC) with 48,000 square metres of flexible event space. LARGEST EVENT COMPLEX IN NORTH OF SCOTLAND TECA is the largest event complex in the north of Scotland with 48,000 square metres of multi-purpose event space including world-class conference and exhibition halls, a superior arena, spacious hospitality boxes and a contemporary restaurant. The development also comprises two on-site hotels including the adjoining 4-star Hilton with 200 bedrooms and the Aloft Hotel with 150 bedrooms. MOST SUSTAINABLE VENUE IN THE UK In a changing world where environmental issues become increasingly important, we are delighted that a key objective of Aberdeen City Council when delivering TECA was to specify that it was built to the highest environmental standards. TECA is on course to achieve BREAAM excellent, the second highest environmental standard possible and we are proud to be the most sustainable venue of its type in the UK. As part of the design we have our own innovative energy centre which includes an anaerobic digestion plant using garden and food waste to help create hydrogen. This is then used to power
TECA’s airport location means it can be reached in a matter of minutes by those flying into Aberdeen. Its position on Aberdeen’s new bypass avoids the need to travel through the city centre, while Dyce train station nearby offers regular connections for event organisers and visitors travelling by rail. SAME EXPERIENCED TEAM While TECA provides a brand new venue for our clients, the current highly experienced team from Aberdeen Exhibition and Conference Centre will transfer to TECA, providing a seamless experience for organisers and visitors. TECA’s in-house specialist teams will therefore have the extensive experience required to take care of event logistics, event management, exhibition stand builds, safety and security and traffic management. BRINGING INTERNATIONAL EVENTS TO THE CITY With international artists already confirmed, major events soon to be announced, as well as largescale exhibitions scheduled such as Offshore Europe, the diary for TECA is looking good, and we look forward to further enhancing it with more events in the coming months. ABERDEEN, AN EMERGING CITY
to grow in a range of exciting new industries to be more appealing to visitors. Key projects ongoing in the city include Aberdeen International Airport's £20m expansion, while £30 million is being spent on rejuvenating the city's Art Gallery. New hotels are going up across the city and the new Marischal Square development, with its refreshing mix of offices, cafes, restaurants and hotels, all adding to the city centre's vibrant and cosmopolitan appeal. BOOSTING THE LOCAL ECONOMY TECA will attract an additional 4.5 million visitors and £113 million of visitor spend by 2025, to boost the local economy. AN EXCITING TIME ON APPROACH TO OPENING As we move into the last few months before TECA opens, the whole team is working hard to ensure a smooth transition to the venue and is looking forward seeing this transformational project come to life! We have a variety of confirmed artists scheduled such as Elton John, Alice Cooper, Russell Howard and Jack Whitehall who will all entertain in the brand new arena, as well as many conferences and exhibitions for the other flexible event spaces at TECA.
Nick Waight Managing Director WWW.TECA.CO.UK
TECA is the UK's single largest investment of its kind and one of many occurring across Aberdeen, as the energy city looks beyond oil and gas and continues FGBUR NETT.CO.UK
ISSUE 13 APRIL 2019
SERVICE CHARGE AUDIT Occupiers of large multi-let buildings, whether office, retail parades, shopping centres or industrial terraces will usually be obliged to contribute towards a service charge for the upkeep, maintenance, servicing and administration of the contracts serving the nonexclusive (common) parts of the building, development or estate. The responsibility for providing these common services falls to the landlord or their appointed Managing Agent. In most cases, service charges are recovered on the basis of a tenant paying their apportioned share of an annual budget - usually determined by the floor area percentages - with equal quarterly on-account payments being recovered from the tenant. The lease will usually provide for a reconciliation of expenditure versus budget at the end of the service charge year and a refund provided or set off against future years’ allocations where expenditure falls below the budget, or a balancing charge issued to recover the shortfall
“FG BURNETT HAS AN EXPERIENCED PROPERTY MANAGEMENT TEAM OF 6 AND HAS THE EXPERTISE TO REVIEW YOUR LEASE DOCUMENTATION, SERVICE CHARGE BUDGETS AND RECONCILIATION ACCOUNTS TO ENSURE THAT YOU ARE NOT BEING ASKED TO CONTRIBUTE TO UNNECESSARY OR UNREASONABLE EXPENDITURE.” CHRISTOPHER YANNAGHAS
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in the event that annual expenditure exceeds the previous year’s budget. In addition to ongoing common services, some leases may allow for a sinking fund to be created to accrue for major items of capital expenditure. Service charges are a cash neutral, not-for-profit vehicle for the provision of common services to a property and the landlord is only entitled to recover reasonable expenditure for works undertaken and invoiced during the service charge year. Furthermore, tenants can only be invoiced for the period when their lease is in effect, so works that arise after a tenancy has come to an end must be applied to the vacant unit and not the outgoing tenant. Service charges can have a significant impact on total occupational costs, it is important that the landlord administers service charges properly and only attempts to recover expenditure which is permitted under the lease.
