Page 1

ISSUE 4 | DECEMBER 2015

Grinding It Out

So here we are again... !!! According to most, the bottom has fallen out of the oil barrel and doom and gloom has descended upon Aberdeen and the entire property market. But is that really the case? With more than 30 years experience, I have witnessed this pessimistic reaction before – and then on more than one occasion but there is a reassuring inevitability that things will improve. Even now the industrial property market, in which I ply my trade, is showing signs of, dare I say, recovery or re-emergence. Yes , there is no doubt that some have been and others continue to be very badly affected and confidence has taken a severe dent resulting in the fact that long term commitments by occupiers are now a dim but hopeful light at the end of a dormant tubular. But remember the labourer’s tools are never completely downed and human resource, goods and supplies are always required across a range of sectors, not only energy. Aberdeen is a city of 220,000 with an economic catchment of 500,000 and people, businesses and organisations within that domain need goods and services and not a small amount of it. And without question the vast majority of that inventory will at some point pass through a “shed” be it a factory, laboratory, distribution warehouse, cold store or car garage; thus there is always going to be demand and supply and thus a market.

by Graeme Watt

Those operating within it just have to adjust to its ever changing conditions and dynamics. From a landlord’s or owner’s perspective this means, no doubt reluctantly, acknowledging for the meantime that occupiers perhaps have the stronger negotiating position and flexibility is the order of the day. Whether this means accepting a shorter term lease, offering a bit more of rent free or reduced rent or price, or other form of incentive at the front end, or granting tenants options to terminate the lease may all demonstrate a collaborative mind set and secure commitment and income. On the other hand, tenants and buyers have also got to acknowledge that while the market may have swung in their favour now is not the time to believe they can drive and secure unreasonable bargains. Contrary to popular belief, many owners and landlords in Aberdeen’s industrial property sector are not “distressed” and if occupiers push too hard they may lose out. And some are! By way of example FG Burnett has been party to various transactions which serve to prove that landlords and tenants are getting the message. These include new lettings at Ocean Trade Centre, Minto Avenue, Altens, including some speculatively refurbished space amounting to close to 50,000 sq.ft., lease extensions and renewals at Peterseat Park, Altens, also amounting to close to 50,000 sq.ft. and a new letting of a 10,000 sq.ft. office

and workshop in Minto Drive, Altens which was let before it even came to the market. Equally there has been a letting of a unit at Hydropark and development land sales at The Core, both at the Bridge of Don. Further evidence is the reports of strong interest in the two speculative industrial units and development land at ABZ Business Park in Dyce, close to Aberdeen Airport. From any market viewpoint, complacency is the thing to be avoided. In a strong market it is natural to take robust stances and exploit stronger negotiating positions but when the world turns, an ability to adjust to the changing dynamics is key to ongoing success, however measured, and longevity. In a property and Aberdeen context the market for “sheds” is never completely decommissioned and as has been experienced before, it may well be the first indicator that the energy sector phoenix has started to grind its way out of the ashes of the current downturn. There is no doubt that we are in challenging times and these may become more challenging before they inevitably improve. Are those the grinders of collaboration I hear powering up…? graeme.watt@fgburnett.co.uk


P2

Message from our MD... I recently acquired a copy of a historic document which makes for very interesting reading. The document in question is the 1949 Aberdeen City Development Plan which was provided to Councillors of the day and was not available to the public. The Plan set out the vision for post World War II Aberdeen and included proposals for part of Market Street to be elevated to stilts, a pier at the beach and, wait for it, a bypass around Aberdeen. Sixty five or so years on, this project is now live and we all very much look forward to its opening. I wonder what might have happened had our local councils been a bit more aspirational in their demands on the newly arrived oil companies in the early 1970s. Witness the Shetland experience, where a pugnacious Ian Clarke, as Chief Executive of Shetland Islands Council, sought recompense from the oil companies for the pressure they placed on local infrastructure. By dint of judicious negotiation on his part, the people of Shetland secured new roads, schools, community centres, swimming pools to name but a few and also put cash in the bank. During the AWPR debacle, a by then retired senior oil company executive proffered the view to me privately that had a request been made of them there would

matters

have been a very good prospect of the oil companies making a major contribution, if not fully funding, a new bypass.

