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Edinburgh at ten year activity peak

Property market on a high as JLL revenue rises

Scottish WidowsProperty agent JLL said the market was showing greater confidence, enabling the firm to report a 32% rise in revenue last year.

It said office take up in Edinburgh was at its highest in a decade while Glasgow transactions were up by a third.

Alasdair Humphery, Lead Director Scotland, JLL, said: “All of our business teams reaped the benefit of a more buoyant economy, our investment and office agency teams, in particular, enjoyed tremendously successful years. The trend we witnessed in 2013 of UK and international investors returning to regional markets continued apace in 2014, with renewed confidence in the market following the result of the independence referendum.

“This year promises more growth for Scotland’s property markets, particularly in Glasgow and Edinburgh. We can expect to see the continued resurgence of house building activity which will result in increased competition for desirable land, resulting in increased land values.

“However, as we’ve been saying for some time now, speculative commercial property development is still scarce and this will inevitably create supply issues in years to come.”

Recent key milestones for JLL in Scotland have included:

 –          The sale of Scottish Widows Edinburgh-based headquarters Port Hamilton (pictured)  to an overseas investor for more than £105 million, making it the largest ever office transaction in Edinburgh.

          The pre-letting of the development at 3-8 St Andrew Square to Standard Life Investments

          The sale of the Radisson Blu for over the asking price of £59 million to a German investor, making it the largest hotel transaction in Edinburgh since 2007

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