The Royal Institution of Chartered Surveyors (RICS) has recently published a Professional Statement for all its members on the administration of service charges in commercial buildings and this sets out certain mandatory requirements on Managing Agents in terms of eligibility of items to be recovered; information that must be provided; and deadlines to meet when administering a service charge budget. FG Burnett has an experienced Property Management team of 6 and has the expertise to review your lease documentation, service charge budgets and reconciliation accounts to ensure that you are not being asked to contribute to unnecessary or unreasonable expenditure. For further information on our Service Charge Audit Service, please do not hesitate to contact Christopher Yannaghas on 01224 597510 or email@example.com
AWPR/B-T ROADS PROJECT – THE LONG WAIT IS NOW OVER! Plans for a bypass of Aberdeen were first discussed in 1947 although it was not until 2003 that the Scottish Government gave a formal commitment to its construction. The events over the course of the last sixteen years read as a saga but, nonetheless, we now have a fully operational dual-carriageway system around the city. Even in the few weeks that the AWPR/B-T has been fully functional, we have already begun to see its positive impacts in terms of muchreduced journey times around the city and much less congested and polluted roads within the city. The economic benefits are likely to be felt for the next 30 years as it is estimated that this major roads scheme will generate up to £6billion of additional income for the north east of Scotland and creating over 14,000 jobs. Accordingly, it is a project worthy of Europe’s energy capital. It can be appreciated that a considerable number of properties and land was required to be compulsorily acquired by Transport Scotland in order to ensure that this project went ahead. Indeed, some 400 property interests were
acquired and FG Burnett is involved in the assessment and negotiation of many of these claims. In addition, it should be borne in mind that there is an entitlement to compensation for the depreciation in the value of properties even though no land was compulsorily acquired from them. This falls under Part 1, Land Compensation (Scotland) Act 1973 which covers the situation whereby the owners of properties located adjacent or close to a public work are able to claim compensation for some of the depreciation in value therein as a consequence of its operation. The earliest such a claim can be made is one year after the public work becomes operational and thus Part 1 claims for the AWPR/B-T project will be able to be instigated in early-2020. The compensation claims are assessed as at the “relevant date” – which is the first day of the operation of the public work. Compensation for the reduction in the value of a property is determined relative to the adverse effects of one or more of the seven physical factors as contained within the 1973 Act e.g. noise, vibration, artificial light and fumes. Thus, whilst the legislation allows for the compensation to be reflective of the decline in the general amenity of an area immediately adjacent to a public work, compensation is, unfortunately, not payable for loss of privacy or views. Equally, in assessing the compensation due, the beneficial effects of the public work are taken into account.
