Commercial Quay signs new agreements after fit-out
Commercial Quay: refurbished
New and renewed lettings at Commercial Quay, Leith follow a partial refurbishment of the landmark office, retail and leisure development.
Agreements have been confirmed with legal accounting firm Alex Quinn & Partners for 3,786 sq ft on a five-year lease; marketing agency Cello Signal for 2,227 sq ft on a 10-year deal, and Mercy Corps Europe taking 6,273 sq ft on a 10 year deal. Public relations and social media agency Sunshine Communications has also taken 1,721 sq ft on a three-year deal.
Rachael Pittaway, of Commercial Quay landlord Castleforge Partners, said: “Leith is a thriving area that’s attracted an influx of businesses over the past few years so we wanted to respond to this trend of expansion by providing workspace that matched the calibre of the businesses re-locating here.”
Castleforge Partners plans to enhance the space at Commercial Quay over the coming months to offer a new reception area, breakout space for business tenants, and on-site amenities.
Commercial Quay’s joint office agents are Ryden and CuthbertWhite, while Eric Young & Co is the building’s retail and leisure agent.
Bob & Berts expands
Northern Ireland-based food and coffee shop chain Bob & Berts is continuing its expansion in Scotland by opening three stores backed by long-term investment from BGF.
Outlets in Kirkcaldy, Ayr and Stirling this year will add to existing shops in Falkirk, Dunfermline and Dumfries. It is looking at additional Scottish sites in market towns to take its portfolio to about 20.
The company raised £2 million of patient capital from BGF in August 2017 to fund its entry into Scotland and support further growth in Northern Ireland, where it was founded in 2013.
Livingston industry scheme
Industrial property developer and asset manager Chancerygate has started work on its first speculative development in Scotland.
Livingston Trade Park on the Houstoun Industrial Estate will comprise eight leasehold units totalling 40,000 sq ft and is scheduled for practical completion in October.
Inverkeithing-based contractor Muir Construction is building the units having been awarded the construction contract following a competitive tendering process.
Chancerygate has arranged development funding through the Scottish Partnership for Regeneration in Urban Centres (SPRUCE).
JLL and Colliers International have been appointed letting agents for Livingston Trade Park.
Graeme Jones of developer Sovereign Centros, Susan Aitken, Leader of Glasgow City Council, and Anne Ledgerwood general manager at St. Enoch Centre
St Enoch Centre
Construction work started today on the £40 million leisure development at St. Enoch Centre. The development at Glasgow’s largest shopping centre will create a nine-screen VUE cinema and nine restaurants.
The work will add 30,000 sq ft to the centre bringing the overall space to 880,000 sq ft. The VUE cinema will be located on the upper level of the former BHS site while the nine restaurants will be located on the first floor at the east end of the centre. There will also be new retail and leisure on the ground floor.
Demolition work started in autumn last year and with the construction phase now under way, the cinema, retail and restaurants are set to open in summer 2020. The enhanced offer at St. Enoch Centre is expected to attract an additional two million people per year.
Outerwear designer, Belstaff, has signed a 10-year lease on a unit in Ingram Street, Glasgow totalling 2,175 sq ft (202 sq m), and is paying £105,000 a year.
Fred Perry has moved into the neighbouring corner unit following the lease surrender with the existing tenant, Brora. The menswear designer will pay £70,000 a year on 780 sq ft (72.5 sq m) on a new 10-year lease.
Other brands located on the street include Armani, GANT, Hugo Boss, Mulberry, Ralph Lauren and Cruise.
John Menzies, director in the retail agency team at Savills Glasgow, said: “Hot on the heels of Mulberry opening its new concept store at 197 – 207 Ingram Street last November, the addition of Belstaff and Fred Perry further improves the profile of Ingram Street and heralds the most active period of leasing on the street for many years.”
JLL represented Belstaff. Orme Retail advised Fred Perry and Culverwell represented Brora.