ISSUE 7 | MARCH 2017
Rates Revaluation Set To Hammer North East The timing of the 2017 Business Rates Revaluation could hardly be worse for Aberdeen and the North East of Scotland. Whilst many other parts of Scotland will benefit from substantial reductions in rates payable from April this year, businesses in Aberdeen, already suffering from one of the worst downturns in the local energybased economy, will see their bills increase by as much as 40%. So why will Aberdeen be so badly affected? The answer boils down to unfortunate timing and the peculiarities of the existing property taxation regime. The new Rateable Values will come into effect from 1st April 2017, however, they are based on rental levels prevailing two years earlier i.e. 1st April 2015 when the local property market had yet to adjust to the reality of the collapse in oil prices experienced in the second half of 2014 from a high of $112 per barrel to a low of $55 in April 2015. This followed a three year property boom in Aberdeen, fuelled by a sustained $100+ oil price from early 2011 onwards, during which time office rents, in particular, rocketed as demand greatly outstripped supply. How different things appear now in 2017, more than two years on from the oil price collapse, Brent Crude still languishing at c. $55 and few commentators predicting any significant uplift in the foreseeable future. Not surprisingly, the Aberdeen property market has seen a major shift in the supply and demand dynamic as oil companies and the many support industries which rely on them have reduced staff numbers and space requirements. Add into the mix a large number of new property developments, planned during the boom years but completing in much weaker
market conditions and you have a recipe for higher vacancy rates and reduced rents. But, in the world of rating, it is the much higher 2014/15 rents which the Assessor is obliged to rely upon when calculating the new 2017 Rateable Values. What can be done about it? Well, for as long as we have the current system, the only prudent action is to lodge appeals against the proposed new valuations your professional adviser will thoroughly investigate the proposals to ensure that they are based on the correct facts and the most appropriate rental evidence. For the 2017 Revaluation, timing will be absolutely critical - rents for leases which commenced close to the tone date of 1st April 2015 may, in fact, have been agreed several months earlier, against a quite different economic backdrop and should therefore be disregarded. Any incentives provided to ingoing tenants should also be highlighted and factored into the analysis. And remember, the opportunity to appeal is only there for 6 months, from 1st April to 30th September 2017, but the Rateable Values will stand, and form the basis of your business rates payable, for the next five years. The other option is political lobbying the Scottish Government has already undertaken a consultation process about the option of introducing a transitional relief scheme which would limit the year-on-year increases in rates payable to allow businesses more time to adjust their budgets to accommodate the new assessments but no decision on whether
to proceed has yet been announced. Such a scheme would clearly be a major benefit to North East businesses facing very large rates increases in already difficult circumstances, however, the flip side of any transitional relief would be that reductions in rates payable as a result of the Revaluation would also be capped as these schemes are required to be self-financing. Thus, large numbers of businesses in the Central Belt which would be looking forward to lower rates from 1st April would not see the full benefit of the Rateable Value reductions until years two or three of the Revaluation period. It remains to be seen whether the priorities of the Scottish Government lie with the beleaguered North Sea energy sector, which can ill afford a further body blow in the form of substantial hikes in business rates at this point in the cycle, or if representations from the oil industry in Aberdeen take second place to the voices of many businesses which lie closer to the Scottish Parliament and which will benefit from significantly reduced rates as a result of this Revaluation. Please do not hesitate to contact our Rating team for more information. Scott Strachan, Head of Business Rates DD: 01224 597536 M: 07876 336192 E: firstname.lastname@example.org Moira Gordon, Associate DD: 01224 597526 M: 07876 336191 E: email@example.com
From our MD... Expert - “a person with a high level of knowledge or skill relating to a particular subject or activity...” 2016 was a bad year for so called experts or at least those that predicted an immediate recession following the vote to leave the EU, a result which, in itself, was not predicted to happen! None less than The Bank of England got it wrong.
Opportunity North East (ONE) A client, new to Aberdeen, was touring our industrial estates and business parks and had not realised just how dominant the Oil & Gas Industry is in terms of occupiers. That is the case and illustrates the importance of the work that ONE are embarking on to diversify our local economy and reduce our dependency on North Sea Oil.
