24 Herbert Street
Glasgow G20 6NB
Allied Surveyors target east coast commercial growth
With a network of 32 offices, over 160 employees and a wide-ranging client base it is no wonder that Allied Surveyors has developed into one of Scotland’s largest independent firms of chartered surveyors. Earlier this month that network expanded further with the opening of the firm’s first commercial agency office in Edinburgh.
Based out of the firm’s existing offices on Walker Street in the capital’s west end, the new agency business will be led by Iain Mercer. With over 15 years’ experience in Scotland’s commercial property industry, including nearly a decade spent running a private investment and development company before moving into agency, Iain brings with him a wealth of experience, expertise and contacts.
The commercial agency will add to Allied’s existing range of professional services available out of Walker Street including residential and commercial property valuations, building surveying and building consultancy.
It is an opportune time to enter the fray in the Lothians as the commercial property market in Scotland is fairly buoyant. Edinburgh, in particular, is enjoying a rise in fortunes with office take-up a good barometer of performance and generally a high level of demand for available properties.
During the four quarters of 2017 take-up of Grade A office space surged through 1 million sq ft for the first time since 2004. It put the city alongside other key UK regions including Leeds, Manchester and Birmingham who all exceeded the million sq ft mark.
Demand from the tech and financial sectors has been very strong. Pre-let agreements with State Street Bank (65,628 sq ft) at Quartermile 3, HMRC (186,500 sq ft) at New Waverley and Nucleus Financial (18,750 sq ft) at Greenside are just three deals to highlight.
But satisfying ongoing demand will continue to be challenging due to the lack of supply of new accommodation. Only one new development is due to complete in 2018: GSS Development’s 2 Semple Street where 38,650 sq ft will be delivered.
Of course, the property market extends way beyond glitzy office space with other sectors such as industrial performing extremely well and generating some attractive yield profiles for investors.
Retail is also a hot topic given the recent downfall of Maplin and Toys r Us whilst other brands such as New Look, House of Fraser, Byron and Prezzo are set to close stores to shore up their finances. We anticipate high street shops to be a strong area of growth for the Edinburgh office and in fact, listed our first property in this sector last week – a 1,719 sq ft unit in the East Lothian town of Haddington.
All of this makes for an ever-changing and dynamic property market and Allied Surveyors is eager to make its mark.