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Commercial Property News
Valad in partnership with council to develop Sterling sites with a GDV of over £120million
Valad Property Group has extended a joint venture with Stirling Council which will facilitate the acquisition of an investment portfolio with a value of £12.7 million, together with thirteen development sites. The new vehicle, Stirling Development Agency, is a 50/50 joint venture which will expand on the existing 11 year partnership which has already delivered business parks on four sites across central Scotland.
SDA has submitted a detailed application for two office buildings at the heart of Forthside, Stirling’s 40-acre waterfront regeneration site. It will provide 127,000sq ft of commercial accommodation on the edge of a new civic square, linked to the city centre by a pedestrian bridge, to be completed this autumn. Designed by international architects RMJM, the Grade A open-plan office space will have views of Stirling Castle, the Wallace Monument and the Ochil Hills.
Jones Lang LaSalle and Montagu Evans will secure pre-lets for the office space, with completion expected in autumn 2010, to coincide with that of the civic square and four-star hotel.
Andy Richardson, development director of Valad Property Group and director of SDA, said: “This is the first of a number of developments by SDA within the city centre and surrounding areas, which will help to encourage inward investment in the region and facilitate economic growth.”
SDA has also submitted plans drawn up by RMJM for redevelopment of the adjacent railway engine shed into a bar and restaurant.
Valad has secured an £18 million debt funding package from the Bank of Scotland which will provide funding for the investment portfolio and land acquisitions. The new agreement will extend the existing development and investment activity for an additional 15 years.
The investment portfolio comprises 79 assets, focused on employment Uses including offices and industrial estates, across Stirlingshire. The assets generate an initial yield of 7%, and with proactive management there is good potential to increase the income and value.
The development sites have been acquired for around £4 million, and provide opportunities across a wide range of sectors including residential, retail and business space. The sites have a combined gross development value of over £120 million.
The Stirling Development Agency is also in the process of pursuing a planning application for a new business park at Kildean, Stirlingshire. The proposed 330,000 ft² (approx. 30,550 m²) development will provide high quality office space for a corporate headquarters, individuals businesses together with hotel, leisure and education opportunities.
SDA has submitted a detailed application for two office buildings at the heart of Forthside, Stirling’s 40-acre waterfront regeneration site. It will provide 127,000sq ft of commercial accommodation on the edge of a new civic square, linked to the city centre by a pedestrian bridge, to be completed this autumn. Designed by international architects RMJM, the Grade A open-plan office space will have views of Stirling Castle, the Wallace Monument and the Ochil Hills.
Jones Lang LaSalle and Montagu Evans will secure pre-lets for the office space, with completion expected in autumn 2010, to coincide with that of the civic square and four-star hotel.
Andy Richardson, development director of Valad Property Group and director of SDA, said: “This is the first of a number of developments by SDA within the city centre and surrounding areas, which will help to encourage inward investment in the region and facilitate economic growth.”
SDA has also submitted plans drawn up by RMJM for redevelopment of the adjacent railway engine shed into a bar and restaurant.
Valad has secured an £18 million debt funding package from the Bank of Scotland which will provide funding for the investment portfolio and land acquisitions. The new agreement will extend the existing development and investment activity for an additional 15 years.
The investment portfolio comprises 79 assets, focused on employment Uses including offices and industrial estates, across Stirlingshire. The assets generate an initial yield of 7%, and with proactive management there is good potential to increase the income and value.
The development sites have been acquired for around £4 million, and provide opportunities across a wide range of sectors including residential, retail and business space. The sites have a combined gross development value of over £120 million.
The Stirling Development Agency is also in the process of pursuing a planning application for a new business park at Kildean, Stirlingshire. The proposed 330,000 ft² (approx. 30,550 m²) development will provide high quality office space for a corporate headquarters, individuals businesses together with hotel, leisure and education opportunities.
Mon, 30th Jun 2008