So called experts also called it wrong on the other side of the Atlantic, certain commentators had seen the actual voting as a formality. How wrong they were. The results of the UK vote on whether or not to leave the EU and US Presidential Election were predicted by computer programmer pollsters who got their assumptions wrong. Property professionals are experts, but should not stray into areas where they are not, be it geographical, sectorial or skill set. Too often we have had so
The four silos are Oil & Gas (with a focus on maximising economic recovery of oil and gas including the formation of a new Oil and Gas Technology Centre), Food, Drink and Agriculture, Life Sciences and finally Tourism. This organisation is moving quickly to deliver which is encouraging. Hopefully the big hitters in the private sector will step up to the plate in terms of support.
called experts promoting themselves as qualified to advise on a range of matters, for example, a particular property sector, the rating revaluation or over stepping the mark on the state of the Oil and Gas Sector. Such advice can influence business decisions. At FG Burnett we offer expert advice on a wide range of commercial property matters but won’t stray into areas where the client is better served elsewhere. We find that philosophy works in developing long term relationships.
Bricks & Mortar v Online is an historic battle, m–commerce is the new world. Between 50% and 60% of all retail sales start online, Google believes that figure will be 80% by 2020. At least 50% of retail sales are impacted by a mobile device. Retailers need to focus on delivering a great in-store experience. More stats / statements from so called Experts I hear you say. Difference is I think these ones might be right!
100 Queen Street By Stuart Fyvie - firstname.lastname@example.org 100 Queen Street or Royal Exchange House, as it was formerly known, stands proud in the centre of Glasgow - directly across from two of Glasgow’s most iconic landmarks, the traffic cone adorned statue of the Duke of Wellington and the Gallery of Modern Art. The building has taken several forms over the years. It was first constructed in the early 1800s and developed into the Arthur & Co warehouse in 1856. In its historic form, the building stood for almost 100 years until it was bombed, then subsequently demolished, during the Second World War. The 100 Queen Street that we are familiar with today was completed in 1957 and went through a £2 Million refurbishment in 1987, however without a great deal of investment in the building since, it became tired, dated and in much need of a fresh lease of life. FG Burnett became involved with the property in late 2013, offering investment advice to Esson Properties, who acquired it in March the following year. Our client’s vision was to transform this tired and dated building into 64,000 sq.ft of prime office and retail space. Dave MacLeod, who heads up FG Burnett’s Investment Consultancy team said “Esson Properties are extremely experienced developers and they did what all good developers do - they took a calculated risk. Their timing has been excellent and 100 Queen Street is delivering a high quality product in a fantastic location. Edrington, the international premium spirits company and producer of The Macallan, pre-let 29,900 sq.ft on the top 4 office floors for their global HQ, which is a cracking endorsement of Esson’s vision. “ After providing the pre-acquisition survey of the premises and following up with negotiation of dilapidations settlements with the outgoing tenants,
FG Burnett’s Building Consultancy team were invited to provide CDM and Project Monitoring services. “Being given the opportunity to be involved in a development as prestigious as 100 Queen Street does not come every day, so I was thrilled to be involved”, said Stuart Fyvie, Director within our Building Consultancy Department. Starting in May 2015, the appointment involved weekly site visits, with bi-weekly reports monitoring the progress of the work. In December 2016, after 72 consecutive visits, the construction phase of the project came to a close. “We often see central-belt based consultants travelling to Aberdeen to advise on large projects, however on this occasion we have demonstrated that equally, as Aberdeen-based property professionals, we can provide an excellent service throughout the whole of Scotland”, commented Stuart. The 100 Queen Street involvement does not end there for FG Burnett. We have been appointed as sole agents for the retail offering, which provides over 10,000 sq.ft of prime retail space. Richard Noble, FG Burnett’s Managing Director commented “Glasgow is second only to London as a shopping destination and retail space is at a premium in the City. There is considerable interest in the retail opportunities on both Ingram Street and Queen Street. Occupiers are particularly attracted to the location
which offers excellent value compared with Buchanan Street which is only a short distance from 100 Queen Street, via Royal Exchange Square.” FG Burnett are also providing property management services for the development. Christopher Yannaghas who heads up FG Burnett’s Property Management team said “We are very proud to be involved in such a prestigious and exciting property as 100 Queen Street. The Property Management Department has been involved from a very early stage when we undertook an initial property management inspection for Esson Properties. We then acted on their behalf in the delivery of common services on site and managing site staff, as the old Royal Exchange House was decommissioned and previous tenants vacated. During the construction phase we continued to give advice and recommendations from a property management perspective and when this stage was complete we undertook the mobilisation of site services, selection of a new Building Manager and commencement of common services at the Property.” 100 Queen Street is a development that demonstrates the broad range of services FG Burnett can offer, highlighting our expertise in building consultancy, investment advice, agency and property management.
