1. Sometimes you have to take one for
the team and attend conferences to
further your professional expertise,
network and general understanding
of ones chosen profession. I was
that soldier and on 20th May, headed
across the pond to Chicago to attend
the BCO (British Council for Offices)
Conference. A strange venue you may
think, for a conference based around the
guidelines to which all new-build offices
in the UK should adhere to. However,
it is important to embrace differing
cultures and architectural heritage when
considering the built environment,
in order to be able to offer something
different to the local development
offering. Not that I think a number
of 102 storey office towers is what
is necessarily required for Aberdeen;
you could almost fit all of Aberdeen’s
central office stock into one of these
glass behemoths, but there is no doubt
lessons can be learned.
The Conference provided excellent
plenary sessions with economists,
politicians et al, delivering the State
of the Nation. More interesting to the
Aberdeen Surveyor however, were the
tours, which involved a walking tour of
Chicago’s office buildings. Buildings
with colourful names such as the
Monadnock, The Rookery, Burnham
and Atwood’s Reliance Building, and
the not so sexily named Chicago Board
of Trade, provided useful insight into
the progression from Art Deco to post
modernist architecture and design.
No trip to Chicago would be complete
without of course seeing the Willis
Tower (previously Sears Tower),
a design by Skidmore Owings and
Merrill architects. Completed in 1973,
it was the tallest building in the world,
a status it retained for 25 years. At 108
floors it still holds the record for the
building with the most number of floors
in North America. At the 103rd floor
there is a sky deck with a glass ledge
where 1.2 million visitors a year walk
out and look at the street below. For
someone like me who gets the yips at
the top of Union Plaza, I did not add to
that number! The other interesting fact
about the Willis Tower is that Willis was
granted naming rights by taking a lease
over only three floors in the building,
testament to the fact that the office
market in Chicago in 2009, was a little
stale. United Airlines, which occupy
20 floors in the building, have reason
to be a little miffed I suspect.
A city of contrast – Marsichal College –
esque architecture, being dwarfed by
the glazed Trump Tower characterises a
particularly attractive city, enhanced by
being on the shores of lake Michigan.
In the words of Arnie – I will be back!
Jonathan Nesbitt
E: jonathan.nesbitt@fgburnett.co.uk
An Insight Into
Chicago BCO 2015

2. P3
Message
from our MD...As a result in the shift in oil price, and
hyperbole in relation to the potential
demise of the city of Aberdeen
reaching fever pitch, I feel it only right
to provide my take on what is really
happening in the Granite City.
As a consequence of a high level
of activity over the past few years
in the energy sector, the property
market has experienced sustained
high-level activity, which favoured
developers with occupiers having
limited negotiating strength. With
the adjustment in the oil price,
an element of balance has now
manifested itself so now is the
time for businesses to take the
opportunity to review their space
requirements.
The fact that there has been
an adjustment in the oil price
should not be regarded as a
surprise. After all we have been
here several times before. I can
recall sub $10 oil in 1986 but
we all weathered the storm.
As a business we continue to see
the commitment to the commercial
property scene, and construction is
continuing apace. In this constantly
evolving world, businesses require
to be adaptable, which in turn
leads to changing demands for
accommodation.
Experienced operators, developers
and investors are continuing to
commit to the city. In the city centre,
projects such as the Capitol and The
Silver Fin Building are now under
construction. These developments
will have a hugely positive impact
on the west end of Union Street and
its environs, both from an atheistic
perspective and the economic
benefits from a substantial increase
in footfall. In addition there is a lot of
activity on the periphery of the city,
be it Bridge of Don, Dyce, Kingswells,
Portlethen and Westhill.
Experience tells us when the purse
strings are tightened it drives
innovative times - it is the
catalyst for collaboration
and sharing.
Again with the benefit
of our experience,
we can state with
confidence that historically a fall in
oil price has little or no effect on
prices or rents within the city, albeit
I acknowledge that take-up rates
slow down when there is such an
occurrence.
It is important that FG Burnett
understands the dynamics, which
influence the property market, be it
oil price, bank lending policies and not
forgetting the UK and International
political events. Engaging with all
aspects of the business communities
is part of our daily schedule.
Deals continue to be made with much
still in the pipeline. There is definitely
no ‘big black cloud’ hanging over the
granite streets.“
Angus MacCuish
E: angus.maccuish@fgburnett.co.uk
mattersmatters
P2
Construction of Union
Street’s high profile
Silver Fin Building will
commence imminently
with news that the
construction contract
has now been awarded
to the building and
engineering company,
Sir Robert McAlpine (SRM).