“AT PRESENT, WE HAVE ALREADY RECEIVED INSTRUCTIONS TO DEAL WITH OVER 30 PART 1 CLAIMS AND, DUE TO THE MAGNITUDE OF THIS PUBLIC WORK, IT IS CONSIDERED THAT THERE WILL BE A SUBSTANTIAL NUMBER OF CLAIMS. ” KEITH PETRIE
All compensation claims are complex and regulated by legislation and relevant case law. Thus, it has long been recognised that claimants are entitled to take appropriate professional advice and that the fee is payable over and above the compensation that is negotiated. At present, we have already received instructions to deal with over 30 Part 1 claims and, due to the magnitude of this public work, it is considered that there will be a substantial number of claims. Further information and advice in respect of this type of compensation can be obtained by contacting Keith Petrie who has over 40 years of experience of dealing with compensation claims. Keith Petrie firstname.lastname@example.org
Credit: Transport Scotland FGBUR NETT.CO.UK
ISSUE 13 APRIL 2019
PREVENTION IS BETTER THAN CURE... Our Building Consultancy Department highlights the advantages of instructing Planned Preventative Maintenance (PPM) Schedules in order to assist with financial budgeting and provide a streamlined approach to property maintenance. Without a shadow of a doubt, our buildings take a battering here on the Aberdeenshire coast - it’s a fact. If it’s not wind, it’s rain and many a time it’s wind-driven rain along with hard frosts and heavy snowfall most winters, not to mention the effects Storm Deirdre had in mid-December last year. The sun does make an appearance here too; last summer we saw temperatures hitting 26oC! Each and every natural element has different effects on our buildings, meaning there is a pressure on businesses to regularly maintain them, which requires planning and budgeting. For tenants and owner-occupiers alike, getting a PPM Schedule carried out and prepared by us as Chartered Building Surveyors has many benefits. Primarily, we have a wealth of knowledge and understanding of many building types, from traditional granite buildings to metal-clad warehouses. This means we
Vulnerable timber sarking
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Signs of water penetration
“A KEY BENEFIT FOR TENANTS OF LEASED COMMERCIAL PROPERTIES IS THAT A PPM SCHEDULE, TOGETHER WITH OUR COMMERCIAL FORESIGHTS, CAN ASSIST IN ACCOUNTING FOR ANY DILAPIDATIONS LIABILITIES YOU MAY HAVE AT LEASE EXPIRY.” ANDREW BEEDIE
Dampness and mould growth to wall
can easily identify immediate repairs as well as forecast future maintenance to ensure every eventuality is covered for that building type. Furthermore, we interact with local contractors on a daily basis, obtaining current and trusted rates for a plethora of matters; from painting windows to stripping and re-slating roofs. Collectively, these attributes allow us to provide you with a clear maintenance plan and representative costs to aid your business’s accounts and budgeting. A key benefit for tenants of leased commercial properties is that a PPM Schedule, together with our commercial foresights, can assist in accounting for any dilapidations liabilities you may have at lease expiry – particularly if it is a full repairing and insuring (FRI) lease. More often than not, tenants are confronted with substantial dilapidations claims at lease termination which, in many cases, is due to a lack of periodic maintenance. Realistically, many dilapidations claims could be a fraction of the cost claimed had minor defects been dealt with from their conception instead of allowing to develop into larger, costlier repairs. A prime example would be in the case of a traditional granite building with a slated roof. Common defects that typically lead to water ingress and timber wet rot
include slipped slates, choked gutters and poorly detailed leadwork to mention but a few. As wet rot develops, any further water ingress will pass through the decaying timber and saturate more materials, causing staining to plasterboard/plaster, cornicing, architraves etc. It is often at this stage where defects are noticed by occupiers and, instead of remedying the source of the problem, cosmetic repairs are carried out for a minimal cost, such as over-painting. That is where, at lease expiry, the tenant can be liable for very significant repairs and associated costs. Ultimately, if ignored, minor defects can develop and cause substantial damage and devastation to the fabric of a building and, in extreme cases, can impact its structural integrity. In essence, we always recommend getting a PPM Schedule prepared for your property. It provides you with manageable maintenance costs, typically over a 5 or 10 year period to aid expenditure forecasting. Yes, this does mean eating into that building maintenance pot all year round, however in the long run, it could save £100’s if not £1000’s in major repairs or dilapidations costs. Andrew Beedie email@example.com
ATTENTION INVESTORS…. UNIQUE INVESTMENT OPPORTUNITY Have you ever thought about straying from the usual dry investment? For seasoned investors who recognise the risk/ reward dynamics of the high yielding investment, then the Toll Clock Shopping Centre, which offers exciting asset management potential in the heart of Lerwick Harbour should be on the radar.
“TOLL CLOCK SHOPPING CENTRE IS THE ‘PLACE TO BE’ FOR LOCAL RETAILERS GIVEN THE MASSING AND FOOTFALL.” GRAEME NISBET
The Toll Clock Shopping Centre is the ‘place to be’ for local retailers given the massing and footfall. Furthermore, there are very limited alternative retail opportunities within Lerwick and Toll Clock is the life blood of the town. Offering a unique harbour-side location, Toll Clock occupies a strategic site in Lerwick, with harbour related uses, residential and other town centre amenities in close proximity. After 3 decades of trading our client is retiring from operating Lerwick’s only Shopping Centre. Our client not only manages the Shopping Centre but has operated two successful retailing businesses over the same period. Toll Clock has enjoyed an occupancy level of 98% year on year over the last 5 years, it currently has 53 tenants and a diverse range of retail, leisure and office occupiers. The average occupation per tenant is in excess of 5 years. The Centre has been an important part of Lerwick’s commerce for many years and it is a valuable asset for Shetland.
