The Elite Ayrshire Business Circle

The Elite Ayrshire Business Circle

Wednesday, 29 April 2015

Surge in real estate investment and tenant demand points to strengthening economy in Scotland

* Surge in investment & tenant demand in commercial sector point to stronger economy over remainder of 2015   

* Occupier activity now at its highest since 1998, highlighting a more broadly balanced economic expansion across UK 

* Overseas buyer enquiries remain steady, with 20% more surveyors in Scotland reporting a growth in foreign interest  

Demand for commercial property in the UK is growing close to its fastest pace since 1998 and, along with a surge in investment, reflects the widening economic recovery, according to the latest RICS Commercial Market Survey.  

In Q1 2015 demand for commercial properties in Scotland increased, with 32% more respondents seeing greater interest. In the investment market enquiries also increased significantly, with 60% more surveyors seeing growth in prospective investors – continuing the trend of rising demand witnessed during 2014. Overseas buyer interest remained steady, with 20% more respondents in Scotland reporting an increase in enquiries from overseas investors. 

As availability declines (10% more surveyors reporting fewer commercial properties on the market), the impact of these tighter market conditions on rental expectations has resulted in them edging upwards, with 27% more surveyors expecting commercial rents to increase across office, retail and industrial properties. 

Sarah Speirs, Director RICS Scotland, commented: “The strength of the latest commercial property survey suggests that the underlying momentum of the economy in Scotland will continue to accelerate through the course of this year. What is particularly encouraging is that a better tone to the results is visible in all parts of the country and increasingly in secondary as well as prime space. Given that these indicators have historically provided a strong steer as to the performance of the economy two to three quarters out, it is hard not to be cautiously encouraged by the conclusions of this report.” 

Looking ahead respondents expect, the office sector to perform most strongly with London leading the way despite increasing concerns over the valuation of prime property in the capital. Significantly, there is also increasing confidence that the more upbeat mood will impact on secondary space with rents and capital projections positive in all locations.  

Steven Barnett MRICS, Managing Partner, J & E Shepherd, commented: “We have witnessed a strong performance in Scotland’s commercial property market over the course of the last year, with a noticeable rise in both occupier and investment activity.  Indeed, each of our ten commercial centres throughout Scotland has reported encouraging signs of an increase in activity, confirming the report’s findings that the surge in investment has been nationwide, with no sign of any imminent tail-off in activity.” 

Sunday, 26 April 2015

CKD Galbraith offers for sale traditional stone built Ayrshire house with outstanding elevated coastal views

Leading independent Scottish property consultancy CKD Galbraith is offering for sale Drumshang House in Dunure, which enjoys a beautiful, elevated position overlooking the Firth of Clyde towards Arran and the Antrim coast. 

The property dates from the late 18th century and whilst little is known of its history it was undoubtedly a property of note in the locality. 

Dunure is a pretty fishing village with a sheltered harbour and a well reputed local inn. The remains of Dunure Castle dominate the headland - originally the main fortress for the powerful Kennedy family and where Mary Queen of Scots once stayed for three days as a guest of Gilbert Kennedy. A winding path leads from Drumshang House down to the shoreline at Old Kate’s Bay - part of the Ayrshire Coastal path which stretches for some 91 miles (not for the faint-hearted).

The property itself is a traditional stone built house with well proportioned rooms and a sensible layout.  

The main reception rooms have westerly outlooks and the drawing room and master bedroom both have picture windows which not only afford wonderful views but enhance the natural light. 

Four good sized bedrooms and a box room are located on the first floor. 

The master bedroom suite has a dressing room and ensuite bathroom and there is also an artist’s studio and two further bathrooms.  

In addition to the accommodation Drumshang House has a range of traditional outbuildings in a courtyard formation including a workshop, stables and a large barn supplied with three-phase electricity. Adjoining the outbuildings is a former groom’s cottage which, with a little upgrading, would make an ideal holiday cottage. 

Landscaped gardens complement Drumshang House providing a variety of seasonal colour. There is also grazing land of approximately 3 acres which is divided into two paddocks and sheltered by an area of mature woodland.

In 1972 a Conservation Agreement was entered into with the National Trust for Scotland protecting the lands to the west of Drumshang. The Agreement prevents the erection of new buildings, the placing of mobile or static caravans and the felling of any unnecessary trees without the consent of the National Trust. The Agreement runs in perpetuity thus ensuring the views from Drumshang House will remain untouched and undeveloped.

Offers Over £650,000 are being sought.

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CKD Galbraith 
7 Killoch Place 
Ayr KA7 2EA 
Ayrshire, Scotland 

Contact: R A Cherry BSc MRICS 
Tel: 01292 268181 
Fax: 01292 292300 

CKD Galbraith’s Ayr Office is a Founder Member of the Elite Ayrshire Business Circle.