Edinburgh

Scottish property: foundations for growth

2019 promises exciting developments for Scotland’s property market, off the back of multiple findings suggesting the region’s potential for investment and development.

Scottish property outperformed its five-year average in 2018, as commercial investment reached £2.5bn thanks to increased involvement by some big UK funds and continued high interest by overseas investors. Mid-year, Scotland was found to be the best performing market in the UK, growing by 5.6% compared to Wales’ 4.4% and England’s 3.7% growth over the same period.

The upshot of increased investment is a set of development projects which look to usher in a new era for Scottish urban life. Cultural centres, retail units and residential property are all springing up to meet a demand for a higher standard of amenities in the region. This is especially true for major centres like Edinburgh, in which ambition and performance of building projects currently underway could set a precedent for future development around the country.

Two years of progress on the TFT monitored Edinburgh St James development

The highest profile of these is the Edinburgh St James redevelopment. Located in the heart of Scotland’s capital, between Calton Hill and St Andrew Square, the project has an opportunity to combine culture and commerce for the benefit of occupants and visitors, driving the long-term success of owners and investors.

The scheme comprises a world-class retail, leisure, hotel and residential offer, including Scotland’s first W Hotel, first boutique Everyman Cinema, a flagship John Lewis department store and 150 apartments offering unrivalled amenities and views across the city.

TFT’s role as Project Monitors on Edinburgh St James is to ensure the planning, design and construction of the development proceeds by resolving challenges at an early stage and by protecting the budget and timescale of the work. In major works like this, that role is crucial given extensive excavation and replacement of existing infrastructure in and around the site, and working around an open department store – John Lewis – without disruption.

And it’s not just retail, leisure and residential sites which are pointing towards growth. TFT’s Edinburgh office is working on a combined 376,705 square feet of major office schemes on behalf of Legal and General in in Edinburgh and Glasgow.

The skills to navigate these challenges will only be more in demand as development continues around Scotland – whether it’s in a busy city centre, redeveloping older sites, or breaking ground in a new site, careful management of the project will be crucial to maximising its success.

On a recent site visit, we saw the major changes afoot, and the new St James centre taking shape. With Scotland’s national growth also looking strong for the future, we’re excited to guide subsequent works that drive its success.

Edinburgh Overview

TFT Scotland advises commercial property investors, owners and occupiers wishing to acquire, dispose and manage property in Scotland. Our team includes highly motivated and skilled building surveyors who provide professional advice and guidance.

The Role of Property in Delivering Edinburgh’s Economic Potential

‘The role of property in delivering Edinburgh’s economic potential’, the latest research by ThinkBarn commissioned by TFT, makes it clear that the continued economic evolution of Edinburgh depends on the city’s ability to deliver continued improvements in productivity and growth.

New research paper charts Edinburgh’s continued economic evolution

TFT’s latest research paper – ‘The role of property in delivering Edinburgh’s economic potential’ – is published today.

In common with cities across the globe, Edinburgh is seeing economic change brought about by the continued evolution in the interrelated areas of technology, corporate structures and working practices. The paper considers how the very particular characteristics of Edinburgh make it well placed to capitalise on these global forces of economic change. It also highlights how success depends on delivering scale and how Edinburgh’s commercial property market must deliver this scale if the city is to keep pace with the pressures of economic success.

TFT Edinburgh makes first promotion to partner on first anniversary

Neil Wotherspoon from TFT’s Edinburgh office has been promoted to Technical Partner. TFT Edinburgh was launched 12 months ago by Neil who joined TFT from AECOM. Since that time, the team has grown fourfold serving clients in Edinburgh and across Scotland and the North East of England including Screwfix, Tesco, Royal Bank of Scotland and Aviva Investors.

Alan Pemberton, Managing Partner, Tuffin Ferraby Taylor, said:

Neil’s promotion is well-deserved. He not only launched TFT Edinburgh but has seen its client base grow, expanded the team and increased our presence in Edinburgh’s strong commercial property market. One of Neil’s major strengths is his high-level client servicing that works alongside strong technical capability. It’s a pleasure to see this promotion come about only one year after his appointment.

Neil Wotherspoon, Technical Partner, Tuffin Ferraby Taylor, said:

With a robust construction sector and a fast-paced transactional market, Scotland is in a healthy position to capitalize on this type of market. I’m delighted to be continuing to play my part in TFT’s success here in Edinburgh.