Forgive the history lesson, the message I’m trying to impart is the need to be aspirational, for all sectors to engage in a positive manner in order to deliver solutions to issues. Other than the very few who participate, the public has no interest in petty politics, we’re only interested in progress and delivery of projects. Rant over! On an entirely different tack, let’s take a snapshot as to where the local property sector sits at the moment. Much to the surprise of the vast majority, take up of warehousing and industrial accommodation is very strong with prices and rents being maintained at pre-oil price adjustment levels; demand for small office units is also strong as is the retail sector with several new names increasing their UK coverage by adding an Aberdeen-based store to their portfolio. There is much talk of the potential overhang of new office space once The Capitol, The Silver Fin Building and Marischal Square

projects are completed, providing a total of c.375,000 sq.ft. with completion scheduled for early 2016, March 2017 and mid 2017 respectively. Let’s take the example of Union Plaza, c.120,000 sq.ft., which completed in early 2008, just before the international financial crisis coupled with an even larger fall in oil price than recently experienced. The building was almost fully occupied within 18 months of completion. To my mind, this demonstrates the increasing importance of having quality space available for organisations that are, in the meantime, operating out of inferior, inefficient space. If we don’t have quality stock coming through the danger is Aberdeen will suffer corporate leakage. What price will that be? Angus MacCuish E: angus.maccuish@fgburnett.co.uk


P3

Sales & Lettings

Investment Sales - Be Prepared! There is nothing more frustrating than a deal falling out of bed because it has dragged on and on - generally speaking vendors and purchasers want to conclude matters quickly once the heads of terms have been agreed. Both parties want to do the deal, right? Vendors can make a huge difference to the sales process by preparing properly and engaging with their professional team as early as possible. Please be assured that all the team will benefit by identifying potential issues prior to the marketing campaign. Your agent should have expert local market knowledge, both in the investment and occupational markets, which are inextricably linked. They will advise you on pricing and strategy. One of the most obvious disciplines for investment landlords, at all times, is to ensure that their tenant is complying with their lease obligations. Make sure that rental and other lease payments are timeous that will provide a purchaser with a

good track record. Ensure that your tenant’s repairing obligations are reviewed on a regular basis. Don’t assume that you have a strong tenant on a full repairing lease and that dilapidations can be left to the lease expiry - investors used to do that with Woolworths! Interim schedules of dilapidations are essential to ensure that repairs are caught early and do not become major issues. Ultimately, the tenant will benefit from this as well by occupying a well-presented property and avoiding major repairs that could have been avoided by regular maintenance. Hopefully, you now have a wellmaintained property with a tenant who has a strong payment history - now to the paperwork! I cannot emphasise how important it is to prepare properly for a sale - you want the purchaser’s diligence to be as easy as possible because you have given them a comprehensive legal and sales pack. There will always be commercial points that arise after heads of terms have been agreed, but you can avoid delays and stress

by David MacLeod david.macleod@fgburnett.co.uk

by pre-empting the purchaser’s basic diligence requirements. Your solicitor will co-ordinate titles, leases, planning and building warrant documentation but make sure that you have liaised with your accountant on capital allowances and any tax/VAT implications. Do not underestimate how long it can take to gather such information if you do not have it all in place prior to marketing. If your property is multi-let, make sure that you have full service charge records and that all contracts for lifts, heating systems etc. are in place and up to date. If you have debt on your property, speak to your funder prior to marketing to advise them of your plans. Don’t forget to obtain an EPC - you can’t sell your commercial investment without one. I think you are now ready to hit the market - whether that is high and wide or by a targeted low-key approach, your agent will advise on the best tactic. Now the real work begins - good luck.

matters


P4

Property Stalwart To Step Down in 2016 Scottish commercial property stalwart Angus MacCuish announced he will be retiring from his position as managing director of FG Burnett as of 30th April 2016. Mr MacCuish has been with the business for almost 30 years and will remain with FG Burnett as a consultant.

providing courses taught through the medium of Scottish Gaelic.

