Skip to content

Glasgow site acquired | CBRE changes

33 Cadogan Street

Property investment and development company CEG has managed the acquisition of 33 Cadogan Street in Glasgow’s business district.

With full planning permission in place for a 275,000 sq ft development, the site has already been cleared and readied for construction.

CEG has appointed a design team to enhance the sustainability credentials of the new development.

Glasgow-based, Cooper Cromar, has been retained as architect for the scheme having delivered CEG’s Number One Kirkstall Forge in Leeds.

CBRE advised CEG on the acquisition of 33 Cadogan Street. Knight Frank and JLL represented M&G on the sale. JLL and CBRE have been appointed as joint agents to market the new development on behalf of CEG.

Tom Gaynor, head of Investment at CEG, said: “We are confident in the strength of Glasgow’s office market. The city is under supplied in terms of Grade A workspace and there is a very restricted pipeline of consented and funded schemes. A significant number of recent lettings has further eroded available stock.

“Designed as a UK best in class building, The Grid responds to occupiers Net Zero Carbon and sustainability requirements as well as providing enhanced amenities and a workspace environment that occupiers are seeking for their employees. The scheme is fully funded and we are committed to a pathway to commence construction on site as soon as possible.”

In 2006 CEG developed Aurora on Bothwell Street, helping to kickstart the regeneration of the area with its 178,000 sq ft new build. The speculative development was fully let within six months of completion.

The company’s ONYX development in Glasgow was recently redeveloped to deliver a new café, an extensive range of facilities for cyclists and new flexible Let Ready studios, providing fully-furnished grow-on space for smaller companies and project or satellite space for larger firm

CBRE Scotland leadership changes

Miller Mathieson
Miller Mathieson: new strategic role (pic: Terry Murden)

Real estate advisor CBRE has announced a restructure of its leadership team in Scotland following a strategic review of the business, to drive growth over the next five years.

Managing Director Miller Mathieson will take on a new strategic operational role looking at growth across a number of service lines, whilst Steven Newlands in the capital markets team will assume Mer Mathieson’s previous role as managing director for Scotland.

Mark Littlehead of the project management and building consultancy team, will replace Mr Newlands as head of CBRE’s Edinburgh office, and Andy Cunningham will become head of advisory and transactions for Scotland. The changes come into effect immediately.

industrial demand

An industrial and logistics report from Colliers says there continues to be an urgent requirement for speculative development in Scotland and it will be between late 2022 and 2023 before most proposed schemes come on stream.

Take-up activity in Scotland for all sizes reached 6.5 million sq ft in 2021, a contraction of 4% year-on-year. That said, as more deals are disclosed for the year, these figures are likely to increase over the coming weeks.

Total availability for all sizes was 8.5 million sq ft in Q4 2021, an annual decrease of -15.8 per cent which equates to a record low vacancy rate of 3.5 per cent. Moreover, an absolute lack of prime and good quality units is proving challenging to those tenants in need of operationally efficient warehouse accommodation.

Iain Davidson, director, industrial and logistics, Colliers Scotland, commented: “Demand for industrial space emanates from a broad spectrum of occupiers but, thanks to the growth of e-commerce, the storage, distribution and parcel delivery sectors were quite acquisitive last year .

“Other sectors such as food and drink, engineering and manufacturing also witnessed good levels of demand. Looking forward, we expect an increase in pre-let activity with moderate rental growth due to the record-low availability.”

Leave a Reply

Your email address will not be published.