October 26, 2016
Mercer hails local property market despite Brexit jitters
IME Property enjoys strong third quarter of sales and lettings
The head of Edinburgh’s fastest growing firm of commercial property agents says the local market is performing well, despite wider economic concerns following June’s Brexit vote.
The Tollcross-based firm has revealed they’ve completed a raft of lettings and sales across the city in the office, retail and industrial sectors to complete a strong third quarter.
In September, IME let a 1,400 sq ft office suite at The Stables in Portobello to the advertising and marketing firm, The Covey Agency, on a 5-year lease at £16,800 per annum.
Other lettings of note include the Legal Services Agency agreeing a 5-year lease in a lower ground office suite at 15 Alva Street at £10,665 per annum; Freddy Antabi Hair Salon has agreed a 5-year lease at 28 William Street and The Bike Smith has opted for a 10-year lease at 412 Morningside Road.
Sales of three properties have also concluded recently with 57 High Street in Dalkeith, 21 Argyle Place and 40 Argyle Place in Edinburgh achieving nearly £500,000 between them.
Earlier this month, figures compiled by global research firm CoStar revealed nearly £150m in commercial property deals in Scotland’s cities were abandoned in the wake of the Brexit vote. It also revealed figures for the third quarter of 2016 showed commercial property investment north of the border had collapsed by 74% to £191m, the weakest performance for four years.
“Despite the mixed messages coming from some of the bigger players in the marketplace post-Brexit, we have concluded plenty of deals with several large transactions currently under offer,” explains IME Property’s managing director, Iain Mercer.
“The William Street property was on the market for less than a fortnight before it was snapped up which shows there’s strong local occupier demand,” added Mr Mercer
Similarly, IME can point to the sale of Bankhead Workspace at Sighthill Industrial Estate. The industrial unit sold for in excess of the £175,000 asking price and was under offer within 10 days of going on the market.
“Again this deal was completed quickly with a cash buyer which to my mind proves there is an active local market insulated from the wider economic woes and dwindling pound,” concluded Mr Mercer.