The £65 million 132,000 sq.ft Grade
A office developments, will feature
a new Scottish granite façade onto
Union Street together with a glass
and granite tower element featuring
views across the city. The ‘Silver Fin’
branding relates to vertical aluminium
fins, which will clad all elevations of
the tower element, and will catch the
light to offer a unique visual feature
that will be seen from across the city.
The Silver Fin Building is set to
raise the bar in terms of the office
offering in the city and will deliver a
specification and quality consistent
with the leading office developments
in the other major regional office
markets of the UK.
Demolition of the site began in
late 2014, with the project and the
building due for completion in
March 2017. The building will
be thirteen storeys high, with
four car parking floors and nine
occupied floors. The building will
sit alongside the new Capitol office
development and will provide
tenants with spectacular views
across the city.
At ground floor level the Silver Fin
Building will offer a unique business
lounge – ideal for informal meeting
facilities for occupiers and guests
- and a striking four-storey atrium
within the building’s reception area.
The development will offer 140
secure underground car parking
spaces, 19 motorcycle spaces and
56 cycle spaces.
FG Burnett and CBRE, who act
on behalf of the developer Titan
Investors – one of the UK’s most
active regional developers of
commercial office space – believe
this Grade A office space will
provide the exemplar office space
in the city.
Jonathan Nesbitt, Director at FG
Burnett Aberdeen, says, “This is a
hugely exciting development for the
city and is testament to the inherent
strength of the Aberdeen market
that such a level of institutional
investment has been committed.
We are delighted that building work
is about to begin on site and that,
so far, each planned phase of the
project has been on track. The Silver
Fin Building is set to re-invigorate the
city’s West End and is the most high
profile commercial development in
Aberdeen.
Derren McRae, Managing Director
of CBRE Aberdeen, added, “Not
only will The Silver Fin Building
change the face of the West End
of Union Street and is set to be the
city’s finest office building, but it is
also expected stimulate increased
investment in the retail, restaurant
and hospitality sectors in the
vicinity of the development. The
unique business lounge at ground
floor reception is sure to be a hit
with tenants looking for that little
bit of additional amenity to offer
their staff and clients. “
For further information as to
how your requirement can be
accommodated in the Silver Fin
Building please contact Jonathan
Nesbitt on 01224 597531 or Derren
McRae on 01224 219000 from our
Joint Agents CBRE.
Contract for Construction Process Awarded
on Exciting Aberdeen Office Development
Commercial Property

3. P4
matters matters
Some new (and old)
faces at FG Burnett
FG Burnett, the Scottish commercial
property consultancy, today announces
the appointment of Property Manager,
Bryan Robson, to its Aberdeen office.
Bryan is well placed to join the property
management team, bringing an
extensive knowledge of the construction
and building maintenance sector to the
company.
Having initially begun his career as a
time-served joiner, Bryan has since
held key positions in the property
management sector. These include
Clerk of Works for Police Scotland,
which saw him look after a wide variety
of operational property, and Property
Manager at VSA Scotland, where he
closely managed staff and budgets.
Bryan says, “I am delighted to be joining
FG Burnett’s Aberdeen office. Not only
am I looking forward to dealing with a
wide and diverse array of assets, but I
am also keen to align myself with one
of the most established and highly
experienced commercial property
teams in the country. I look forward to
contributing to the company’s continued
success and the other opportunities that
may present themselves along the way.”
FG Burnett is delighted to welcome
back Senior Surveyor, Moira Gordon,
to its Aberdeen office after two
years, as part of the Agency team.
Formerly employed as part of the
valuations team, Moira returns to
the Scottish Commercial Property
Consultancy in this new role, having
missed the busy, varied work that
comes with agency life. Moira is
now settling back into the team and
looking forward to getting involved
in some exciting projects.
Moira says, “I am so pleased to be
able to come back to FG Burnett
and I am looking forward to getting
stuck in to some of the interesting
projects we’re currently working on.
There’s always a wide variety of work
on offer here, and coupled with the
daily interaction with clients and
colleagues – old and new –
I am really enjoying settling
back in.”
Strengthening our Aberdeen Team...
Bryan Robson
appointed as
Property Manager
Former Employee
Returns to our
Agency Team
Team Spotlight
Name:
Iona Foubister
Age:
23
From:
Keithhall, Inverurie
Job Title:
Graduate Building Surveyor
Qualifications:
BSc (Hons) Building Surveying
What does your job involve?
