Tag Archives: commercial property

David Clarke_DSCN1347

CKD Galbraith invests in commercial with senior level appointment

CKD Galbraith’s commercial property division has made a senior level appointment to its commercial agency team with the recruitment of David Clarke from CBRE Global Investors in London.

Senior commercial surveyor David Clarke will be based between the offices in Edinburgh and Stirling and brings a wealth of experience in the commercial property investment field, having asset managed significant mixed portfolios across the UK.

A son of Perthshire from a farming background, David has returned to Scotland, having spent thirteen years in the London commercial investment scene with CBRE Global Investors, ING Real Estate and DTZ.

He will be an integral part of the commercial team, which has grown significantly over the last six years with teams now operating in Edinburgh, Perth and Stirling.  David will work alongside partner Richard Higgins who divides his time between Stirling and Edinburgh.

David’s commercial remit is to further develop the firm’s private client investment consultancy and help drive the expanding commercial agency reach across Scotland while his energy portfolio will include assisting on a large-scale offshore wind farm instruction and delivering specialist energy advice, including complex renewables valuation consultancy.

Richard Higgins of CKD Galbraith said: “David’s unique set of analytical and valuation skills coupled with his high-level knowledge and experience makes him a real asset for the firm as we continue to develop and expand our commercial and energy divisions.”

David Clarke said: “I’m delighted to have moved back to Scotland am very pleased to have joined CKD Galbraith at what is a very exciting time for one of Scotland’s leading independent property firms. I look forward to working in the commercial investment sector in both an agency and advisory capacity and advising clients on the property aspects of some key utilities and renewable energy projects.”

Earlier this week, CKD Galbraith announced the opening of their new office in Aberdeen.

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Issued by JK Consultancy on behalf of CKD Galbraith. For further information please contact: Jenny Kumar on 07989 5571989 or email jenny@jkconsultancy.com

Notes to editor

CKD Galbraith is an independent property consultancy employing 250 staff in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso, Peebles, Alyth and Aberdeen.

The firm provides the full range of property consulting services across the commercial, residential, rural and renewable energy sectors throughout Scotland. CKD Galbraith also enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.

To find out more about CKD Galbraith visit www.ckdgalbraith.co.uk or follow us on Facebook: facebook.com/ckdgalbraith and Twitter: twitter.com/ckdgalbraith.

KatieGibson_ReubenBirch_CKDG

CKD Galbraith boosts commercial team with two new appointments

The commercial division of independent property consultancy CKD Galbraith is investing in the future of its agency and building surveying teams with two new recruits.

Commercial agency surveyor Katie Gibson joins the agency and investment team from DTZ. A graduate of Heriot-Watt University in 2008 with a BSc in Estate Management, Katie qualified as a chartered surveyor in May 2013.

She has been involved in the sale of Robert Gordon University’s city centre campus and acted for high profile landlords such as Edinburgh Airport Limited, AWG and Thistle Property Group. Katie has also managed more than 100,000 sq ft of commercial property, making her well placed to offer an all-round occupier service.

Reuben Birch has been appointed graduate building surveyor, expanding Edinburgh’s commercial building surveying team to four full-time roles.

A graduate this year from Edinburgh Napier with a BSc in Building Surveying, Reuben will be involved in the full range of commercial building surveying services.

The new recruits are based at the firm’s headquarters in Edinburgh.

Martin Cassels, building surveying partner at CKD Galbraith, said: “Reuben hails from Buckie in Morayshire so has a good understanding of the breadth and diversity of the company. He will be shadowing the team for on-the-job training and support to build experience and work towards his APC.”

Pam Over, managing partner of CKD Galbraith said: “We’re delighted to appoint these two fresh and dynamic individuals as an investment in their future and ours as they help bolster our commercial offering across Scotland.”

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Notes to Editor

Issued by JK Consultancy on behalf of CKD Galbraith. For further information please contact: Jenny Kumar on 07989 5571989 or email jenny@jkconsultancy.com

CKD Galbraith is an independent property consultancy employing 250 staff in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso, Peebles, Alyth and Aberdeen.