Shetland itself is a prosperous town and is benefiting from continued inward investment through fishing, oil and gas and harbour related activities…. The cruise ship business is expanding rapidly. The Centre returns a net income stream of circa £300,000 p.a. after service charge and management fees. The opportunity would allow an investor to asset manage and re-gear the existing leases, thus offering a reversionary angle. The investment is offered at £1.8m which reflect a yield in excess of 15%... an opportunity to redeem your capital outlay after 6 years. An exciting prospect for those with a bit of vision… For further information, please contact: Graeme Nisbet firstname.lastname@example.org
ISSUE 13 APRIL 2019
SELECTION OF DEALS DONE...
H&R House, Woodburn Road, Blackburn - Aug 2018
Unit 9, Miller Street Trade Centre, Aberdeen - Dec 2018
The Exchange, Market Street, Aberdeen
New Letting / 2,166 sq.ft / Landlord: H&R Insurance / Tenant: Incremental Group Ltd FG Burnett represented the landlord
Howe Moss Drive, Kirkhill, Dyce, Aberdeen - Aug 2018
New Letting / 26,829 sq.ft / Landlord: IPIF Tenant: MKM Building Supplies / Acting jointly representing the landlord
Unit 35 Abercrombie Court, Westhill - Dec 2018
Part 3rd floor â€“ Aug 2018 New Letting / 4,713 sq.ft / Landlord: Britel Fund Trustees Ltd / Tenant: Solstad Offshore UK Limited / Acting jointly representing the landlord 8th Floor â€“ Sep 2018 New Letting / 4,515 sq.ft / Landlord: Britel Fund Trustees Ltd / Tenant: Sentinel Marine Acting jointly representing the landlord
New Letting / 11,580 sq.ft / Landlord: Private Pension Fund / Tenant: HB Rentals FG Burnett represented the landlord
Suite 1, Chattan Mews, Aberdeen - Jul 2018
Charter Building, Hill of Rubislaw, Aberdeen - Oct 2018
New Letting / 1,504 sq.ft / Landlord: QCD Ltd / Tenant: Cammach Recruitment Ltd FG Burnett represented the landlord
First Floor, 2 Abercrombie Court, Westhill - Aug 2018
New Letting / 1,178 sq.ft / Landlord: NG & E Murray / Tenant: Vulcan Completion Products Ltd / FG Burnett represented the landlord
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New Letting / 1,196 sq.ft / Landlord: Kennedy Wilson / Tenant: City Fibre Acting jointly representing the landlord
Suite A, Building 1, Aberdeen International Business Park - Nov 2018
Sub-Letting / 2,890 sq.ft / Head Tenant: Aker Solutions / Sub Tenant: Diamond Offshore Drilling / FG Burnett represented the Sub Tenant
New Letting / 2,172 sq.ft / Landlord: SFF Services / Tenant: Four Phase Ltd / FG Burnett represented the landlord
Garden Suite, 33 Albyn Place, Aberdeen - Jan 2019
New Lease / 318 sq.ft / Landlord: Shortday Ltd / Tenant: Form Digital Ltd / FG Burnett represented the landlord
Unit 12A, Peterseat Drive, Peterseat Park, Altens, Aberdeen - Jan 2019
New Letting / 8,255 sq.ft / Landlord: Forbes Homes / Tenant: Scottish Ambulance Service / FG Burnett represented the landlord
Ground Floor, Unit 1 Kingshill Business Park, Westhill - Feb 2019
New Lease / 5,188 sq.ft / Landlord: Knight Property Group / Tenant: Swagelok / FG Burnett represented the landlord
Suite K3, 4/5 Golden Square, Aberdeen - May 2018
Unit B3, Blackness Trading Estate, Blackness Road, Altens, Aberdeen - Feb 2019
New Letting / 4,484 sq.ft / Landlord: IPIF Tenant: Enerquip / FG Burnett represented the landlord
38 Albyn Place, Aberdeen - Dec 2018
Jonathan Nesbitt and Karen Ross
Wooden Spoon FG Burnett selected Wooden Spoon as their nominated charity for 2018 and organised a series of fundraising events throughout the year.