Richard Noble, currently director and head of agency, will take on the role of managing director supported by the executive team of Graeme Watt, David MacLeod and Jonathan Nesbitt, together with the wider FG Burnett team. Ken Matheson will continue as non-executive chairman. Mr Noble has worked with FG Burnett for 18 years and is the current Chair of Aberdeen Inspired (Aberdeen’s City Centre BID).

“As I step down in 2016, Richard will continue to drive the expert team at FGB forward, supporting business communities across Scotland with their commercial property needs.”

Mr MacCuish is a respected market expert, originally from Benbecula in the Western Isles, and a well-known face within the Scottish business community. He is also a previous Vice President of the Aberdeen & Grampian Chamber of Commerce, North East area committee member of the Scottish Council of Development and Industry (SCDI), a member of the project team for Glencraft and trustee of Sabhal Mor Ostaig, Scotland’s only college of further and higher education

Angus comments, “I have enjoyed a career spanning almost three decades with FG Burnett, which is testament to the fact that it is an outstanding organisation.

Richard Noble says, “Although Angus will be missed in the office on a day-to-day basis, our focus is, and will always be, on the Scottish market place and the future of FG Burnett. This will allow us to continue our provision of in-depth local knowledge and personalised services, which is unrivalled. We will continue to work with our clients to supply the best advice and service that they have come to expect from us. Over the years Angus has been instrumental in forming an expert team and developing and nurturing talent, which is the backbone of our business. I will endeavour to continue this support and am pleased that Angus remains within the business on a consultancy basis.”

Graduate Success At FG Burnett... FG Burnett graduate employees, Iona Foubister and Graeme Millar, have recently passed their Assessment of Professional Competence and become Members of the Royal Institution of Chartered Surveyors (MRICS). Managing Director at FG Burnett, Angus MacCuish, comments: “On behalf of everyone at the company I would like to extend my congratulations to both Iona and Graeme for their continued hard work and dedication to their profession. We were in no doubt that they would succeed – well done!”

Iona Foubister

Graeme Millar

For more information on the RICS visit www.rics.org matters


P5

The Office Market – Where Are We Now? What can we say about the office market? There is no doubt that the low oil price, and the cost saving environment in which the energy sector is currently operating, is having an effect on the office market. The previously experienced supply / demand dynamic has also changed considerably. From mid 2014 when there was a considerable imbalance, with demand considerably outweighing supply, the boot is now firmly on the other foot. 2014 saw office take-up in excess of 1m sq.ft. the highest take-up evidenced in the last 15 years or so. To put this in perspective, London totalled 14m sq.ft. of office takeup last year, albeit with a population of 8m. Aberdeen was punching well above its weight. The first 9 months of 2015 has seen take-up total approximately 350,000 sq.ft., but it must be recognised that approximately 200,000 sq.ft. of this figure included transactions that concluded conditionally in 2014, but secured planning in 2015. This skews the figures and take-up instigated in 2015 is at a low ebb.

In conjunction with this, we are now in an environment with unprecedented supply. In the region of 1.5m sq.ft. is currently available, which represents approximately 3 years average take-up. Tenants have options, they are able to negotiate and play landlords off against each other to obtain the best deal - but is this not what a normal market should reflect? The extraordinary market conditions of 2009 – 2014 existed for such a length of time to become accepted as the norm. Ask any other office agent south of Stonehaven and they would be quick to confirm that this is most certainly not the case. So where are we today? Demand for office accommodation in excess of 10,000 sq. ft. is modest. Tenants are taking advantage of critical events in leases, whether this is break options or lease expiries, in order to renegotiate with their landlords who want to retain continuity of income. The quid pro quo being that they receive an incentive package to encourage their continued occupation.