My job varies significantly from
day to day and project to project. I
recently completed a refurbishment
of an office on Union Street for our
client’s new premises. This involved
fully specifying the refurbishment
works, instructing the contractor and
monitoring the works on site while
dealing with the final account. Some
of the other work I am involved in
is Schedules of Condition, Building
Surveys, Dilapidations, Planning and
Building Warrant applications and
Project Monitoring new builds.
Your job’s biggest challenge?
The biggest challenge is prioritising.
I can have a large number of jobs
running at one time so I need to
ensure I prioritise whilst also not
forgetting about the smaller ongoing
jobs which are just as important.
Best thing about your role?
Getting out and about and
inspecting the vast range of different
buildings that Aberdeen and further
afield have to offer. I have always
had an interest in historic buildings
so being able to inspect these along
with all other types of commercial
buildings and seeing how they are
developing for the future is very
satisfying.
Best career advice?
Don’t be afraid to say no if it is not
what you want to do. Many people
think it is about getting their foot in
the door and onto the career ladder
as quickly as possible but declining
the first graduate job I was offered
was the best decision I made.
What’s your dream?
My dream at the moment is to
continue working towards becoming
a Chartered Surveyor with the RICS
and then see where that takes me
on the career ladder.
This month we focus the spotlight on Graduate
Building Surveyor Iona Foubister and chat to her
about her role at FG Burnett Aberdeen:
Kirsty Gordon (pictured third from right)
with her follow awards finalists.
P5
FG Burnett is proud to have become
the on-going main sponsor of the
annual Association of Women in
Property National Student Awards
for the Northern Scotland Branch.
The competition recognises the
full range of talent available to the
property industry and broadens the
opportunities open to students as
they progress through their university
careers.
FG Burnett Director, Richard Noble,
says, “FG Burnett has always been
committed to identifying and nurturing
talent within the property industry
through a strong graduate and
mentoring programme, which has
seen a number of talented women
join and progress within the company.
The decision to support the northern
Scotland branch of Women in Property
as the main sponsor for the 2014/2015
Student Awards was a natural one.”
Richard was also part of the evaluation
and interview panel to select a winner
of the Northern Scotland Branch in
March 2015.
Richard continues, “I had the pleasure
of being part of the evaluation process
for the Northern Branch and sat on
the interview panel - and the standard
of entries this year was particularly
high. It was during this time that the
work of Kirsty Gordon caught my
eye. Following further discussions,
FG Burnett offered Kirsty a work
placement. She joined us in May
and will be with us until September,
assisting the agency department
and gaining valuable hands-on work
experience within the industry.”
Recognising Future Talent - Further Support
of the WIP Awards Sees Finalist Student
Selected As Work Placement...
A change is as
good as a rest.
That is certainly
true for FG
Burnett’s David
Henderson, who
we are pleased to
welcome to the
Aberdeen office’s
retail agency team.
Formerly a Property Manager with
the company, David may have only
physically moved a few feet in the
office, but the difference in roles is
streets apart! He will now work closely
with Richard Noble, Director in charge
of Agency and Head of Retail.
David comments, “I am delighted to
join the retail agency team, working
closely with clients, marketing, sales
and letting for retail property. I have
gained considerable experience across
many sectors previously, so this will
stand me in good stead as I take on
my new challenge.”
David Henderson
Appointed To
Retail Agency Team
Welcome Back
David McCurdy
FG Burnett is
pleased to
welcome back
Senior Building
Surveyor, David
McCurdy to the
Aberdeen office’s
building consultancy team.
Having left the consultancy in
December 2013, David re-joins FG
Burnett and will now work closely
with Jim Johnstone, Director of
Building Consultancy.
Jim comments, “We are delighted
to welcome back David to the
team. David’s background within
building control gives him an
excellent understanding of building
regulations in practise and means he
is well placed to advise clients on the
compliance of their proposals.”

4. P7
matters
P6
matters
Scottish Landlords
Prepare For Changing
Face of Dilapidations
Within Commercial
Property Sector...
Dilapidations Feature For many years the
presumption has been
that lease agreements
for commercial property
give Scottish landlords the
right to demand the cost
of repairs from departing
tenants. This can seem
unfair to some, especially
when a percentage of
landlords do not actually
follow through on their
word and make the repairs.