The firm provides the full range of property consulting services across the commercial, residential, rural and renewable energy sectors throughout Scotland. CKD Galbraith also enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.

To find out more about CKD Galbraith visit www.ckdgalbraith.co.uk or follow us on Facebook: facebook.com/ckdgalbraith and Twitter: twitter.com/ckdgalbraith.

One Edinburgh Quay - Grade A accommodation

Edinburgh Q3 office take up at highest level since 2008

CKD Galbraith reports significant signs of improvement in the commercial office sector as Edinburgh sees its strongest quarterly uptake in office space since the start of the recession in 2008.

The independent Scottish property consultancy found that overall take up in Q3 (July to September 2013) will be in excess of 270,000 sq ft – a 225% increase on the previous quarter (at approximately 120,000 sq ft).

Significant lettings include:

West Edinburgh

  • 85,000 sq ft at 3 Lochside Avenue (whole building) to Sainsbury’s Bank
  • 33,000 sq ft to Jardine Lloyd Thompson at 7 Lochside Avenue.

Edinburgh City centre

  • 55,000 sq ft at Capital House to Bank of New York Mellon
  • 32,000 sq ft at Atria One to PwC
  • Skyscanner have taken the remaining landlord space at Quartermile One.

 

Michael Clements, marketing agent at CKD Galbraith, said: “The level of uptake this quarter has demonstrated that there is a strong demand for high quality Grade A accommodation in the Edinburgh market.

“However, these recent lettings have further eroded the supply of this type of premium office space, which is now extremely tight in the city centre.

“With little new development underway and several larger requirements in the market, it is likely that supply will tighten further in the short term, which should result in increased rental levels, reduced incentives and potentially some further pre-letting activity on other schemes in the city.”

He added: “If this trend continues, we could shortly see the Edinburgh market flip back from being a tenant’s market to a landlord’s market.”

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Notes to Editor

Issued by JK Consultancy on behalf of CKD Galbraith. For further information please contact: Jenny Kumar on 07989 5571989 or email jenny@jkconsultancy.com

CKD Galbraith is an independent property consultancy employing 250 staff in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso, Peebles, Alyth and Aberdeen. The firm provides the full range of property consulting services across the commercial, residential, rural and renewable energy sectors throughout Scotland. CKD Galbraith also enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.

To find out more about CKD Galbraith visit www.ckdgalbraith.co.uk or follow us on Facebook: facebook.com/ckdgalbraith and Twitter: twitter.com/ckdgalbraith.

CKDG53 George St copy

CKD Galbraith secures hat-trick of Central Edinburgh deals

CKD Galbraith, the independent property consultancy, has seen an increase in activity for city centre office space with three deals in the capital completed within one month.

Acting on behalf of landlord J. Smart & Co. (Contractors) PLC, the Partnership has let the second floor office at Cairncross House on Edinburgh’s Union Street to Republic of Media, an independent communications planning company, on a five-year lease.

The 666 sq foot suite at the four-storey, purpose-built office building, situated in Edinburgh’s New Town within the Broughton district, has been recently refurbished.

And at Crichton House (below) in Edinburgh’s old town, the second floor mezzanine suite, which extends to approximately 650 sq ft, has been let to the Scottish Labour Party at a rent of £20 per sq ft.

Crichton House

 

CKD Galbraith acquired the modern open plan office development in 2011 for the private owner in an off-market deal for £1.62million. Other occupiers include national homeless charity Crisis and Scottish Building Employers Federation.

While at 53 George Street (pictured top), CKD Galbraith secured tenant Ellis IP, an intellectual property consultancy, in a second floor suite on behalf of landlord The Stewart Society.

The redecorated office extends to 517 sq ft and is situated in one of Scotland’s prime business locations. The space was secured on confidential terms for a three-year period.

Michael Clements, Marketing agent at CKD Galbraith said: “It’s really encouraging to see that increased levels of interest for office space at the start of the year has developed into real letting activity over the summer.”

