Company News & Blog

26th February 2015
Published by: Dunfermline Press & Fife & Kinross Extra

Residential development land shows promise as market continues to recover

Hardies Property & Construction Consultants, Scotland’s largest multi-discipline surveyors with 14 offices across the country, are reporting that they have experienced a reasonable level of enquiries and activity in relation to the industrial sector of the market of late. 

“Traditionally, the market slows down in December each year and can often take a little time to pick up pace after the festive break,” said Paul Carr of Hardies in Dunfermline. 

“This is often true in a general sense but we are happy to say that we have seen some encouraging signs.  As marketing agents for Elgin Industrial Estate, we have seen  three units going under offer during the latter part of December/early January and, once concluded, this will leave only three units remaining available for lease on the estate and ongoing enquiry levels are promising.” 

Paul and his team report that there also remains a shortage in the supply of good-quality industrial properties in Dunfermline and the wider West Fife area. 

“As an example, we were recently instructed on a unit at Pitreavie Way extending to circa 7000 square feet with associated yard and this is the only building of its type in Dunfermline in the 6000-9000 sq ft range.  As such, it is already generating strong interest, after only three weeks of marketing. 

“Demand for office and town centre retail property remains comparatively stagnant although it is pleasing to note a number of lettings in the last six months of 2014 with a total of 10 shops being let on the High Street and within the Kingsgate Centre during this period. 

“Activity in relation to the secondary shopping parades within Dunfermline does remain comparatively low but there does appear to have been a knock-on effect from the opening of Tesco with an increase in enquiry levels being experienced.” 

One area of the market where there is definitely a marked increase in activity is in relation to residential development land.  Said Paul, “Housebuilders both large and small are certainly back in business and are actively seeking new opportunities.” 

“On the commercial side, the development sector remains quiet as the levels of rent/price that developers need to achieve in order for a project to be viable remain in excess of what the market is willing to pay and this is resulting in a shortage in supply of good-quality, modern industrial  and commercial premises.” 

“This is likely to be an ongoing issue for the West Fife area going forward.” 

“In summary, we have seen a steady start to 2015 and the expectation and hope is that the gradual recovery continues throughout the remainder of the year.” 

Hardies, which celebrated its 100th anniversary in 2013, serves clients in both the private and public sectors with a complete operation in property and construction development, including property valuation, building and quantity surveying and project management. 

The firm also handles the leasing and sale of commercial and industrial buildings; CDM Co-ordination, dispute resolution and the provision of energy performance certificates.

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