The Graham + Sibbald Overview back to Case Studies

The Graham + Sibbald Overview - Commercial Property Monthly

 

Graham + Sibbald’s Stirling Office was opened in 1964 and currently has a total of 11 staff based in the office.

 

Graham + Sibbald provides a complete range of property services, including residential property valuations, commercial property valuations and commercial agency, property management, building surveying and architectural services, planning and development consultancy, etc.

 

The last two years has seen a general improvement in most areas of the commercial property market, particularly office and industrial. The retail market is also showing signs of improvement, however, there does continue to be a relatively high number of vacant retail properties in Stirling City Centre, particularly in secondary trading locations.

 

Landlords across all market sectors have had to accept the fact that headline rents needed to be reduced and incentives such as rent free periods and capital expenditure offered to encourage prospective tenants to take up space.

 

The lack of affordable bank funding has resulted in speculative new build developments being almost non-existent which has resulted in no brand new office accommodation currently available in Stirling. Whilst this has helped with the take-up of older stock, there will be difficulty in enticing blue chip companies to the Stirling area due to lack of grade A office accommodation.

 

As previously mentioned, the lack of new build commercial developments in Stirling has resulted in there being a greater take up of older stock, especially in the office market.

 

City Centre accommodation, that has previously proved exceptionally difficult to let, is now being occupied due to the general lack of availability. A number of traditional first floor office suites, above retail were let by Graham + Sibbald’s Stirling Office at the end of the year. Interestingly, two of the offices were occupied by tenants relocating from business centre space at Castle Business Park. Both tenants indicated a desire to be located in the City Centre, close to the bus and railway stations.

 

On the industrial front, Bandeath Industrial Estate, owned by Stirling Council, where Graham + Sibbald are the sole agents, is now almost 100% let. This compares to 3/4 years ago where there was in the region of 50,000 sq.ft. of space available.

 

On the retail front, there does continue to be a number of vacant units through the city centre, especially in secondary and tertiary locations.

 

Graham + Sibbald continue to emphasise to their landlord clients that they must accept that money should be spent on vacant property prior to it being placed on the market. With tenants typically having plenty of options to consider, a poorly presents property will instantly be dismissed.

 

On a positive note on the retail front, Graham + Sibbald are delighted to be agents for a new build development at Goosecroft Road, Stirling, which comprises three retail units on the ground floor and residential accommodation on the upper floor. The building is almost complete and it is expected that the retail units will attract interest from high profile operators.

 

The continuing lack of speculative redevelopment, especially of offices and industrial space, may potentially deter companies from considering Stirling as a viable business location. The City offers a superb location to both work and live and its strategic position within the heart of the country offers easy access to the major business locations throughout Scotland and beyond. 

Department:

Commercial

Partners:

Andrew Peel