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Notes to Editor
Full addresses for the properties are:
• Cairncross House, 25 Union Street, Edinburgh EH1 3RL
• Crichton House, Crichton Close, Holyrood, Edinburgh EH8 8DT
• 53 George Street, Edinburgh, EH2 2HT

Issued on behalf of CKD Galbraith by JK Consultancy. For further information, please contact Jenny Kumar on 07989 5571989 or jenny@jkconsultancy.com

CKD Galbraith is an independent property consultancy employing 250 staff in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso, Peebles, Alyth and Aberdeen.

The firm provides the full range of property consulting services across the commercial, residential, rural and renewable energy sectors throughout Scotland. CKD Galbraith also enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.

To find out more about CKD Galbraith visit www.ckdgalbraith.co.uk or follow us on Facebook: facebook.com/ckdgalbraith and Twitter: twitter.com/ckdgalbraith.

ckd1

CKD Galbraith seeks eight new recruits for continued expansion in Scotland

CKD Galbraith, the Scottish independent property consultancy, is recruiting for eight positions across the firm in a bid to continue expanding its reach throughout Scotland.

The news follows yesterday’s announcement of the partnership’s major expansion of its rural services through a merger with Hayes Macfarlane, an established farm and estates management business based in Aberdeenshire and Perthshire.

The positions cover a range of levels, including one senior and three graduate posts, extending across the firm’s energy, rural and sporting agency divisions with half the roles in the commercial team, including building surveying.

Pam Over, managing partner for the commercial team at CKD Galbraith, said: “After a successful 12 months, we are on track for another healthy year and this recruitment campaign forms part of our ambitious plans for continued expansion in the Scottish marketplace.

“With a strategic eye to the future and our commitment in supporting new talent, we are particularly pleased to offer a number of graduate roles for fresh, motivated individuals eager to be trained by an experienced team.

“In return we offer potential for career progression and personal development within a progressive firm with an interesting and varied workload.”

CKD Galbraith are recruiting for the following positions:

  • Commercial Investment Agent at senior level, based in Edinburgh
  • Sporting Agent, based in Perthshire
  • Rural Surveyor / Land Agent based across Scotland
  • Commercial Property and Energy Surveyor, based in Stirling
  • Environmental Technician / Wayleave Negotiator, based in Perth
  • Graduate Commercial Surveyor, based in Edinburgh
  • Graduate Building Surveyor, based in Edinburgh
  • GIS Technician – graduate level, based in Perth

 

Full information on all posts can be viewed at www.ckdgalbraith.co.uk/working-for-us

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Notes to Editor

  • The merger with Hayes Macfarlane will take effect as of 1 July this year. Hayes Macfarlane will become part of CKD Galbraith operation, taking its network of regional offices throughout Scotland to 14 and will now include Aberdeen and Alyth.
  • Sporting Lets, CKD Galbraith’s Sporting Agency department is based in Perth and offers the widest selection of fishing, shooting or stalking in Scotland and Ireland with over 60 retained estates, of which the majority are also management clients.

Issued by JK Consultancy on behalf of CKD Galbraith. For further information please contact: Jenny Kumar on 07989 5571989 or email jenny@jkconsultancy.com

CKD Galbraith is an independent property consultancy employing 250 staff in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso, Peebles, Alyth and Aberdeen.

The firm provides the full range of property consulting services across the commercial, residential, rural and renewable energy sectors throughout Scotland. CKD Galbraith also enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.

To find out more about CKD Galbraith visit www.ckdgalbraith.co.uk or follow us on Facebook: facebook.com/ckdgalbraith and Twitter: twitter.com/ckdgalbraith.

Richard Higgins

CKD Galbraith: opportunity knocks for bumpy 2013

Richard Higgins, Pamela Gray and Ian Forbes of Scottish independent property consultants CKD Galbraith make their predictions for the commercial property investment market in 2013.

As predicted, 2012 was a testing year. The economy continued to stall, there was a persistent polarization between prime and everything else and a continued lack of debt funding, but with the re-emergence of private equity looking for greater returns. All in all pricing – with the exception of prime – moved out.

In 2013 there will be more of the same.