The Silver Fin Building British Airways Pension Trustees Ltd’s (BAPTL) new landmark building in Aberdeen, The Silver Fin Building, is in the final stages of construction with anticipated Practical Completion being 2nd May 2017. The 9 storey development (4 floors of car-parking being in addition and mostly subterranean), is destined to be the exemplar office building in Aberdeen. Boasting an EPC rating of A, thereby reducing occupational costs for tenants, the Silver Fin Building will be a ‘London quality’ development in Aberdeen, boasting an enviable specification, outstanding views from the upper floors and a business lounge in the ground floor lobby offering a unique experience for occupiers and visitors to the building alike, in terms of casual seating, informal meeting space and a coffee bar. Interest in the Silver Fin Building has been extremely encouraging with various discussions ongoing with potential tenants who see the productivity benefits in occupying top class office space, therefore providing the highest quality working environment for their staff. In addition BAPTL are pleased to announce their first tenant, Orega Business Centres, who have committed to 26,000 sq.ft on Levels 1 and 2 within the development. Orega is a privately owned service office provider creating contemporary working environments with a focus
on delivering excellent service to all their customers. Orega operates in a variety of city centre locations both in the UK and Europe and offers flexible work space on fully inclusive packages to assist the business startup, project led contracts and longer term requirements, and will be a huge benefit to those other occupiers in the Silver Fin Building due to their meeting room facilities and availability of ad hoc office space for unexpected growth that cannot be accommodated within the tenant’s demised space. Zachary Douglas, Managing Director of Orega Business Centres commented “We are extremely proud of Orega’s first venture in Scotland with the upcoming launch of Orega Aberdeen. The flexible workspace in the beautiful Silver Fin Building will offer our clients a vibrant working atmosphere.” “I’m really excited for Orega’s future in Scotland and our extensive growth plan in 2017.”
There is no doubt that the bar has been raised in terms of city centre office development, and interest in the Silver Fin Building to date would support the view that occupiers see the occupational and operational benefits in occupying space of the highest standard. For further information on The Silver Fin Building, please do not hesitate to contact Jonathan Nesbitt 01224 597531 or Graeme Nisbet on 01224 597532.
These sentiments were mirrored by Sean Mackenzie, Director of Titan Investors, BAPTL’s Development Manager, who said “ Orega’s decision to have their first Scottish Business Centre in the Silver Fin Building is vindication of the quality of the product and the dedication of the design and construction team in delivering the exemplar office building in Aberdeen. Orega will bring life to the Silver Fin
5 Carden Place On behalf of Esson Properties, we are delighted to be marketing 5 Carden Place, which has undergone a comprehensive refurbishment to provide exceptional office accommodation in the heart of the west end office district. The building has been completely redeveloped to provide high quality open plan office space behind the granite villa façade, thus providing a mix of traditional and modern office space. Esson Properties has once again delivered a building with an outstanding specification and the open plan floor plates benefit
Building from day 1 with their show suite due to be open on 3rd April 2017. We are convinced that having Orega in The Silver Fin Building will offer occupiers an additional benefit, not available in other multi-let city centre office buildings.”