Team Spotlight Name: Derek Richardson Position: Associate Division: Valuations How did you get here? (What did you do at uni / did you always want to work in property?) I remembered a surveyor who valued my mum’s house and thought that seems like a good job. What is the purpose of commercial property valuation? Valuations are required for a number of reasons, from valuations for accounts purposes to appraisals of potential developments, although, the most common instructions come from proposed transactions. Tell us something about valuations that you think we wouldn’t already know. Many people believe that there is a direct correlation between what’s spent refurbishing a property and the end value. Unfortunately, this is normally not the case and properties whatever and wherever they are generally have ceiling values.

However it is not all bleak. The number of new office requirements in September and October 2015 actually surpassed that received in the same period in 2014, by some 31%, albeit the cumulo sq.ft. required in this period in 2015 was slightly below 2014 levels of 83,000 sq.ft. as opposed to 104,000 sq.ft. June 2015 saw the highest number of new enquiries per month (16) since July 2014 (19), albeit the vast majority of these requirements were for accommodation in the sub 6,000 sq.ft. range. To conclude, there is still churn in the sub 5,000 sq.ft. category, considerable supply in all sizes of accommodation at present and a lack of demand for larger stock. The environment is extremely challenging, and consequently landlords need to accept that conditions have changed and cut their cloth accordingly. It is now a tenant’s market and is likely to remain so whilst the oil price remains at current levels. Jonathan Nesbitt E: jonathan.nesbitt@fgburnett.co.uk

This month we focus the spotlight on Valuations Associate Derek Richardson and chat to him about his role at FG Burnett Aberdeen:

What is the best thing about working in valuations? The best thing is the variety. No day is ever the same and its very unusual to be stuck in the office for days on end. You must have visited some interesting places while performing valuations. Can you tell us about your favourite? It’s always good to get a valuation instruction somewhere in the Highlands, and it’s always best on a nice summers day. If you could value any property of the rich and famous, who’s would it be? A trip to Barcelona to value Camp Nou football stadium would be nice! You are the only team member to have taken part in all of the company’s charity challenges this year. Can you tell us about your most memorable moment was? My aching legs in Aviemore. I had run the Great Scottish Run a week earlier and hadn’t quite recovered. What advice would you give to someone who is looking to move into a career in commercial property? Brush up on your maths.

Derek taking part in the Aviemore 10K

matters


P6

Compulsory Purchase Feature... by Keith Petrie

matters


P7

Most of us in Scotland take for granted the developed infrastructure that we have in this country e.g. the availability of fresh water, the provision of electricity and gas supplies, drainage systems to take away our waste as well as the roads, rail and airport facilities which fulfil our transportation needs. The vast majority of such services come from the public sector and have an underlying common theme of compulsory purchase. The construction, development and operation of all of these facilities will have previously resulted by way of the compulsory purchase of privately owned land and buildings by the relevant public bodies. Recent examples in the North East of Scotland involve the AWPR/Fastlink/Balmedie-to-Tipperty road scheme and The Third Don Crossing project.

Since Victorian times, the development of Scotland has been undertaken by both Central Government and Local Authority entities. For the benefit of society and communities there are statutory responsibilities for the provision and sustainability of these services. In many instances this has resulted in the need for privately-owned land to be purchased either by way of free negotiation or by the utilisation of a formal Compulsory Purchase Order process but with both options involving the proper and correct assessment of compensation due. Accordingly, a formal compulsory purchase process and compensation assessment code have developed since the mid-19th Century by way of a number of Acts of Parliament as well as case law. Both the compulsory purchase process and the assessment of compensation is thus strictly regulated and is a complex area of work undertaken by Chartered

Surveyors who require a high degree of expertise and experience in this field. Thus, professional advice should be sought immediately if there is a threat of compulsory purchase.

comprised either an agricultural or commercial enterprise then there may also be a claim for loss of profitability, which will be directly related to the profit of the affected business.

