Property transactions continue despite economic slowdown
Despite a scenario in which there is less demand for commercial property across the UK, there are a few names which continue to exude confidence in the country’s commercial real estate. They are investing in the commercial property as usual and they are confident regarding the success of their projects. The fear of brexit has not unnerved them and they continue to move ahead with their projects.
One of them is Sheffield United co-owners Kevin McCabe’s property company which is planning to construct an office block in Sheffield. The £12m-worth project is a strong sign of confidence in the economy. Work on the block, Vidiro, will begin in the new year which is inspired by high level of interest in office and commercial properties in the surrounding areas. These properties have some big names as occupants which shows that economy is not as some like to believe.
Another nearby property, Acero, which opened in July, is having huge success. Its property worth £20m is already under offer from four firms. If the deal proceeds as planned, 800 people could occupy the building, said the company. The location is known as Digital Campus, and it is home to several top tech firms. It also houses a Sky call centre.
Mark Jackson, of Scarborough Group, said Vidrio had detailed planning permission and they were talking to organisations who would be key to the project, which includes Singapore-based Metro Holdings, which co-funded Acero. He said that they were also talking to a few potential tenants about taking the whole building and added that it is all about positivity and belief. He added that Sheffield is a sensible market and does not have irrational approach as people want the right product in the right place.
Jackson said that Scarborough Group believes in the city and that it has brought its partners to the city and it is very pleased to do so. Scarborough Group hopes to sign four tenants before Christmas. He further said that the tenants are all good names that will be suit the building’s infrastructure and other facilities. One of the tenants would move from the peripheral areas to the centre of the city. The group also has more ambitions and will redevelop other buildings in the city. It plans to redevelop a local building into an upmarket place. Similar other plans are on the cards for the property company that are progressing.