Lease Extension / 491 sq.ft / Landlord: Granite City Investments / Tenant: First Psychology Scotland / FG Burnett represented the landlord
Unit 29 Abercrombie Court, Westhill - Dec 2018
Lease Extension / 6,182 sq.ft / Landlord: Peter & Sally Copp and Colliestown Investments Tenant: Thorpe Molloy Recruitment FG Burnett represented the landlord
Unit 3, Harlaw Business Centre, Harlaw Road, Inverurie - Mar 2019
The company was delighted to present Jonathan Nesbitt, Chairman of the Aberdeen Branch of Wooden Spoon and Director of FG Burnett with a cheque for £3,600, which will be used to support the valued work of Wooden Spoon in the North and North East of Scotland. Wooden Spoon, the Children’s charity of Rugby was established in 1983 to assist socially, physically and mentally disadvantaged children.
Lease Extension / 5,223 sq.ft / Landlord: RB Farquhar Pension Fund / Tenant: Deep Ocean UK Ltd / FG Burnett represented the landlord
Lease Renewal / 4,844 sq.ft / Landlord: Stone Investments / Tenant: Factory Direct Kitchens / FG Burnett represented the landlord
Contacts For any commercial property requirements, please do not hesitate to contact the following:
2019 Nominated Charity OFFICE GRAEME NISBET T: 01224 597532 / M: 07900 205206 E: email@example.com
INDUSTRIAL GRAEME WATT
T: 01224 597533 / M: 07831 197170 E: firstname.lastname@example.org
T: 01224 597531 / M: 07771 923401 E: email@example.com
We are pleased to announce that we have chosen VSA as our corporate charity for 2019. Based in Aberdeen, VSA is the city’s major social care charity. Over the course of the year we will support local VSA events and carry out various fundraising events and activities to raise funds to help VSA continue their invaluable work. FGBUR NETT.CO.UK
ISSUE 13 APRIL 2019
“OUR RANGE OF CLIENTS SPANS PRIVATE INDIVIDUALS, SMALL AND LARGE COMPANIES, INVESTORS, PENSION FUNDS, BANKS, DEVELOPERS AND PUBLIC SECTOR BODIES AND, WHILE BASED IN ABERDEEN, A NATIONWIDE VALUATION SERVICE IS PROVIDED. ”
In December 2018, FG Burnett was delighted to welcome back Iain Gove to 33 Albyn Place. Iain joined as Director and Head of Commercial Valuation, bringing with him over 25 years of commercial valuation and rent review experience, primarily in the north east of Scotland but also including separate spells in Glasgow and Inverness. As Head of Commercial Valuation, Iain not only leads the valuation team, but he is also directly involved in valuations, providing valuation advice for a variety of purposes including acquisition, pre-sale, secured lending, rent review, pension planning, taxation, dispute resolution and financial accounts, which is particularly pertinent at year ends. This valuation advice is provided across all property sectors including, but not limited to, offices, shops, industrial buildings, investment portfolios, commercial and residential development sites. Beyond that, we also have extensive experience in valuing specialist private and public sector assets for financial accounts including hospitals, colleges, abattoirs and fish processing factories. FG Burnett also provide specialist compulsory purchase advice and we are uniquely placed to counsel clients affected by recent major road schemes including the Aberdeen Western Peripheral Route, The Third Don Crossing and the Berryden Corridor Improvement Project. Our range of clients spans private individuals, small and large companies, investors, pension funds, banks, developers and public sector bodies and, while based in Aberdeen, a nationwide valuation service is provided. Notwithstanding an obvious geographical focus on Aberdeen, Aberdeenshire, Angus, Moray and Highland, we are often on the road to Glasgow, Edinburgh, Central and Southern Scotland, not to mention the Western Isles, Orkney and Shetland.
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From a secured lending perspective, FG Burnett is on the panel of almost all major lending institutions in the UK and accordingly, our reports are specifically designed and tailored to meet their individual requirements. Supported by agency team colleagues, FG Burnett’s valuation team are kept up to speed with emerging trends in the marketplace and that close liaison ensures our advice is up to the minute and backed up by recent rental and sales comparable evidence as well as a detailed understanding of our ever changing property markets. For further information on our Valuation Service, please do not hesitate to contact Iain Gove on 01224 597521 or firstname.lastname@example.org
RETAIL PROPERTY FOCUS Aberdeen City Centre commercial sales to provide further central residential development FG Burnett have recently completed the sales of 7-9 Dee Street and 156 Union Street, Aberdeen. The Dee Street property, known to generations of Aberdonians as The Gordon Bakery, sold following the closure of the bakery and has been bought by local investors Yeargraph Ltd. The purchaser is planning a residential/commercial development for
7-9 Dee Street
this ground and first floor building. Meantime, 156 Union Street has changed hands with proposals for residential conversion of the upper floors being considered with retail/leisure at street level. FG Burnett acted for the vendors of both properties.