Typically, three different scenarios arise where compulsory acquisition is involved and compensation payments require to be made and the principals behind such acquisition and assessment is the same whether the property be of an agricultural, residential or commercial nature. Firstly, the whole of a privately-owned property may be identified to be required in connection with the development of a public work: secondly, part only of a privatelyowned property may be required (this is usually the most common scenario) and thirdly, no part of a property may be needed but that property will lie adjacent or very close to the public work once it has been developed and is operational. Obviously, in the first two scenarios there may be a need for a Compulsory Purchase Order to ensure that the relevant lands and buildings are acquired but in all three scenarios the property owner or occupier may be entitled to compensation.

Both the compulsory purchase system and the compensation code are generally accepted as, at best, creaking at the seams or, at worst, no longer fit for purpose.

In all cases, the fundamental principle of assessing the extent of any financial compensation due is that of equivalence i.e. the claimant, as far as money is concerned, should be left no better or no worse off after the acquisition than before the acquisition. As a consequence, in the large majority of cases, the compensation in respect of the property element will equate to the open market value of the land and/or buildings acquired, with that, value is assessed in “the no-scheme world” whereby any advantageous or disadvantageous effects of the compulsory purchase are disregarded. In addition, occupiers of affected properties will be entitled to what is known as “disturbance” and this covers all reasonable costs and expenses incurred as a direct consequence of the compulsory purchase of either all or part of the property. Thus, in a situation where the whole of a dwelling-house is compulsorily acquired then the occupier is entitled to the recovery of all the reasonable costs of identifying, securing and moving to a suitable alternative property: removal costs, Land and Buildings Transaction Tax, professional fees, mortgage arrangement costs etc. would all form legitimate parts of the claim. Further, where the property

Accordingly, Scottish Government instructed the Scottish Law Commission to undertake a root-and-branch investigation of both the compulsory purchase process and the assessment of compensation claims. A Discussion Paper was issued in December 2014 which triggered a consultation exercise which ended in June 2015. The second half of 2015 is being taken up with an analysis of that consultation process with a view to issuing a suitable report and recommendations to The Scottish Ministers in late 2015. Accordingly, it is hoped that the major flaws in the current system will be addressed by way of a new consolidated Act of Parliament which will hopefully result in a much more efficient and effective system in comparison to the existing processes. Lastly, it is our experience that most people affected by compulsory purchase come under considerable stress and pressure and in most cases the financial compensation received does not fully reflect the strains involved. However, the employment of relevant, highly-experienced property professionals who can guide clients through the compulsory purchase and compensation maze helps to reduce the stresses and strains by giving appropriate advice and recommendations with regard to the options available which, in terms of the relevant legislation, usually involve tight timescales: the fees incurred by clients in seeking such advice also forms part of the compensation claim.

For more information about Compulsory Purchase, email keith.petrie@fgburnett.co.uk

matters


P8

Building Consultancy – A Case Study Client: W  orld Oilfield Machine (UK) Ltd (WOM) Premises: 7 St Machar Road Instruction: Employers Agent Project Cost: Circa £1.4m

Brief: World Oilfield Machine (WOM) purchased the former JM Accident Repair Centre on St Machar Drive with a view to expanding its operation by redeveloping parts of the site. WOM engaged with FG Burnett to facilitate the planned redevelopment which entailed the linking of their existing site, 7 St Machar Road, with its new site via a vehicular ramp and the provision of a new high bay workshop - designed specifically for working with subsea intervention systems.

Overview: After the premises were secured, the project was split into 3no areas to facilitate as early a site start as possible. This was to involve the partial demolition of existing buildings, the creation of a link ramp, and the construction of new premises.

FG Burnett took on the role of employer’s agent for this project. This saw the building consultancy team arrange and undertake extensive site surveys in order to prepare all the information required to apply for and secure a demolition warrant for the proportion of demolition required. Given the location of the site, this also entailed extensive negotiation with Network Rail to demonstrate that the works were to be undertaken in a safe manner and that they could have no implications in terms of fouling the live train line. The project was then put to several demolition specialists to obtain costs on a competitive basis. Meanwhile, local authority consents were progressed and secured in terms of the link ramp. Once designs were signed off, this was progressed and constructed. Towards the end of this process, WOM began to utilise parts of the premises that were separate from the sections undergoing redevelopment. This presented some safety challenges and meant that both WOM employees and the contracted workforce had to work together to maintain a strict health and safety policy.

