OUR REGIONS. 2019 Our Leading Regional Cities Are Undergoing a Renaissance
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OUR REGIONS. 2019 Our leading regional cities are undergoing a renaissance. Andrew McFarlane | Head of the Regions 2 | Our Regions Colliers International | 3 Foreword Across the regions there is evidence that a power law is in operation. Each development in a city drives it forward and the aggregate effect of one development Andrew McFarlane building on another, over time, produces the Head of the Regions same non-linear effect as compound interest. As each year passes, the benefits for our leading regional cities come faster and with greater impact. Our best days lie ahead. Across the regions we have more than 300 people working from offices in Glasgow, Edinburgh, Belfast, Liverpool, Manchester, Leeds, Sheffield, Birmingham and Bristol. They are talented individuals who, through Tony Horrell living and working locally, are woven into Chief Executive Officer the fabric of their cities and city regions. UK and Ireland Colliers International is committed to providing exceptional service to clients. Through constant review, we deliver innovative ideas and solutions with continuous improvement being at the heart of everything we do. Our property professionals manage client programmes of all sizes and complexities. Working efficiently and effectively to achieve exceptional results on your behalf is our primary goal. Through ongoing investment in our people, technology, and services, we are confident that we will continue to exceed your expectations and add value to your business objectives. 4 | Our Regions Colliers International | 5 Squarestone Location: GLASGOW Central Belt Size: 195,000 sq ft Building type: Industrial & Logistics How we helped The Scottish Capital Markets team was appointed on the investment sale of five single let industrial units. Following extensive marketing and a formal closing date, the team secured a sale well in CITY CENTRE OFFICE PRIME OFFICE 3RD OLDEST HOME TO excess of the asking price, RENTS GLOBALLY, reflecting an initial yield of TAKE-UP 2018 YTD INVESTMENT OVER SUBWAY 7.7 per cent. CARRYING 13M 130,000 AT A RECORD THE LAST PSF STUDENTS FROM 4 QUARTERS £32.50 PASSENGERS PA SQ FT WITH LETTING TO UNDERGOING 1.2M CLYDESDALE 135 COUNTRIES £700M+ BANK £300M INVESTMENT The success of Glasgow’s office market University of Glasgow sees the supply of Grade A space at an Sighthill Park Area M8 all-time low. No new build is capable of Kelvingrove M8 Art Gallery + Museum Kelvingrove Park delivery until at least 2020, which is good M8 Cowcaddens Sauchiehall DOUGLAS MCPHAIL Glasgow The Glasgow Caledonian University Townhead news for quality refurbishments. A lack of Theatre School of Art Royal Royal +44 141 226 1067 Conservatoire Charing Cross Mitchell Kings available sites has seen focus turn south Library Theatre Sauchiehall Street Buchanan [email protected] Shopping Centre Bus Station Concert Royal Infirmary Blythswood Hall Buchanan of the River Clyde for the first time in a Malmaison Blythswood Galleries Square City of Glasgow Blythswood College Hotel M8 generation, as Drum Property Group are Conference Events Queen Street University of Strathclyde Glasgow Station Cathedral Quarter Finnieston SEC Centre Central Business District George Square set to deliver 450,000 sq ft of Grade A The Learning Quarter SSE Grand Crowne Plaza Hydro Central SEC Hilton Hotel Gallery of Italian Armadillo IFSD Modern Art Centre office space to Barclays Bank at Buchanan Central Science Centre Station BBC Scotland Radisson Merchant Wharf. In addition, the Buchanan Quarter Blu Argyll Arcade Square Candleriggs Quarter Collegelands St Enoch Merchant City will see hotel, residential and supporting Village Hotel Shopping Centre M8 St Enoch users, helping to satisfy the seemingly Media Quarter Glasgow Quay Barrowlands insatiable desire for city hotel beds and the Sheriff Glasgow Green burgeoning Build-to-Rent (BTR) market. Court City of Glasgow College M8 M8 M77 Scotland Street School Museum M74 6 | Our Regions Colliers International | 7 Tartan Leisure Location: EDINBURGH Craigpark Quarry Size: 23.4ha Building type: Leisure How we helped The Planning team provided the strategy to enable planning permission to be granted for leisure use and ancillary accommodation, located in a ‘countryside’ area, as defined by the Local END OF Q3 2018, PRIME OFFICE GVA PER CAPITA AT Development Plan (LDP). RANKED A community consultation OFFICE MARKET RENTS £12BN 2ND DEVELOPMENT IS IN THE WORLD and key stakeholder strategy TAKE-UP EXCEEDS £34,500 was also provided to the PSF IN THE PIPELINE AHEAD OF LEEDS, FOR QUALITY 10-YEAR AVERAGE £34 client, which ensured that MANCHESTER OF LIFE the unanimous decision of 1.1M SQ FT AND LIVERPOOL Edinburgh Council’s Planning Committee was obtained. Edinburgh Academy City centre prime office rents continue to Fettes Row soar and seem set to confirm the success Brunswick Stockbridge of schemes such as M&G’s Haymarket. New Town Edinburgh The Edinburgh Henderson St James Playhouse BOB FISHER