Still building ships

As the long term transformation of the River Clyde proceeds, there is still a reminder of its great history as the world’s shipbuilding centre with three Type 45 destroyers being fitted out and a section of the new Queen Elizabeth aircraft carrier sitting on a barge.

In contrast, the new Clyde riverside is being built around the shipyard with the Riverside Museum, BBC centre, hotels, shops, houses and offices. Eleanor McAllister of Clydebank Re-built said: “It is important to have a long term plan for the Clyde corridor of at least 20-25 years. There are problems to overcome such as contamination from the shipbuilding but we are stitching the Clyde into the city centre.”

Although cuts in government spending are on the cards, McAllister wants “everybody to hold their nerve and continue with regeneration.” That particularly applies to Clydebank which has the “benefit of a good board and local partners,” she added. Mark Barton of Clyde Waterfront points out that the regeneration of the Clyde is one “of the largest in the UK with 68 projects under construction, including the massive NHS Southern General Campus costing £842 million as well as two other hospitals.”

The breadth of the plans is considerable and includes the Scottish Hydro Arena concert venue which will open in 2013. The expectation is that this will have a similar impact to the O2 in London. David Rooney of Glasgow Regeneration Agency said: “We have introduced residential accommodation to the banks of the Clyde and built two new bridges which have opened up the southern side of the city. This means the area has been linked to the International Financial Services District, opening up areas for further development and providing access to jobs.”

Rob Pryce, also of Glasgow Regeneration Agency, added that “it is important to bring the local population and businesses into the process of regeneration so that they stay in the area and grow their activities.” This is also helping the expansion of tourism “where the Glasgow brand has changed in the past few years to that of a business centre.”

It is worth remembering that Glasgow has a number of world class museums and art galleries, including the new Riverside Museum on the Clyde designed by Zaha Hadid. This houses Glasgow’s transport collection.

Selling regeneration The extensive waterfront regeneration in Glasgow and other Scottish cities is the main reason why it will host the 8th WaterfrontExpo in November.“This shows our commitment to regeneration in the cities,” said Derek McCrindle of Scottish Enterprise,” and we have a suitable location for it at the Crown Plaza Hotel, SECC Glasgow.” It will be held on the 2nd and 3rd of November. The event will break new ground by concentrating on the actual experience and progress of seven major cities in turning their waterfront regeneration plans into reality - and the new investment opportunities this has created. McCrindle said: “The conference will address the shortcomings of how master plans and economic aspirations have turned out in practice by offering a combination of speakers and guided tours of the Glasgow and Edinburgh waterfronts as well as city workshops.”

New business park Regeneration, together with the extension of the M74, has brought immediate rewards with two UK development companies planning to invest £14 million in the Clyde Gateway East Business Park. Scot Sheridan will develop industrial space of 5,340 sq.metres while MEPC, in its first major scheme in Scotland outside Hillington, will build 13,006 sq.metres. The site has been undeveloped for 40 years and the two schemes will support 700 jobs. Clyde Gateway East is a new business park of 12 hectares with a capacity for industrial space of 37,160 sq.metres.

MEPC’s Rick de Blaby commented: “It is an important strategic acquisition for us, where we hope to replicate and deliver a modern Hillington Park. The infrastructure that Clyde Gateway has committed to this area of Glasgow is enormous and we are happy to invest alongside that.” Another new scheme in the Clyde Gateway area is the £38 million headquarters for the Strathclyde Police, less than one mile from the site of the Commonwealth Games.

CLICK HERE TO VIEW COMMERCIAL PROPERTIES IN THE SCOTLAND AREA.

Good credentials

Credential Holdings is one of a number of solid privately owned property companies in the UK which has quietly and steadily built up a diverse portfolio. Its latest deal is to lease 1,858 sq.metres (20,000 sq.ft.) in Tay House, Bath Street, Glasgow to Barclays Bank. Earlier, RBS and a government department had quit the building near Charing Cross leaving 3,716 sq.metres (40,000 sq.ft. vacant). That allowed Credential to upgrade the facilities at the popular office block.

The other major office property in Glasgow owned by Credential is Doges, Templeton on the Green, a fascinating former carpet factory which has been subject to a mixed use

refurbishment. This has the advantage of being close to the new M74 extension, main bus routes and railway station. It is also important for the future Commonwealth Games in 2014 as it houses Sportscotland (the administrative body) and is close to the site of the games. Within the complex there are modern tech offices, studio suites, a gym, nursery, micro brewery and restaurant and a hot food takeaway.

CLICK HERE TO VIEW COMMERCIAL PROPERTIES IN THE SCOTLAND AREA.

Mixing Business and nature

Hillington Park has become the first estate of its kind to be awarded a Biodiversity Benchmark by the Wildlife Trusts. This is an accolade for MEPC, the majority landlord at the 75 year old estate on the Glasgow and Renfrewshire boundary, because it has pursued a policy of environmental improvements which recognised the potential for encouraging wildlife to thrive in the park. Peter Dorans of the Wildlife Trust said: “Only a handful of organisations have achieved the standard of site management which meets the requirements of the Biodiversity Benchmark.”

There are small green sites dotted throughout the park, which have been used to support various wildlife activities, including a wetland and protective nesting boxes for small birds. MEPC’s Grant Edmondson said: “This is a tremendous endorsement of the work which has been led by our marketing and customer manager, Alison Clark.“ Clark added that, “we have been working on this project since 2008.”

At the Pegasus Business Park, Hillington, St Modwen has let 2,044 sq.metres (22,000 sq.ft.), most of which was to the furniture retailer Morale Furnishings. St Modwen’s Michael Hosie said: “There is great potential for further development here and the opening of the M74 extension has increased the site’s appeal.”

CLICK HERE TO VIEW COMMERCIAL PROPERTIES IN THE SCOTLAND AREA.

Small is beautiful

Apart from a shortage of prime offices, industrial property is also under increasing pressure because of a lack of new speculative schemes. The most acute problems are in the smaller and medium sized units because the big shed market is now quiet. “Demand in the smaller end is there but there is a requirement for more units up to 2,787 sq.metres (30,000 sq.ft.),“ said Alan Gilkison of Ryden.

One of the problems is the difficulty of prising funding out of banks, he added, noting the fact that demand from manufacturing companies has become more prevalent. Gilkison quoted the example of two engineering companies who have brought production back from the Far East to Glasgow because of the need to improve quality.

One scheme that caters for current demand is at Clyde Gateway East, a development of three units totalling 5,620 sq.metres (60,500 sq.ft.) At Bathgate, J Smart has bought a 6.05 acre site close to Junction 3A of the M8 motorway from Scottish Enterprise to build 4,665 sq.metres (50,218 sq.ft.) of distribution, business and warehouse space.

Bryce Stewart of Colliers International, joint letting agent with Ryden, said: “There is increasing activity in the smaller sized market, with the industrial sector currently more robust thanothers.” One manufacturing company expanding in Scotland is Rearo Laminates which has opened a new 1,022 sq.metres (11,000 sq.ft.) plant in Govan. In addition it has opened a new depot on the Longman Industrial Estate, Inverness, complementing existing outlets at Rosyth, Glasgow and Tyne & Wear.

Rearo’s Graham Mercer said: “In addition to the Inverness depot, an opportunity arose to expand our manufacturing business within Glasgow and the property at Drumoyne Road will allow us to do this fairly readily with little or no disruption to our production lines and, as importantly, our staff.”