Royal Garden Apartments expands | office lettings rise
Serviced apartments opposite the National Portrait Gallery in Edinburgh are to be expanded by 11 units bringing the total to 41.
The additional rooms in the Royal Garden Apartments form part of a major expansion by the tech-enabled hospitality provider Sonder Holdings, which is adding six properties in the UK & Ireland, including four hotels in London.
Oliver Armitstead, regional director of real estate at the San Francisco based company, said: “The modern traveller demands digital service and thoughtful design.
“Following Sonder’s recent public listing, we’re advancing ambitious growth plans worldwide.”
Office lettings rise
Andy Cunningham, head of CBRE’s Scottish advisory and transactions business, said there had been an encouraging start to the year in the office market.
Aberdeen witnessed an exceptionally strong first quarter of 2022 with take-up reaching 195,905 sq ft, a 115% increase from the previous quarter and the highest since Q1 2012.
The largest deal of the quarter in both Aberdeen and in Scotland was energy giant Shell committing to 100,312 sq ft at The Silver Fin Building, resulting in full occupation of the Grade A city centre office property.
Office take-up in Edinburgh totalled 118,926 sq ft in the first quarter of 2022. This is up 33% from the first quarter of 2021 and only marginally below the pre-pandemic levels of Q1 2020.
Take-up in Glasgow totalled 95,496 sq ft in the first quarter of the year, which is up 28% from the first quarter of 2021.
Detail Projects has submitted plans to convert Campbell House, 215 West Campbell Street, Glasgow, into seven flats with a communal roof garden.
The ground floor would remain for office use with 173sq/m of open plan office space to be provided including a dedicated bike store.
Industrial unit sold
Topland Group has sold Thornbridge Distribution Centre, Laurierston Road, Grangemouth, to property investment specialist Custodian REIT for £7.49m reflecting a net initial yield of 4.86% and reversionary yield of 5.50% from September 2023.
The property is let at £388,261 p.a. to UK timber distribution business, National Timber Group, and is its Scottish HQ, production and distribution hub.
The facility is sited at Junction 6 of the M9 on a 6.3 acre site and extends to 86,922 sq ft. The lease provides 18.2 years income with no break options.
The rent reviews are five yearly and linked to the change in RPI.
Galbraith advised Topland on the marketing and sale, with legal advice provided by Dentons. Burns Property Consultancy represented Custodian REIT with legal due diligence provided by DWF.