Multrees Walk St James Quarter Harvey Calton Hill development, already impacting upon the Nicholls +44 131 240 7522 Water of Leith St Andrew Square Royal High [email protected] skyline, is set to complete in 2020 and will Retail Core School Balmoral Hotel Holyrood transform retail in the city. Strong hotel bed Dean Village Palace Edinburgh Waverley Station Charlotte New Square Scottish Waverley Parliament Building occupancy (82 per cent), along with recent North Bridge Scottish Princes Street Gardens National Galleries Royal Mile developments and consents for several more Waldorf Old Town Astoria Hotel St Giles West End Cathedral Edinburgh schemes, have led to calls for a Tourist Levy Castle University Quarter Usher Hall Old College of £1 or £2 per night to support the city’s Festival Square Dewar Sheraton National Place Hotel Museum of Scotland AIRPORT Edinburgh Festival Holyrood 12k International Theatre Park Conference infrastructure. Centre (EICC) George The Heriot’s Haymarket School Haymarket Station University of Exchange District Edinburgh Quartermile George Square University Library India Quay The Meadows Fountainbridge 8 | Our Regions Colliers International | 9 db symmetry Location: NEWCASTLE Darlington Size: 1,507,000 sq ft Building type: Industrial & Logistics How we helped An online retailer has signed an agreement for lease for a 1.5 million sq ft fulfilment centre in Darlington in the North East of England. The letting is the largest industrial and logistics deal PRIME HEADLINE in the North East ever. ENTERPRISE £84M £12.7BN £3.6BN 21 OFFICE RENTS Colliers International’s INVESTMENT THE VALUE OF VISITOR ECONOMY ZONES ACROSS Industrial & Logistics team IN NEW HOTEL EXPORTS IN IN THE REGION £23.50 PSF DEVELOPMENT 296 HECTARES advised db symmetry on the GOODS FROM off-market acquisition of the THE REGION 90-acre site and subsequent pre-let to the tenant. Newcastle and the North East region continue to go from strength to strength. New high quality jobs in the offshore energy and automotive sectors are helping to drive SIMON HILL economic growth. Transport investment in +44 113 200 1823 [email protected] the East Coast Main Line and an additional £600 million worth of funding expected from a ‘North of Tyne’ devolution deal will further bolster confidence in the region. 10 | Our Regions Colliers International | 11 Silverwood Property Developments Location: BELFAST Ballymena Size: 900,000 sq ft Building type: Industrial & Logistics How we helped Colliers International provided strategic acquisition advice for the off-market purchase of the former Michelin Factory M2 in Ballymena. Our client’s proposal was structured to HOUSE PRICE OF WORLD’S OVER HOTEL #1 LOCATION showcase their ability as 10% INDEX INCREASED TOP 1M an experienced industrial THE GLOBAL DESTINATION CITY ROOMS SOLD IN GLOBALLY FOR investor, with the skillset to BY IN FOR Q1 2018 CYBER SECURITY FX MARKET 4.4% FINANCIAL reposition the asset from a FLOWS THROUGH Q2 2017+Q2 2018 TECHNOLOGY INVESTMENT Port of Belfast M2 large manufacturing facility BELFAST DAILY INVESTMENTS to a multi-let business park. Titanic Belfast Our Industrial & Logistics Clarendon M1 team worked collaboratively with the client to secure this Education Arts sought-after asset prior to & Media Quarter Titanic Quarter it being brought to the open Odyssey Belfast and Northern Ireland offer a unique, market. M3 world-class business environment in a low Cathedral operational cost region that provides a ‘best Quarter in class’ education system and workforce. Castlecourt Retail Core JONATHAN MILLAR Eastern Bank It is a highly accessible location, with a global Victoria Law Square +44 28 9051 1008 Quarter [email protected] reputation among start-up and international enterprises as a positive, straightforward Waterfront Quarter M1 region in which to work and live. Financial District Central Transport Hub Station Great Victoria Street Markets Gasworks Shaftsbury Botanic Queens Quarter 12 | Our Regions Colliers International | 13 Kier/CTP Location: LIVERPOOL Liverpool Size: 400,000 sq ft Building type: Regeneration scheme How we helped A joint venture between Kier and CTP was appointed by Liverpool City Council to deliver this important city centre regeneration scheme. The scheme objective is to expand the Liverpool CBD REGIONAL INDUSTRIAL PSF PRIME with the addition of three 151,000 £7.5BN+ £22 ECONOMY WORTH PRIME RENTS AT PEOPLE IN OF PHYSICAL GRADE A OFFICE new high quality office MORE THAN FINANCIAL, INVESTMENT IN SPACE, 1/4 OF THE PSF buildings alongside a hotel. £6.25 Colliers International is PROFESSIONAL THE LAST COST OF LONDON £149BN the commercial advisor to AND 10 YEARS OPTIONS BUSINESS the joint venture, having SERVICES supported them through the procurement process. We have now been appointed joint letting agent of over 400,000 sq ft of Grade A Ten The Liverpool City Region is at the centre of Streets office space in a market that New Police HQ has high levels of demand the UK’s second largest regional economy, Central Docks A59 and limited supply. A565 with 236,000 businesses.