Building Briefs – May 16th



Aberdeen Standard Investments targets Edinburgh’s private rented sector with £27.5m deal

Aberdeen Standard Investments (ASI) has expanded its private rented sector interests with a £44 million investment in two residential blocks in Edinburgh and Leeds.

The investment company has acquired Lochrin Quay, a 113-unit canalside residential block in the Fountainbridge area of Edinburgh.

The new-build property close to the city’s Exchange business district, offers a range of accommodation including studios and apartments, and is already 80% occupied.

The £27.5m purchase is the second residential acquisition for a £2.3 billion multi-sector portfolio.

Separately, ASI’s UK PRS Opportunities 1 Fund has committed £17.25m for the development of a new 107-unit residential scheme in Leeds.

This investment will be the second asset for the fund, which was launched in 2016 to focus on large investments in the private rented sector across the UK, including income-producing assets and development opportunities.

The transactions increase ASI’s total residential assets under management in the UK to more than £700m, across 12 funds.

Aberdeen Standard Investments’ current UK residential portfolio includes more than 800 private rented units and nearly 6,000 student rooms.

The asset manager recently launched a pan-European Residential Property Fund with over €350m from investors.

 

Work progresses on new Jedburgh campus

Enabling works are underway at the new Jedburgh Intergenerational Learning Campus.

The works involve stripping topsoil, moving earthworks and the construction of a large retaining wall.

Working with Scottish Borders Council’s development partner hub South East Scotland and appointed main contractor BAM, this stage of the project began in April 2018 and will be finished by September, when the main school building contract will commence.

Borders-based contractor RJT Excavations Ltd will be involved with these early works, providing local community benefits.

The start of the enabling works means the project is still on programme to open to learners by March 2020.

A sod cutting ceremony is due to take place in early June.

 

Fairfield Housing Co-operative opens latest Perth city centre homes

Fairfield Housing Co-operative’s latest city centre development in Perth was opened last week following the completion of the 32 one and two bedroom flats.

The Canal Street site was well known in Perth as the former Zoo nightclub which closed its doors in 2015.

(from left) Councillor Bob Brawin, vice convenor of housing at Perth & Kinross Council with Grant Ager, chief executive of Fairfield and Rena Crighton, Fairfield chairperson

The £3.2 million project was completed in December 2017 by Robertson Partnership Homes which provides a significant number of construction-related work placements, apprenticeships and full time employment reinforcing the added value of housing investment.

 

Communities set to benefit from East Renfrewshire Council house build project

(from left) Claire Mistreta of CCG, Paul Santi of the Barrhead BID, Suzanne Conlin tenancy services & service improvement manager at East Renfrewshire Council, Lorna Wallace senior development officer at East Renfrewshire Council, Andy Dunlop of the Barrhead BID & Colette Edenborough – the new intern for the BID thanks to the agreement between CCG & the council

East Renfrewshire Council has secured a range of community benefits as part of the contract for their first house build project in a generation.

Eight new jobs and thirteen work experience placements will be created as part of the agreement with contractor CCG (Scotland) Ltd, during the building of 43 new council homes at Robertson Street, Fenwick Drive and Blackbyres Court, Barrhead.

The work at project part of the council’s commitment to deliver 240 homes for social rent over the next five years. Work has already started at the Robertson Street site and it is due to be complete by winter 2018.

Throughout the building works, a range of learning opportunities for East Renfrewshire schools will be developed by the company, giving young people the opportunity to learn about careers in different areas of the construction business, including project management.

Barrhead’s Business Improvement District (BID) will also benefit from the partnership with CCG. A new intern is to be appointed to work on town centre initiatives in Barrhead, with part of the salary being sponsored by the firm.

There will also be future donations of up to £9,500 to other Barrhead community and employability causes throughout the project.

 

Clydesdale Bank announces plans for new Glasgow head office

Clydesdale Bank owner CYBG has announced its plans for a new head office, based in Glasgow, after signing a lease on office space to be built on Bothwell Street.

CYBG, which employs 3,000 people in Scotland, said the move to Bothwell Street demonstrates the Bank’s long-term commitment to the city and supports its view that Glasgow is a key location for the financial services industry.

Currently, CYBG employees are located across three different sites – including in its current head office in St Vincent Place, in the Guildhall in Queen Street and Granite House in Stockwell Street – as well as a number of smaller sites in other premises in the city.

With leases due to expire in the next few years, it presented the business with an opportunity to review the property portfolio and consider a new approach. Moving to a single, city centre location will improve the working environment for employees, but also enable colleagues to work closer together and enhance the service the Bank can provide to customers.

The building will be fitted to a bespoke CYBG layout and employees will be involved in the design and specification to ensure it meets the needs of the business.

 

Barratt Homes to launch new development in Kirkintilloch

Barratt Homes is set to launch a new development in the popular town of Kirkintilloch.

The housebuilder is creating a community of three and four bedroom homes in the area, with the new development to be known as Braes of Yetts.

With a mix of semi-detached and detached options, Braes of Yetts will be suited to both first-time buyers and homeowners looking to take their next step up the property ladder.

 

Charities to benefit from DM Hall’s Summer Ball

John Albiston, senior partner at DM Hall (on the left hand side), and Grant Stott, host on the night, flanked by mascots from the charities

A sumptuous night of glitz, humour and networking – all in a very worthy cause - is to be staged by chartered surveyors DM Hall at Edinburgh’s beautiful Prestonfield House on Friday, 22 June 2018.

And as well as lots of fun, the evening will be dedicated to some serious fundraising on behalf of DM Hall’s two charity partners, Alzheimer Scotland and Macmillan Cancer Support. Both charities have been assisted by the firm over the past 18 months and the fundraising Summer Ball is expected to boost their valuable support for people living with dementia and cancer.

The Summer Ball, which will be hosted by the popular Scottish entertainer and broadcaster, Grant Stott, will comprise comedy slots, music, dancing and a charity auction which promises to include a range of exciting donated prizes.