Running in tandem with the first phases of work, further outline designs for WOM’s new premises were prepared along with additional site investigation that allowed FG Burnett to secure planning consent for the proposed premises. The team undertook significant negotiations with both the planning authority and Network Rail in order to obtain the consents largely, because the proposed new premises were of a hi-bay nature, meaning the roofline was considerably in excess of that previously found on the site. The topography of the surrounding areas, however, meant that the proposals caused little or no detrimental effect to views of the surrounding owners/ occupiers. Competitive tenders were consequently prepared and invited on a ‘design and build’ basis. The contract was awarded to local contractor Chap Group (Aberdeen) Limited, and works on site have recently commenced. This project is due for completion in Q2 of 2016, which coincides with the client’s requirement to service a recently secured contract.

Collaboration is key to unrivalled results... FG Burnett recently acquired and managed the fit-out of Digby Brown LLP’s office premises at 220 Union Street, Aberdeen, and this project displays how cross-department collaboration can lead to excellent results. Both FG Burnett’s Agency and Building Consultancy departments worked in unison to deliver a firstclass project to Scotland’s largest personal injury firm of lawyers, which involved the refurbishment of commercial space that was in a relatively dilapidated condition. The initial instruction was received by the Agency department, which then agreed a deal for property letting

matters

on behalf of Digby Brown LLP. The Building Consultancy department was then engaged at this stage to evaluate refurbishment costs, ensuring the project was viable. Following the completion of this deal by the Agency department, the Building Consultancy department was appointed as the Contract Administrator for the project, which involved applying for listed building consent, building warrant and landlord’s consent for the project. Iona Foubister, Building Surveyor at FG Burnett, comments: “Our department’s work throughout the project involved a multitude of different tasks to fully meet all of

Digby Brown LLP’s requirements. “From producing floor plans, designing and specifying the works, obtaining competitive tenders and selecting the most suitable contractor, to monitoring the progress on site, attending site meetings and agreeing stage payments, our team was able to expertly deliver a range of services to meet our clients’ needs.” The fit-out has now been completed, which included: converting individual offices into a full plan office space; installing a disabled WC; refurbishing staff welfare facilities; installing new central heating and hot water systems; and full electrical rewiring.


P9

Managing Sustainability in Property... by Christopher Yannaghas christopher.yannaghas@fgburnett.co.uk

Sustainability is not a word that instantly comes to mind when considering the myriad of issues that faces the property manager but both the legislative landscape, and emerging investment and occupier trends, are bringing this issue to the fore. The effect is that there is now an undeniable business case for both Landlords and Occupiers to improve and enhance the sustainability of their property. The pressure on both Landlords and Occupiers takes the form of both “push” and “pull” factors. Firstly, the legislative landscape creates a push for all owners of property. There is a raft of energy efficiency and carbon reduction related legislation that has emerged over recent years with The Energy Saving Opportunities Scheme (ESOS) regulations being the most recent arrival. Looming ahead are the changes brought by the implementation of the provisions of Section 63 of the Climate Change (Scotland) Act 2009. This will mean that not only will buildings have to obtain an Energy Performance Certificate (EPC) in the event of a sale or a lease, but with a floor area of 1,000 square metres or more there will be an obligation to produce an “Action Plan” to improve the energy efficiency rating on buildings through physical improvements to the property.

In addition to this legislative landscape, there is an ever-increasing pull on the property market towards sustainable and energy efficient property. On a wider scale, investors are recognising that sustainable properties are judged to have a comparatively lower risk, more likely to be re-let, and less prone to requiring costly upgrading schemes. Occupiers themselves recognise the financial and non-financial benefits such as decreased energy consumption costs, and help improve the wellbeing of their staff which in turn assists with staff retention. The role of the Property Manager is essential in identifying solutions and opportunities in assisting Landlords and Property Owners achieve sustainability in the day to day occupation and use of business space. Principally this will involve the procurement of sustainable energy supplies, ensuring that these are accurately metered with the utilisation of advanced metering or monitoring systems. In addition the Property Manager must consider undertaking appropriate maintenance to both the fabric of the building and any plant and machinery installed, such as ventilation and heating equipment, ensuring that such maintenance is targeted at having the greatest effect on energy efficiency.

