Commercial Property Investment Edinburgh – Commercial real estate: investment pier to succeed Castleforge Partners has announced it has secured a series of leases on Commercial Quay in Leith, Edinburgh, following a partial renovation of the office, retail and entertainment complex.
Since taking office in late 2018, London-based Castleforge has invested in development to create unique work environments designed to serve a range of passengers.
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Recently completed deals for Commercial Quay include confirmed deals with chartered accountants Alex Quinn and Partners for 3,786 square feet on a five-year lease, marketing agency Cello Signal for 2,227 square feet as part of a ten-year contract and Mercy Corps Europe with 6,273 square feet. square metres. Filed, also on a ten-year basis.
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Jenny Emsley, Managing Director of Sunshine Communications says, “Commercial Quay is a great fit for us. Moving here allowed us to create the kind of work environment we were looking for for the company and our team, under a flexible contract.
“We love the feel of the development and the waterfront promenade, and the proximity to excellent amenities and transportation links make it an ideal location to operate and grow the business.
Emslie adds: “Leith has grown into a vibrant hub that is now home to a vibrant and creative business community that we are delighted to be joining.
Commercial Quay’s existing tenants span a wide range of business sectors, highlighting the building’s adaptability.
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Among the passengers are Leith Agency, a creative and advertising company; Inova Geophysical, which manufactures seismic instruments; Shaqra Digital Marketing Agency; Media giant Thomson Reuters. Royal HaskoningDHV, which provides engineering, design and project management services, and software company Ajenta.
Rachel Betaway, who works in Castleforge real estate, said: “Leith is a thriving area that has attracted an influx of business over the past few years, so we wanted to respond to this trend of expansion by providing a workspace commensurate with the caliber of businesses that settle here.
“We have ensured that the development retains the character and charm of the Grade A listed buildings, while providing high-quality contemporary housing suitable for a range of requirements, regardless of the size or segment of the commercial tenant.
Ian Taylor, Partner at Agent Ryden, commented: “Leith has seen high office occupancy over the past 12 months and remains a popular business destination in Edinburgh.
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“The Trade Quay is in a prime location with excellent transport links and amenities, which is expected to improve only after the announcement of the extension of the tram line from Edinburgh to New Haven.” billion in 2019, the lowest annual figure since 2012, due in large part to the impact of pandemic containment measures. But with some sectors doing well, a rebound is expected this year, according to a new analysis from International.
The snapshot from International Scotland, which covers the last quarter of last year and gives an early outlook for 2021, said that after an understandably difficult 12 months, dominated by COVID-19, things look more positive.
“There is real optimism in the Scottish investment market, in anticipation of the lifting of restrictions. A Brexit trade deal that seemed highly unlikely has been reached, which should calm nervous investors. And with vaccinations rolled out across the UK, there is finally light at the end of the COVID tunnel “.
Despite an overall drop in investment last year, the alternative sector had a record year with volumes reaching £458m, more than double the five-year annual average of £221m. He explained that this was largely the result of strong demand for residential assets. Its analysis found that investor appetite was also strong for distribution warehouses and malls, which both exceeded the five-year averages.
Office To Lease In Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, Eh3 9qg, Eh3
“Unsurprisingly, most of the capital has been invested in ‘beds and sheds,’ which are sectors that have remained structurally better since the pandemic. There is a significant backlog of stocks targeting these sectors and with cheap debt, this trend is expected to lead to continue.
He said cross-border capital represented 54% of the total business by value, while the share of institutional investors had fallen to a record low of 8% from a five-year average of 19%.
The two largest deals by value in 2020 were for office assets in Edinburgh, with Springside selling for £215 million and 1-3 Lochside Crescent trading for £133.25 million. The Scottish capital attracted a total of £606m last year, up from £867m in 2019, while the Scottish capital pulled in £204m, down from £679m.
The number of offices in Edinburgh was about 534,000 square feet in 2020, down about 16% from the previous year’s total and below the 10-year annual average of 807,000 square feet. Leave 280,000 square feet to Haymarket.
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Despite the uncertain economic background, prime rents in Edinburgh city center have risen from £35.50 to £37.50 per square foot. Glasgow saw an even larger 44% decline in annual takeovers, with the 2020 figure of 597,000 square feet well below the 10-year average of 996,000 square feet.
“While demand for office space in the first half of this year may be hampered by lockdown restrictions and high infection rates, we are seeing a strong recovery on the cards in the second half.”
Street retail has been hit hard last year and the trend has continued with recent news of the Jenners in Edinburgh and Debenhams across the UK. He said retail investor interest waned in 2020, with annual volumes dropping to £208m from £300m the previous year. That’s nearly 70% below the five-year annual average and the lowest number ever.
Unit stores and malls suffered particularly sharp drops in activity, with 2020 volumes down 91% and 87% below their five-year average. Retail warehouses remained a little better, although volumes fell from £215m in 2019 to £135m.
Princes Street, Princes Street, Edinburgh, Eh2 3aa
In the industrial sector, investment volume came in at £90m in the fourth quarter of last year, unchanged from the £87m that was traded in the third quarter and the highest quarterly figure since late 2018. But annual volumes have remained below £five years. . modified. 229 million after weak Q2 – at the height of the first close – when no noteworthy transactions were recorded.
The rental activity in the area reached about 5.8 million square feet in 2020, according to preliminary figures. With more deals confirmed for the fourth quarter of 2020, final year revenue is expected to rise 5% to 10% over 2019.
In two of the largest deals, he leased 165,000 square feet at 21 Coddington Crescent, Eurocentral, on behalf of Exeter Property Group and a 122,000 square foot Titan warehouse, also in Eurocentral, on behalf of Grayling Capital, both in the NHS.
In line with the UK-wide picture, Amazon has been at the forefront of recent deal activity in Scotland, with its pre-leasing of a dedicated 144,000 sq ft Fulfillment Center in Glasgow Business Park. It was agreed just months after the online giant renovated its 290,000-square-foot warehouse in Inverclyde.
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“Rent growth will continue into 2021 due to the strong uptake of speculative space and new demands arising from the new UK-EU trade deal.”
“Thanks to a combination of still low interest rates, low inflation, continued fiscal stimulus and a significant weighting of suspended capital, we expect a strong recovery in the second half of 2021 as restrictions are eased, occupied markets recover from lockdown and vaccinations reach more residents.
Oliver is responsible for economic research and leads the UK’s quarterly forecasting process, including the publication of the Real Estate Investment Outlook (REIF) report. He is also the author of the monthly Property Snapshot and the quarterly Scotland Snapshot. Prior to joining, he worked for the Center for Economics and Business Research and IHS Markit. Oliver holds a BA in Economics from Georg August University in Göttingen (Germany) and an MA in Economics from the University of Exeter.
As the UK’s Director of Content, Communications and PR, I am responsible for the strategic direction of corporate communications and media relations and the programming and production of multi-channel content to engage external and internal audiences across the UK. We specialize and advise our clients on the acquisition and disposal of real estate assets across Scotland. We provide personalized and proactive service
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