An Exceptional West End Refurbishment
from comfort cooling throughout and modern LED light fitments. There is a rear patio for al fresco events (Aberdeen weather permitting!) and 16 car parking spaces. Arranged over 4 floors, 5 Carden Place extends to 357.2 sq.m. (3,845 sq.ft) and is a truly fabulous example of a refurbished traditional detached villa. All enquiries, please contact Jonathan Nesbitt 01224 597531 jonathan. email@example.com or Graeme Nisbet 01224 597532 firstname.lastname@example.org
By Graeme Watt email@example.com
A Positive End to a Challenging Year... A challenging 2016 came to a positive end when On Line Electronics were secured for an office and warehouse building, extending to in excess of 11,000 sq.ft of space, at Woodburn Road, Blackburn. In a year when supply exceeded demand, it was encouraging to note that certain locations continue to remain attractive to occupiers; Blackburn is one such area where FG Burnett was pleased to secure this and another letting of a similar building earlier in the year. While there are signs of some commentators beginning to spin a more positive outlook on the market, a position
FG Burnett supports, the prognosis for 2017 is that it will be challenging and there is no room for complacency. There is no doubt that there is demand out there, but it is difficult to measure as many companies just do not have the visibility and thus the confidence to make long term commitments. Short term leases and lease extensions are commonplace. The downturn in the energy sector, coupled with the introduction of new property energy performance legislation and perhaps, most acutely, the 2017 Rating Revaluation have brought some uncertainty just at a time when a firm foothold was required.”
…and Springing Forward into 2017… Trampoline centres are the latest leisure craze with centres springing up across the length and breadth of the country. FG Burnett are pleased to be involved with the proposed centre at Highclere Business Park, Inverurie which has just cleared the planning permission hurdle. Inverurie is well known as a centre for gymnastics and similar leisure activities. When complete and open, this centre will no doubt add to that offer, further enhancing the area’s reputation. We wish it every success. Trampoline operators are known to be looking to open in Aberdeen and the north east and the race is on to secure the first consent and trade from the city. The first operator to open in Aberdeen will be turning somersaults if they capture the city’s latent and pent up demand. There is no doubt Aberdeen needs a trampoline centre, and it will be jumping!
FG Burnett Team News
Congratulations to... Stuart Fyvie, on his promotion from Associate to Director within the Building Consultancy Department. Stuart joined the company in 2011 and is well respected by clients and peers alike. Stuart continues to work alongside Jim Johnstone and the other team members to further develop the department, by working on a wide range of projects, with a focus on building our project management / monitoring presence here in the North East as well as Central Scotland, liaising with our existing client base and seeking out new opportunities.
In addition to providing clients with contract administration, architectural services, building surveys and dilapidations advice, David is also an Accredited Energy Assessor and works alongside Iona Foubister in carrying out EPC and Section 63 assessments.
Moira Gordon has been with the company since 2010, during which time she has worked within the valuation, rating and agency teams. This promotion sees her appointed Associate within the Business Rates and Taxation Department. Moira is working alongside Scott Strachan on the highly topical 2017 Rating Revaluation, as she did during the last revaluation to ensure our clients’ new Rating Assessments are correct and that they are paying no more rates than they should be.
Also within Building Consultancy, Senior Surveyor David McCurdy has been promoted to the position of Associate. David has been with FG Burnett since 2013 and is a valued member of the Building Consultancy Team.
2017 Nominated Charity We are delighted to announce that we have chosen to support Marie Curie UK as our corporate charity for 2017.
to in-home care, Marie Curie also provide specialist round-the-clock care via their hospice network.
Marie Curie nurses provide day and night in-home care and support for people living with terminal illness and provide emotional support to family members at an incredibly difficult time. In addition
Over the course of the year, we will support local Marie Curie events and carry out various events and activities to raise funds to help Marie Curie continue their invaluable work.
Energy Team Update FG Burnett’s energy team continue to secure instructions for the provision of Energy Performance Certificates (EPC’s) and Section 63 Action Plans. This recent addition to FG Burnett’s range of services has seen a very positive response from both clients and property professionals alike, with the number of instructions now reaching double figures. Alongside these instructions, the advice provided to various parties involved in property transactions is proving to be invaluable. The range of properties surveyed has been quite substantial from small café units and retail units of approximately 100 sq.m, to various office suites in The Exchange in Market Street, Aberdeen of up to 870 sq.m. The Section 63 applicable buildings include a 2,300 sq.m retail warehouse with further
large industrial units in progress. The new regulations, which came in to force in September 2016 have caused concern for a number of property owners looking to sell or let properties with a floor area in excess of 1,000 sq.m. Whilst the Action Plans produced to date have shown some large improvements required to buildings, such as boiler replacement and upgraded lighting controls, close collaboration between the building owner and their Section 63 Advisor is key to ensure the most cost effective solution. Undertaking the works prescribed in the Action Plan, or any alternative works agreed, within the designated 3.5 years will provide long term benefits to the owner and the environment, but the option of deferral is an advantage if additional time is
required for reasons such as completing the transaction or for financial preparation. For more information on Energy Performance Certificates or Section 63 Assessments, contact our Energy Team - Iona Foubister on 01224 597514 or David McCurdy on 01224 597512.