However, there are much wider steps that can be taken such as collaborative ventures between Property Owners and Occupiers, setting out expectations for responsible and sustainable occupation with Property Managers doing as much as possible to facilitate these expectations. In addition, contractors who service the building should be chosen with the same sustainability criteria – this may take some work in terms of evaluation, but strength in buying power will mean that suppliers should be expected to work towards best practice for their respective trades. Sustainability represents the next great challenge for property owners; however with careful planning and a strategy to address both the legislative requirements and the current best practice, property owners will rise to meet this challenge.

If you would like to discuss how FG Burnett’s Property Management Department can assist with achieving these sustainability objectives please contact either Christopher Yannaghas, Simon Smith or Bryan Robson, who will be delighted to help.

matters


P10

Retail Property Focus A Larger Place To ‘Manger’ In Aberdeen Thanks To FG Burnett The team at FG Burnett recently completed work on the recent expansion at 234/238 Union Street, which houses handmade natural food retailer, Pret A Manger. Acting on behalf of the landlord, FG Burnett also provided building consultancy including design and specification, procurement and management of works for the retail outlet. This saw the premises extended by 1,000 sq.ft. at the corner of Union Street and Union Row, to a new total of 3, 000 sq.ft.

As part of this same deal, the team relocated the shop entrance of the British Heart Foundation, which is housed next to Pret A Manger. British Heart Foundation has now entered into a new long-term lease on these 6,950 sq.ft. premises.

new long-term lease with the charity’s popular furniture and electrical store, we are confident both outlets can continue to thrive on the city’s main thoroughfare.

Richard Noble, Director says: “We were absolutely delighted to work on the recent extension for Pret. The operator is now able to keep up with the demands of such a busy site. “Having also relocated the British Heart Foundation’s entrance and confirmed a

Dundee Wellgate Shopping Centre Orchard Street is delighted to announce a letting to Iceland Foods at Wellgate, Dundee. Iceland joins New Look, BHS, Home Bargains & Superdrug on the first floor of the scheme and has taken approximately 7,000 sq.ft. FG Burnett & Savills acted for the landlord whilst Mason Owen acted for Iceland.

New Premises For British Red Cross In Alness FG Burnett recently acted on behalf of the British Red Cross to acquire retail premises on Alness High Street as part on an on-going agreement for the charity’s retail acquisitions across Scotland. Richard Noble comments: “We were pleased to assist the British Red Cross in the acquisition of new retail premises in Alness. This is an excellent position for the charity, which currently has a number of retail outlets throughout Scotland.”

matters


P11

FG Burnett Appointed Letting Agents For Prime Retail Space In Glasgow... FG Burnett has been appointed as letting agents in relation to three prime retail units in the heart of Glasgow City Centre.

the popular Royal Exchange Square which leads to Buchanan Street, regarded as the strongest retail pitch in Scotland.

The units form the retail element of the prestigious 100 Queen Street office extension and refurbished scheme where work is now underway and scheduled for completion in Summer 2016.

The two Ingram Street units provide 1,862 sq.ft. and 307 sq.ft. respectively whilst the Queen Street opportunity extends to 4,532 sq.ft.

