Interview with Scott Cameron of Whtye & Barrie
Scott Cameron of Whtye & Barrie recently shared his views with NovaLoca on the current commercial property market in the North and South Lanarkshire region of Scotland .
“In the lettings market I would suggest that we are experiencing some demand for smaller retail properties probably as a result of landlords having re-set their expectations of rent and the continuing effect of the 2017 rates revaluation which took a considerable number of properties into eligibility for Small Business Bonus Relief.
Smaller offices continue to fare reasonably well however larger floor plates of, say, 2,000 sqft upwards continue to struggle in the area.
Industrials are faring generally better than the other types of property with some areas experiencing rental growth that has not been seen for some years. There is somewhat of a dichotomy in the market between sales and lettings for some properties where those seeking to purchase through their pension for “leasing back” to their company are boosting the demand to purchase where the same property may not receive the same level of attention if offered for lease on the open market.”
Whyte & Barrie have recently had success within the retail sector with the sale of an investment at Rankin Gait, Carluke agreed at above the asking price within a fortnight of the commencement of marketing and clients were delighted to secure Wilkies as a tenant in their shop at 67-69 Quarry Street, Hamilton. And within the office sector, acting jointly with Knight Frank, Enterprise House at Drumpellier Business Park is now fully let.
When NovaLoca performed its last Scottish disposal report covering July to October 2019 the Industrial sector came in third place of properties disposed of with a struggle to replace stock listings.
For properties listed by Whtye & Barrie on NovaLoca visit here.
Read a report by Craig Semple of CBRE Ltd (Glasgow) here.