156 Union Street
Substantial Union Street shop let quickly FG Burnett, on behalf of Wellbeck CP, have let 122 Union Street, Aberdeen to Poundstretcher. The property which extends to 12,000 sq.ft has been let for a period of 10 years. We are pleased to have been involved in securing Poundstretcher for this unit. The relatively quick letting of this substantial property will help generate some confidence in Aberdeen's main commercial thoroughfare. The unit next door at 122A Union Street has recently been refurbished and is available to lease through FG Burnett.
Inveraray Acquisition We go where our clients go, illustrated recently with the opening by British Red Cross at Church Square, Inveraray. Acting on behalf of the Charity, FGB negotiated a 10 year lease with tenant only break options after years 3 and 5. The Category B listed former Bank of Scotland is located in the heart of the town. We continue to advise Red Cross across Scotland, wherever that takes us!
Another letting deal - Kitchen showroom retailer Magnet relocates in Glasgow FG Burnett are delighted to have been involved in brokering the relocation of Magnet from Sauchiehall Street to Great Western Road, Glasgow.
David Henderson commented, â€œMagnet have a strong reputation in the market and we are pleased to have agreed a 10 year lease with them for 208-220 Great Western Road, Glasgow at an initial annual rent of ÂŁ50,000 for the 3,500 sq.ft of accommodation. Great Western Road is the go-to destination in Glasgow for Kitchen, Bathroom and Home furnishing operators and the introduction of Magnet will be a great addition to this".
For retail property advice please contact: Richard Noble email@example.com 01224 597528 David Henderson firstname.lastname@example.org 01224 597538
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PREMISES AND FACILITIES MANAGED SERVICES With our experience in commercial property management, our team has the technical knowledge and expertise to offer you a comprehensive and cost effective range of services, tailored to your specific needs, which would ensure the smooth running of your premises and facilities whilst allowing you to concentrate on your core business activities. The day to day management of your property requires you to comply with many legislative and statutory requirements and as part of our service, we can implement and manage a range of services and contracts on your behalf. We can also take care of the following: HEALTH AND SAFETY The management of health and safety at your premises places considerable responsibility on you to ensure that you comply with the many legislative and statutory requirements. We utilise a specialist software to co-ordinate and record all health and safety records and as a planner for when testing or servicing of life critical systems are due again. UTILITIES MANAGEMENT We can assist in providing an energy management solution in the procurement of utility contracts. This will ensure that you obtain the best possible deal on offer for the provision of fixed term gas and electricity contracts at your premises. PLANNED MAINTENANCE We will co-ordinate with our Building Consultancy Department in the preparation of a planned preventative maintenance report for the structure
Property Management Team
and the fabric of your building. We will provide recommendations and budget costs for items highlighted in the report helping you with budgeting for future planning and also addressing any potentially expensive dilapidation liability before it arises. CONTRACT MANAGEMENT We will prepare a contract management schedule specific to your property detailing all service contracts, scheduled visits and inspections. Routine tasks will be recorded and service reports logged providing you with detailed maintenance records. We can also assist with specifying and tendering service contracts. FINANCIAL MANAGEMENT With a dedicated Management Accounts team utilising specialist software we can provide both a sales and purchase ledger
service on your behalf, paying contractors for works undertaken at your property, and raising invoices where required. LEASE MANAGEMENT With a dedicated property management software suite we can keep detailed records of any lease for your premises ensuring that we can notify you well in advance of any rent reviews, lease expiries and lease options that may be coming up. We can also utilise this system to remind you of any Land and Business Transaction Tax (LBTT) returns or payments that may be due. For further information on our Premises and Facilities Managed Services, please do not hesitate to contact Christopher Yannaghas on 01224 597510 or email@example.com
GET IN TOUCH We hope you enjoyed the latest edition of Property Matters and would love to hear your thoughts or suggestions for future articles. At FG Burnett we are passionate about sharing our knowledge and are always keen to learn more, so if you would be interested in joining our business to business knowledge sharing CPD programme then please contact Karen Ross - firstname.lastname@example.org
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Periodic publication by Scottish Commercial Property Consultancy, FG Burnett