Property round-up

Tower hits new heights | Red Sandstone tenant search

New tower: rental properties under way at Central Quay

Contractor GRAHAM has completed the core of developer Platform’s landmark build to rent (BTR) scheme at Central Quay, which now stands as one of Glasgow’s tallest buildings at 20 storeys (circa 60m high).

Designed by architect Keppie, the £100m residential-led development will create 498 apartments across four blocks, ranging from six to 20 storeys. 

The development will include a gym, landscaped courtyard, two roof terraces, library and cinema room, adjacent to the M8 and overlooking the Clyde.

The tower will feature two 19th floor amenity spaces: a Residents’ Lounge and bookable private dining room.

The scheme is part of a plan to revitalise the Clyde Waterfront, which has been earmarked by Glasgow City Council as an area for urban renewal.

Leith development open for business

Refurbished offices in Leith Walk

Drum Property Group has completed refurbishment of the 1930s ‘Red Sandstone’ building in Leith Walk, Edinburgh which is now ready for new tenants.

The distinctive two-storey building, completed in 1933 in the Scottish Art Deco style, was saved from demolition following a local campaign.

Built as offices for the London Midland Scottish Railway, the it was completed with a red Dumfries sandstone fascia and black marble pediment and became a highly recognisable business and retail focal point towards to foot of Leith Walk.

Now branded ‘The Red Sandstone’, the building will be served by the tram and will form a gateway to Drum’s £50 million regeneration of a rundown area between Leith Walk and Pilrig Street. A 2.9 acre industrial estate at Stead’s Place will be transformed into 148 mainly affordable homes.

Welcoming the launch of The Red Sandstone office suites, Graeme Bone, Drum’s Group Managing Director said: “Sitting above a vibrant retail parade containing shops, cafés, restaurants and a popular bar these sympathetically restored office suites provide an ideal small business location in the diverse and dynamic community of Leith.”

The original plan had involved building a hotel and student accommodation.

Central Belt office market ‘robust’

Verdant offices
Office market still buoyant, says JLL

The office market outlook remains positive across the central belt of Scotland, according to data from commercial property firm JLL.

In Glasgow, there was 126,000 sq ft transacted in the city centre, an 11% increase on the same period last year.

The number of deals of 5,000 sq ft and over in Glasgow also rose in the first half of the year compared to the same period in 2021, with the professional services sector being one of the most active.

Edinburgh saw a total take-up of approximately 97,000 sq ft, with just over 51,000 sq ft of this within the city centre. A significant number of lease renewals were also agreed – close to 200,000 sq ft in total – suggesting occupiers are continuing to assess their work-place strategies.

JLL reported the highest number of occupier viewings in Edinburgh during May of this year – the highest levels since 2017. Due to the increased demand reported by occupiers, a growth in the volume of deals is anticipated in the third quarter of this year for both cities.

The data points to wider economic headwinds for both markets to weather, however with clear trends towards higher quality, sustainable space, albeit with a reduced footprint, JLL sees the office market in Scotland’s central belt remaining healthy. In addition, it has reported evidence of occupiers continuing to be driven by lease events influencing their decision making.

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