Boots on the Ground How site staff can be a vital element in the day to day management of properties... By Christopher Yannaghas â€“ firstname.lastname@example.org For multi-let properties, the presence of staff that are dedicated to a particular property is a very valuable and useful resource in ensuring the smooth running of a building. Whilst the most common form of site staff is a security officer, properties can sometimes have dedicated receptionists, caretakers, janitors, cleaners, or engineers available to service plant and machinery, all depending on the specific requirements of the building and occupiers. Security staff may be required to ensure that the property is protected from unauthorised access and that occupiers are provided with a safe and secure working environment. Security staff would monitor CCTV systems, control the access systems in place that physically protect a building and ensure intruder alarms are set at the end of the working day. In addition they should be undertaking regular patrols checking that doors and external boundaries are secure, in addition to some routine health and safety duties. The management of health and safety at a property is an important area which site staff can assist with. By being present on site, it means that staff are available to address the myriad of regular checks to ensure that the property remains compliant with health and safety legislation. This could include daily checks on fire escapes to ensure that they are clear and unobstructed, weekly fire alarm bell tests, water temperature tests and so on. Staff can either be employed directly by the landlord or through an agency such as a security firm. Whilst direct employment gives a high degree of flexibility, staff employed through a security company mean that support is readily available in times of sick leave, holidays and so on. In addition a security company can give a quick
response to additional staffing needs that occupiers may have. This could arise from weekend working or additional cover at the property to supervise contractors undertaking out of hours maintenance work. In addition the daily presence on site would be integrated with an annual key holding contract. This means that when there is a problem out of business hours then the security company will attend, such as in response to an alarm activation. That way the Property Manager has the reassurance that an incident occurring at the property will be dealt with quickly by someone who is properly trained to deal with matters, is familiar with the building, and has access to any contractors that may be required to assist with emergency repairs. In all cases and whatever their duties, site staff must appreciate the importance of developing good working relationships with occupiers and other contractors who may be working at the property, as well as acting in a business-like and welcoming way to visitors. What is always looked for in site staff is an attitude of â€œownershipâ€? and a display of responsibility for the property they are employed in, so that they feel that they have a direct role in the smooth and efficient running of the property. Finally, they must bear in mind that they are in effect an ambassador of both the Landlord and the Property Manager and as such must recognise the responsibility that this brings.
that specific tasks are undertaken on a regular basis and that reports are submitted to them regularly so that they can monitor activity at the building. Finally it is important to consider how the welfare for site staff is to be addressed. What toilet facilities will they have? Do they have an area to go for a break and somewhere to eat? How will lone working be addressed? These are amongst the many factors that the Property Manager must consider.
Should you have any questions regarding site staff in the management of property then please contact either Simon Smith on 01224 597508, Bryan Robson 01224 597513 or Christopher Yannaghas on 01224 597510 to discuss your requirements.