The units are located on Ingram Street and Queen Street close to

Richard Noble of FG Burnett commented “We are absolutely delighted to be bringing these opportunities to the market given

that there have been several excellent lettings in the immediate vicinity recently including Armani directly opposite, Patisserie Valerie in Royal Exchange Square and Virgin Bank in Queen Street. This location is going from strength to strength.” For further information on 100 Queen Street contact Richard Noble on +44 (0)1224 597528 or +44 (0)7768 067323, or email richard.noble@fgburnett.co.uk

A ‘Sparkling’ Restaurant Opportunity FG Burnett has released a high profile restaurant opportunity to the market, set in the heart of Aberdeen city centre. Located within Jamieson & Carry’s landmark building, the first floor open-plan space comprises a total of 1,713 sq.ft. and boasts an excellent corner location on 140-142 Union Street and Belmont Street. Acting on behalf of the independent, Carry family-owned jewellery business, retained agent, Moira Gordon at FG Burnett aims to find an occupier that will complement and thrive alongside this traditional, luxury retailer. Moira, a senior surveyor at FG Burnett, comments, “FG Burnett is delighted to introduce this superb opportunity to the market. Quality accommodation, located within such a recognised

and prominent building, linked to a renowned, respected and high-end business is rarely on the market. We envisage that the future occupier will be a business that can complement and benefit from the established brand status which comes hand-in-hand with this property.”

“Jamieson & Carry has been very happy here for ninety years, and we look forward to welcoming our new neighbours in the hope of another long-term business relationship.” For more information on 140-142 Union Street contact Moira Gordon on 01224 572661.

Philip Carry, partner of Jamieson and Carry, adds: “After 18 years of a very successful partnership with Jamieson & Carry at The Victoria Restaurant, Gillian and Gordon Harold have decided to pursue other challenges. Their many lovely and loyal customers are eager to meet the next business to follow in their footsteps, and discover the name that will be above the door of this long-established café. Will it be traditional? Will it be modern? Only time will tell.

matters


P12

FG Burnett surpasses £5k charity target... Three FG Burnett employees recently tackled the last leg of their fundraising mission by competing in the Aviemore 10K in Glenmore to surpass its fundraising target for 2015. This was the final hurdle of the year for FG Burnett employees, which led to the company raising just over £5,000 for Wooden Spoon, a UK charity that supports disadvantaged and disabled children through rugby. With the picturesque Cairngorm Mountains in the background, David MacLeod, Christopher Yannaghas and Derek Richardson ran 10K across forest tracks, paths and roads in a bid to reach this target. This follows a year of fundraising success for FG Burnett, with teams of employees collectively completing the Baker Hughes 10k in May and the Beast Race in September. David MacLeod, director at FG Burnett, comments, “We had a great time at

the Aviemore 10K and were lucky enough to have great weather. It was challenging running a new course, but Christopher did brilliantly, knocking six minutes off his time achieved at the Baker Hughes 10K. “It was a huge achievement for all three of us to take FG Burnett over the finish line, and be part of surpassing the £5,000 target for Wooden Spoon. Everyone has worked hard throughout the year and this a testament to that.” Angus MacCuish, managing director at FG Burnett, adds, “Supporting charities is extremely important to us all at FG Burnett, and we are delighted to have selected Wooden Spoon as our corporate charity of the year. This is an excellent charity and all our team members should be extremely proud of their fundraising efforts this year.” If you would like to donate to the FG Burnett Just Giving page, please visit: www.justgiving.com/FG-Burnett1.

FG Burnett Young Professionals Party Scottish commercial property consultancy, FG Burnett, held its annual Young Professionals party at The Albyn, Aberdeen on Thursday 8th October. Attracting over 100 young professionals from all over the city, the party marked Aberdeen’s commercial property highs of the last twelve months. Sharing their experiences and advice, the young professionals also came together with members of the FG Burnett team to discuss the evolving property market and how to work collaboratively in 2016.

Guests were treated to a hot buffet, a selection of complimentary drinks and even a live screening of the Scotland Vs. Poland football match for those who didn’t want to miss out!

We hope you enjoyed the latest edition of Property Matters and we would love to hear your thoughts of 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. Contact: Jacqueline Speirs, Marketing Manager E: Jacqueline.speirs@fgburnett.co.uk

Property matters issue 4 issuu  

FG Burnett Property matters issue 4

Read more
Read more
Similar to
Popular now
Just for you