A unique investment portfolio of shop and restaurant properties in Glasgow and Paisley held by SRA Ventures, a company owned by serial entrepreneur, Shaf Rasul, has been brought to market by DM Hall, one of Scotland’s largest independent firms of chartered surveyors.

The properties, all of which are currently well tenanted on medium to long term leases, are available for acquisition either as an entire portfolio or in individual lots.

The portfolio comprises a shop and restaurant in Giffnock on Glasgow’s south side, two hot food takeaways, one in the city’s Dumbarton Road, the other on Paisley Road West, a shop at 67 Causeyside Street, a sit-in café at 55 Love Street and a hot food takeaway at 107 Rowan Street, all in Paisley.

Offers in excess of £895,000 plus VAT are invited for the entire portfolio, whose annual rental income amounts to £96,180, representing an average yield of 10.74 per cent.

Michael MacLeod of DM Hall, who is overseeing the marketing process together with his colleague Anthony Zdanowicz, said: “All six of these properties are on busy thoroughfares with established tenants on good leases and providing handsome rental yields.

“As stated, the properties are available for sale as individual assets or as an entire portfolio and we anticipate significant interest from the investor market.”

For further information on DM Hall’s services, contact Michael MacLeod or Anthony Zdanowicz, of DM Hall LLP, Tel: 0141 332 8615, Email: Michael.MacLeod@dmhall.co.uk and Anthony.Zdanowicz@dmhall.co.uk

Prime industrial rents for 10-50,000 sq ft units in Scotland have jumped three times faster year on year than the UK average as the lack of building activity forces businesses to compete for available space, according to the latest figures from Colliers International.

The commercial property firm found that prices for prime industrial space rose on average 7.7% in the 12 months to July 2017, compared to a rise of 2.3% in the UK as a whole, to the current Scotland average of £7.59 per square foot (psf). Current UK average is £8.68 psf.

However, the biggest concern is the area around Glasgow, which accounts for much of Scotland’s industrial and logistics needs but is running short of space to accommodate the growth in manufacturing and the retail delivery and distribution segment.

Bo Glowacz, senior research analyst, Research and Forecasting at Colliers International, said: “Availability has been declining gradually year on year in Greater Glasgow to the present 7 million sq ft. The overall vacancy levels have also been falling from 10.2% in 2012 to 8.0%. In terms of quality of the available stock, the vast majority is of poor second-hand quality with only 3% being new and refurbished stock.

“While rental increases have been welcomed by landlords, the Scottish Government’s decision to end 100% rates relief for empty industrial properties last year is likely to restrict speculative going forward, and there are currently no larger buildings planned speculatively in Scotland.

“Indeed, there are virtually no new or nearly new available buildings of between 30,000 and 95,000 sq ft, and just 3 modern warehouses of over 95,000 sq ft currently available, all within Eurocentral.”

Colliers believes that demand for industrial units is being driven by two key factors: the growth of online shopping and therefore delivery and distribution centres; and the recovery in manufacturing which is now accelerating due to the weak pound. Glowacz said that firms that need large units are likely to build their own or have them ‘built to suit’.

“Occupiers have benefited from competitive pricing over the past decade, but rising build costs and higher environmental standards are also placing cost pressure on required rental levels, not to mention empty rates that will now have to be factored into developers’ appraisals. Moving forward, pricing will need to be at new levels for projects to be viable.”

Another Colliers study recently found that the UK has a just over one year’s worth of industrial space left of the market, following a 62% fall in availability since 2009. In Scotland, that figure is closer to 2.5 years after a decline of 44%.

But Iain Davidson, head of Colliers International’s Industrial and Logistics team in Scotland, said that the real lack of available properties at the larger end of the scale posed a problem for the economy. “Many businesses now see modern, good quality premises as a way to operate more efficiently. Having to commission their own new-builds has its advantages as they will get tailor-made facilities, but it is a slower process, which could be a drag on the economy, just as the much-touted manufacturing-led recovery is gaining pace. The Scottish Government should be seeking to encourage commercial building, not placing barriers in its way such as the abolition of rates relief.”

Following a competitive tender process against two rival firms, Ryden has secured a prestigious three-year contract with Edinburgh Airport to provide a property database management service to manage leases, legal documentation and billing support for a portfolio of 170 leases.

The firm’s ability to provide a bespoke service, offer access to local senior-level surveying and accounting teams and its proven track record of managing unique portfolios were key factors cited by Edinburgh Airport as to why Ryden was the ideal choice to service their instruction.

This is the latest appointment Ryden has secured with Edinburgh Airport, having previously won contracts to provide a property asset valuation service and a reinstatement cost assessment for the airport’s portfolio.

Clare Edgar, associate in Ryden’s Property Management team and project lead, said: “This is no ordinary management mandate given the specialist nature of the portfolio. Our team is therefore looking forward to getting started and providing a first-class service. We’ll be collaborating closely with the airport and implementing a robust asset management system that evolves with our client’s requirements.”

Judy George, Head of Property and Commercial Transport from Edinburgh Airport, commented: “Having access to a bespoke software system aligned to our portfolio requirements as well as being supported by the experienced team at Ryden will allow us to accelerate the delivery of our dynamic property strategy.”

Ryden’s property management team manages over 6 million sq ft of property throughout Scotland and the north of England, with over 1,300 tenants on a rent roll of over £54 million.

Ryden and joint agent Montagu Evans have signed up St Andrews Timber at 5 Stenhouse Mill Lane in Edinburgh. The industrial/trade unit extends to 1,123 sq m (12,098 sq ft) and is situated on a site of 1.1 acres. The rent at the property is £67,000 per annum.

The joint agents acted on behalf of the previous tenant (Eastern Holdings Ltd) which previously occupied the premises as a repair and service facility for Mazda and Nissan. This operation has now been relocated to a new purpose-built showroom and workshop within the Eastern Western Motor Group Luxury Car Village at Newbridge. The Car Village now boasts Mazda, Nissan, Mercedes, BMW, Lexus, Mini, Toyota, VW and a recently opened Car Deal Warehouse.

Neil McAllister partner at Ryden, said: “The unit at Stenhouse Mill was one of the few quality industrial buildings left in the Edinburgh with the benefit of adjoining yardage. Now, more than ever, there is a scarcity of good quality industrial accommodation available in the city of Edinburgh and the surrounding area.”