However staff are employed, it is essential that there are clear management structures in place to ensure that their tasks are undertaken efficiently and on time, and that meticulous and diligent records are kept. Even if the staff are employed by a third party agency, they will depend on the Property Manager employed by the Landlord to clarify their responsibilities on site. In addition the Property Manager must ensure
The Rebalancing Continues By Dave MacLeod - email@example.com
The bottom of a cycle is usually called correctly with the benefit of hindsight - but I feel that more and more people in Aberdeen believe that as a city, we are no longer looking downward. This has been a really tough downturn, catching us all by surprise in terms of its speed and severity, with a human cost that has been devastating for many. We don’t expect a quick recovery, but we will recover. Every sector is rebalancing, every market is reflecting the timeless dynamics of supply and demand. The commercial property investment market in Aberdeen has seen a flight to quality - good locations, long term income, and strong covenants. Thankfully, there are still deals being done for this kind of product and although pricing has moved out since 2014, I don’t think it has been a significant fall. A sense of perspective is fundamental - 2014 was a record year in terms of activity and pricing, so perhaps not the best
year to use as a reference point compared to where we are just now. A longer term analysis will show that this sector of the market is doing just fine in terms of pricing. We are however seeing significant price corrections where properties are leased on short term leases or are vacant. Investors either have to assess the initial void, void on expiry or the potential for tenant default and that means looking at the fact that many properties are overrented, looking at potential vacant rates and service charge payable and in the worst case scenario, having to undertake repairs to make the property lettable. At the top of the market in 2014, the average spread between prime yields and secondary yields compressed to a level that did not truly reflect the difference in risk between prime property and secondary property, a situation by no means unique to Aberdeen when a market is at the top. That average spread has now risen significantly, although the lack of secondary transactions means that an estimate of average yield is almost meaningless.
to rentals and capital values, but we are encouraged by the increasing level of enquiries - there is no doubt that many people are planning for the long term and seeing the current market as an opportunity to strike excellent deals on rentals and incentive packages. We are seeing interest from investors looking to buy assets that require hands on asset management - the sort of stock that requires a bit of nerve and a clear understanding and assessment of the risk. Quantifying risk in the local investment market is probably more complex than ever - vacant rates, environmental legislation, falling rentals to name just a few investors who do not take expert advice do so at their peril.
The occupational office market in particular is rebalancing with regard
M&S Simply Food, Stoneywood - Strong private investor demand.
Prime Four - International demand for high quality, long income investments.
The Exchange No.1 By Jim Johnstone - firstname.lastname@example.org FG Burnett’s Building Consultancy Department were instructed by Hermes Investment Management to prepare and serve dilapidations on the outgoing tenants of 4no floors within The Exchange No.1, Market Street, Aberdeen. The floors were occupied by 2no tenants and arranged in a mixture of full and subdivided sections of floors. During negotiations, the Building Consultancy Department, in association with our colleagues specialising in Office Agency, suggested the client consider a significant refurbishment and re-arrangement of the accommodation to provide a mixture of suites for re-let ranging from 4,500 sq.ft to 9,000 sq.ft. The refurbishment would include new flexible air conditioning system, new lighting, suspended ceilings, flooring and would be provided in an open plan layout with each tenant’s demise accessed directly from the main stairwell. An option to sub divide the larger floors was also incorporated, which would provide further flexibility and provide further 4,500 sq.ft suites should demand exceed initial supply.
During the early initiation of the project, the local economy was starting to slow and it was then imperative that the costs of the initiative were closely monitored. In conjunction with the client, FG Burnett prepared a feasibility study into the required expenditure, benchmarking this against the costs which would be recovered by way of dilapidations on the outgoing tenants (negotiations were already running concurrently and swiftly). With the proposed specification and budget agreed, instructions were received to proceed to finalise the design and, in conjunction with the client’s Mechanical Engineer, FG Burnett undertook the role of Project Manager, Principal Designer and Contract Administrator. The required local authority consents were applied for and the tender process commenced. All barring 1no tender returned fell within the budget figure set during the feasibility stage of the project. Following a period of negotiation and contractual discussions the contract was let to North Offshore Ltd, a local
contractor with a track record of fit-outs and bespoke joinery. Hutcheon Services completed the Mechanical & Electrical packages whilst FG Burnett and KJ Tait monitored the contractors during the programmed works and agreed stage payments whilst liaising and reporting to the client with regard to the projected final account, quality and workmanship. The project is now in the final stages of completion, with applications for local authority consents due upon receipt of all mechanical and electrical certification. FG Burnett’s Energy Team undertook separate EPC’s for each floor which identified the improvements to energy efficiency as a result of the refurbishment. The completed suites are being marketed by our colleagues in the Agency department. For further details please contact Jonathan Nesbitt email@example.com or Graeme Nisbet firstname.lastname@example.org
Retail Property Focus Abbeygate welcomes Edinburgh Woollen Mill Abbeygate Centre, Arbroath recently welcomed the well-established national retailer Edinburgh Woollen Mill into Units 14 and 15, taking a 10 year lease over the 2,600 sq.ft. The unit is an addition to the 265 mainstream high street stores, 88 tourist shops and the number of destination sites which Edinburgh Woollen Mill already operate from. This is a welcome addition to the Abbeygate Centre which already
Richard Noble - 01224 597528 email@example.com David Henderson - 01224 597538 firstname.lastname@example.org
includes retailers Dorothy Perkins, Specsavers, Peacocks, Greggs, Lloyds Pharmacy and Subway. FG Burnett acted with Graham & Sibbald on behalf of the Co-operative Property Group, owners of the Abbeygate Centre. Further units are available To Let. For further information contact David Henderson.