Richard Higgins, Commercial Investment Partner at CKD Galbraith (pictured top), said: “The retail sector, in particular, will continue to struggle in 2013, and, while everything will be set against the backdrop of new uncertainty caused by the Scottish independence debate, it will also be a year of opportunities for those willing to take some risk as pricing moves to realistic levels. Getting the right advice is paramount.”

Emerging opportunities

Although investment into the commercial property market is likely to remain weak in the short-term, with investors wary of continued uncertainty in the occupational market, the first signs of a turning point are now being seen, which could provide opportunities and value.

Richard Higgins continued: “Property companies and opportunity funds are back in the market. But they’re very selective, and still constrained by availability of debt, particularly as many of the previously active banks are not currently in the market.

“However, there is an opportunity to invest in the market during a period when it is anticipated that properties can be acquired at levels which allow for significant growth into the next economic cycle.”

Occupier Demand

Pamela Gray, Partner in charge of CKD Galbraith’s Commercial Asset Management division, said: “Whilst the commercial property market is likely to remain weak, as a firm we have seen an uptake in occupier activity generally, across the sectors, in the fourth quarter of 2012 and, so far, in 2013. Whilst some of this activity is simply occupiers flushing out terms for use in negotiations with existing landlords, we have seen an increase in the number of relocations or expansion deals.

“Tenants see opportunities in the current climate to secure better quality accommodation on attractive terms and this has resulted in a rise in the number of lettings.

“As the supply of good stock continues to decline, there is going to be more pressure on the major occupiers over the next 12 months and beyond. This lack of development has started to restrict options for occupiers, particularly in the office and industrial sectors, and there are currently a number of key occupier requirements in the market, which will be difficult to satisfy.

“In the retail sector we have seen a number of high profile business failures, but equally there are other national operators such as Subway, B&M, Aldi and Iceland who have significant requirement lists and are actively looking to open new stores in 2013.”

With the exception of Aberdeen, and some landmark streets in Glasgow and Edinburgh, headline rental levels have either fallen back or remained static since the peak of the market in 2007, but the first signs of a turning point in the occupational market are now being seen. This, in conjunction with a UK-wide lack of development, is likely to see rents begin to grow in the medium term.

In addition, improved business confidence supported by continued global economic recovery is expected to generate employment growth in the UK, initiating requirements for additional space from occupiers.

 

Market Polarisation

Since the downturn, the UK investment market has been characterised by polarisation between investments with long-term secure income streams and those let on short to medium term leases.

Since the second half of 2008, the gulf between prime investments, and the secondary and tertiary markets has continued to increase.

The definition of prime has also contracted, with many assets, which would previously have been classified as prime, now being discounted due to less than perfect attributes.

Ian Forbes, Investment Agency Associate at CKD Galbraith, said: “Prime properties are now defined as those which are not over-rented, let on long leases to an excellent covenant tenant, superbly located, and best in-class specification.

“The recurring theme in all sectors is that of risk pricing, and the polarisation between perceived low risk and everything else.”

Secondary Opportunities

With prime investments unlikely to offer value to investors seeking a return in excess of 5%, many investors see the secondary market, which now includes investments formally labeled prime (now good secondary), offering good opportunities.

Ian Forbes added: “There is still a mismatch between buyer and seller price expectations over secondary stock but realism is emerging.

“Secondary yields are expected to continue to drift out in the short term, but could quickly swing back when sentiment improves. Only prime assets with long income can be expected to remain stable but are unlikely to be attractive to investors seeking above average returns.”

 

Debt Finance

The availability of debt financing continues to pose a serious issue for commercial property investors.

Lenders are pricing the risk aggressively, and margins are considerably higher than have been seen historically, resulting in a relatively high overall cost of finance, particularly for anything that is less than prime.

This lack of finance has increasingly put pressure on asset pricing, with investors often unable to source the debt required, or at such high cost that values are deflated further.

Richard Higgins commented: “As always in these secondary markets, “cash is king”, and vendors not using leverage, or only requiring minimal debt, are put in increasingly strong negotiating positions.”

