For once, traditional banks were forced to take a back seat at the 2016 Scottish Property Awards, with M&G Real Estate seeing off rivals RBS, Bank of Scotland and Santander to become property funder of the year.

With traditional forms of finance and debt funding for commercial property development proving much more difficult since the crash, there’s been something of a return to the scene for UK institutional funders to join big US private equity players in investing in the sector.

A string of high profile deals has seen fund manager M&G increasingly active in Scotland, buying Ayr Central shopping centre and Aurora office building in Glasgow, selling 1-3 Atlantic Quay on the city’s waterfront, and backing a joint venture with Knight Property Group which is restoring The Capitol in Aberdeen and took the City Regeneration prize.

Most recently it bought out partner Clearbell’s share of the 1 West Regent Street office tower in Glasgow.
In one of the largest speculative office funding deals in Scotland, this renamed real estate arm of Prudential also provided the £80m development finance for the latest phase of the undoubted star of the awards evening, Edinburgh city centre landmark Quartermile.

This long-running redevelopment of the former Edinburgh Royal Infirmary site into a mixed use scheme featured in a number of awards in different ways, including winning Commercial Development of the year.

When the 650 strong audience got the chance to choose which of six entries merited Deal of the year, the most popular candidate was the 15-year pre-let of 70,000 sq ft to US global semiconductor firm Cirrus Logic, achieving full occupancy of the Quartemile 4 office building prior to its completion next month.

This undoubtedly contributed to JLL, who advised the new occupier, taking Office Agency team of the year. So over the course of the evening funder, developer, JV partner, property consultant and deal maker formed an orderly queue onto the stage to collect their respective trophies.

The overall development, owned by Moorfield Group since 2013, is due for completion in 2018, providing Edinburgh with 370,000 sq ft of Grade A office accommodation, 65,000 sq ft of retail and leisure space, 1,050 apartments (629 already occupied and 176 under construction) and a new interdisciplinary hub for the university.

Aberdeen-based Drum Property Group repeated its 2015 success by winning Property Company of the year, reflecting continuing success at Prime Four business park, construction and sale of the new Enquest HQ near the harbour, and launching its own real estate investment trust, acquiring properties across the country.

The much coveted awards for Industrial Agency, Investment Agency and Retail and Leisure Agency went to Colliers International, Ryden and Cushman & Wakefield respectively.
Galashiels transport interchange won Town Centre Regeneration while Lomondgate in Dumbarton took the award for Community Development project.

Pennywell Living was awarded the City Housing Regeneration title and Michael Laird/Reiach & Hall took the award for Architectural Excellence (public buildings) for the Riverside campus of Glasgow College.

Cooper Cromar, meanwhile, won the commercial equivalent for architectural excellence for the prominent city-centre office building at 110 Queen Street.

Lairdsland Primary, Kirkintilloch was voted Development of the year Public Buildings, recently retired boss of BAM Properties, John Burke, Property Personality, and an award of merit went to Glasgow based CCG and Keppie Design for the new Ronald McDonald House charity building in Govan.

The most touching moment was a posthumous award for Outstanding Contribution to Architecture for Gareth Hoskins who died tragically earlier this year.

The award, presented by chair of the Scottish Property Federation Chris Stewart, was collected by Gareth’s wife, Dr Sarah Buchanan, after the audience were shown images of his many career achievements, including The Bridge arts centre in Easterhouse.

The awards raise funds for the charity It’s Good 2 Give, currently building a residential retreat for families with children who have cancer.

 

NEW INDUSTRIAL FOR LIVINGSTON

Chancerygate is planning a new development at Houston Industrial Estate, Livingston.

The 3.2 acre site near Houston Interchange has planning consent for 80,000 sq ft of manufacturing, industrial or distribution space.

Mike Walker, development director, said: “Improving levels of demand are creating a more conducive environment for design and build opportunities and we are now looking to progress this project to meet occupier requirements.”

Colliers International director Bryce Stewart said Screwfix and Tile Giant had already located nearby, attracted by easy access to the M8 motorway.

 

RYDEN SIGN EIGHT 

Imex Business Centre, Loanhead, has signed eight new tenants in six months.

New occupiers include Mears Group, SPIE and Edinburgh Dairies, who have taken three to five year leases at an average rental of £7.75 per sq ft. Only one property out of the 65 remains available within the Bilton Glen centre.

 

EK SPICES IT UP

Flame grilled chicken specialist Nando’s is to open a new restaurant in East Kilbride Shopping Centre later this year.

The firm has taken a 20-year lease in the new leisure quarter, scheduled to open in September. Cushman & Wakefield acted for Nando’s.