Vaporized expansion We are delighted to announce two lettings to the expanding national retailer of electronic cigarettes and vaping merchandise, Vaporized with new stores at 138 High Street,
Lochee and 47 Marischal Street, Peterhead. FG Burnett have acted on behalf of the landlords in relation to both lettings and are pleased to see a retailer expanding.
Martin McColl acquires Insch Convenience Store Acting on behalf of Kelly of Cults t/a Costcutter, FG Burnett provided advice on the property letting and sale of the business to Martin McColl. McColl’s, as part of their national expansion, have taken the long established Costcutter Insch branch, buying the business and leasing the property for a period of 15 years.
The property has been refitted and external works are being completed. David Henderson who acted on behalf of Kelly of Cults t/a Costcutter commented “Bringing McColls to Insch will continue to provide the community with a quality supermarket provision and FG Burnett are delighted to have been involved.”
Unit 5, Clarendon Court, Glasgow We are delighted to be marketing the highly prominent retail unit at St George’s Cross in Glasgow. This unit is adjacent to Maryhill Road, Great Western Road, St Georges Cross subway station and close to a significant number of lifestyle retailers including And So to Bed, Bathstore.com, Sharps, AGA, Clive Christian and Feather & Black. The unit may be suitable for coffee shop use subject to consents. Having extensive frontage to both St George’s Place / Great Western Road and Clarendon Place the subjects provide circa 3,000 sq.ft at ground floor level and a similar amount of space at lower level, ideal for staff and storage. Should you require further information then please do not hesitate to contact David Henderson or Richard Noble.
Affordable Union Street Aberdeen Opportunity Occupying a prominent location, we are delighted to bring 131 Union Street to the market available at an annual rental of £55,000. Neighbouring occupiers include Primark, EE, McDonalds, Molton Brown, All Saints and Beaverbrooks. The accommodation provides quality sales on ground floor with generous basement storage and staff provision. Richard Noble, Managing Director at FG Burnett commented “This is an excellent opportunity for a retailer to
take advantage of overheads which have become much more manageable in relation to a unit a stone’s throw from Primark, The Trinity Centre and a host of national retailers. The majority of the blocks on Union Street have become much more affordable in recent years, with landlords also prepared to consider shorter term leases than may have traditionally been the case.” Contact David Henderson or Richard Noble for further information.
Planning Consent Secured for Blackburn Drive Thru FG Burnett client South Fornet Estates Limited have secured a planning consent for a Drive Thru at Blackburn Business Park. The operator will be Starbucks who will occupy a 2,000 sq.ft unit together with external seating and dedicated
parking. This latest development is seen as a real positive for the Park and the wider Blackburn area providing a new facility, a catalyst for more commercial development and employment opportunities.
The next Rating Revaluation will take effect on 1st April 2017, speak to our team to ensure you are prepared. Scott Strachan: email@example.com Moira Gordon: firstname.lastname@example.org
Key dates to remember... March 2017
Revised valuation notices will be issued
New rateable values come into effect
April to September 2017
Opportunity to challenge the new rateable values through the appeal process which is limited to the 6 month period following revaluation.
The Ultimate Business Show 26th April 2017 at the AECC. Visit us on Stand 6
We hope you enjoyed the latest edition of Property Matters and we 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 get in touch.
Issue 7 of FG Burnett's Property Matters Newsletter