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Notes to Editor

For further information please contact Jenny Kumar of JK Consultancy on 07989 5571989 or email jenny@jkconsultancy.com

CKD Galbraith – www.ckdgalbraith.co.uk

CKD Galbraith is an independent property consultancy specialising in serving the needs of private clients. It employs over 180 people in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso and Peebles.

The firm provides the full range of property consulting services across the commercial, residential and rural sectors throughout Scotland. The company enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.

CKD Galbraith

CKD Galbraith wins exclusive management appointment for The Charlotte Square Collection

CKD Galbraith has been appointed to manage a portfolio of 19 townhouse office buildings in Charlotte Square, Edinburgh on behalf of The Charlotte Square Collection.

The win sees Scotland’s leading independent property consultants managing almost half the properties at this prestigious address in Edinburgh’s New Town.

The Charlotte Square Collection is the largest single property owner on the Square and has a vision to restore the commercial fortunes of the Georgian masterpiece.

Corran Properties Ltd, on behalf of Fordell Estates Ltd, is regenerating the properties in phases, to create first-class office accommodation designed with leading financial sector companies in mind.

In line with this, CKD Galbraith’s role as managing agents will be to provide exceptional, five star management service that meets the demands of modern commercial occupiers.

The current development phase comprises the reinvention of six substantial townhouses on the south side to create four new properties – numbers 26, 28, 30 and 31 Charlotte Square – that will connect period office space to new open-plan accommodation.

Edward Holt, Partner at CKD Galbraith, said: “ This is one of the most exclusive portfolios in Scotland where our remit will be to provide a first-class service to occupiers that extends beyond the traditional reach of management services. It’s a unique project, particularly in this economy, and we’re delighted to be part of the team.”

Nick Ball, Director at Corran Properties, said: “The appointment of CKD Galbraith underlines our commitment to provide the best in class service at every stage within The Charlotte Square Collection.”

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Notes to editor

Issued by JK Consultancy of behalf of CKD Galbraith. For further information please contact Jenny Kumar on 07989 557198 or jenny@jkconsultancy.com

About CKD Galbraithwww.ckdgalbraith.co.uk

CKD Galbraith is an independent property consultancy specialising in serving the needs of private clients. It employs over 180 people in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso and Peebles.

The firm provides the full range of property consulting services across the commercial, residential and rural sectors throughout Scotland. The company enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.

ckd1

Full house for CKD Galbraith in Bathgate

Acting on behalf of F&C Reit, CKD Galbraith, Scotland’s leading independent property consultants has successfully let four units, totalling 4,544 sq ft and a full block in Bathgate’s town centre.

The office premises and three retail units, located at 27-33 North Bridge Street, have been let to Weslo Housing Management and retailers We Pay Ltd, Al Wani Hair & Beauty and Nisa Today at £13,000 per annum.

A fourth retail unit, comprising 1,442 sq ft has also been let at 13 Hopetoun Street, on behalf of a private client.

Said Sebastian Findlay of marketing agent CKD Galbraith: “We’re delighted to have assisted in achieving a fully let block on North Bridge Street and the unit at 13 Hopetoun Street. The Nisa Today letting is particularly satisfying, as all parties worked hard to pull the move together.”

The lettings come as an £860,000 project to improve Bathgate town centre has just been completed. The project was set up as part of the Scottish Government’s Town Centre Regeneration Fund package for Bathgate in partnership with West Lothian Council and Enterprising Bathgate.

Added Mr Findlay: “In our challenging economic climate, it’s vital to keep our town centres busy and regenerated so it’s really encouraging to see investment working hand in hand with an uptake in town centre retail and office premises.”

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For further information please contact Jenny Kumar of JK Consultancy on 07989 5571989 or email jenny@jkconsultancy.com

CKD Galbraith – www.ckdgalbraith.co.uk
CKD Galbraith is an independent property consultancy specialising in serving the needs of private clients. It employs over 180 people in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso and Peebles.

The firm provides the full range of property consulting services across the commercial, residential and rural sectors throughout Scotland. The company enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.

CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.