During an economic downturn when
tenants are harder to find, landlords
often turn to dilapidations as a
quick, additional revenue stream,
focusing on repairs in soon to be
empty properties. In some cases
money recovered from tenants is put
towards improvements, however, the
additional cash can also be saved by
the landlord who may then market
the premises on similar terms.
Interestingly, times are changing
in the commercial property market
after Scotland’s highest appeal court,
the Court of Sessions, ruled that
tenants should only be obliged to
pay for dilapidations if the landlord
proves they will carry out repairs.
According to one of Scotland’s
leading property consultants,
the recent court cases heard in
Edinburgh could potentially limit
landlords’ attempts to recover large
amounts of money for the cost of
repairing damage to their buildings.
“Landlords and tenants have been
in disagreement over dilapidations
for years,” Jim Johnstone, director
and head of building consultancy
at FG Burnett in Aberdeen
explains. “Landlords usually give
full responsibility for repairs of a
property during the life of the lease
to the tenant, and this can be a huge
obligation for them as leases often
outrun the life of building elements,
once beyond repair items such as
roofs, windows, boilers or lifts can
be extremely costly to replace.
“Landlords usually have the right to
ask for necessary repairs to be done
at any time, assuming the tenant
has not complied with their lease
obligations, but often wait until the
end of the lease for fear of perhaps
upsetting a tenant. If at this stage
negotiations between the parties
breaks down then the landlord
usually raises an action based on
breach of contract, calculating its
loss on the estimated cost of repairs
it considers are required.
“What is new within the industry
however, is this string of recent
cases affirming the principle that
dilapidation claims are being treated
as damages claims that must be
proved. It’s no longer enough for
landlords to rely on a schedule of
dilapidations and demand payment.
In all but the very clearest cases
landlords will be required to carry
out the works – or prove that they
intend to – before they are entitled
to recover costs from the tenant.”
In one of the recent court cases
landlord Grove Investments, was
seeking £10m in dilapidation costs
from the tenant, Cape Building
Products, at the end of a 25 year
lease of an industrial unit.
Jim continues, “In the past it has
been typical that the party claiming
the damages needs to have incurred
the loss but in this particular case the
landlord believed its lease agreement
had a provision allowing it to recover
“the total value of the schedule of
dilapidations”, whether or not the
work was done.
“At the appeal before the Inner
House, a bench of three judges
disagreed, saying that the tenant
was obliged to pay only the
landlord’s actual loss. It seems
they were keen to avoid the
landlord receiving a windfall
payment for works which were
not in fact to be done.”
In a second case between @Sipp
and Insight Travel Services the
appeal court was asked to consider
if the payment obligation written
within the landlord’s lease entitled
it to the exact cost of repairing
premises, regardless of whether it
intended to carry out the work to
the property.
Jim says, “Again with this case,
the court agreed with the tenant
and ruled the landlord was entitled
only to recover a loss, highlighting
that a property owners intentions
are related to the amount it can
claim. Especially in cases where
the ultimate intention is to demolish
the property, the owner would
have no loss to recover from
the tenants.
“For the moment it seems that
landlords who try to impose an
obligation within a lease agreement,
which states that the tenant will
be liable for the repairing costs -
irrespective of their intentions -
are likely to face an uphill battle.
We expect to see more tenants
resisting dilapidation claims and
insisting on proof that the work
has been completed or is about
to be done. This could certainly
make life a little challenging for
landlords as time progresses”.
Jim Johnstone
E: jim.johnstone@fgburnett.co.uk
“Landlords usually give
full responsibility for
repairs of a property
during the life of the
lease to the tenant,
and this can be a huge
obligation for them
as leases often outrun
the life of building
elements”
“It’s no longer enough
for landlords to rely
on a schedule of
dilapidations and
demand payment.
In all but the very
clearest cases
landlords will
require to carry
out the works –
or prove that they
intend to – before
they are entitled
to recover costs
from the tenant.”

5. matters
P8 P9
matters
FG Burnett, the Scottish commercial
property consultancy, today
announces its official sponsorship
of Gleniffer Thistle 2009 boys.
The football team, which comprises
of 28 boys and is coached by a
team of seven volunteers, meets
twice a week at the Abbotsinch
playing fields. The funds provided
by FG Burnett are vital to the team,
assisting in the purchase of much
needed training equipment and
clothing, including full winter training
gear which will allow the boys to
train consistently throughout the
colder months.
Gleniffer Thistle’s 2009 Head Coach,
Mark McCall, said: “Fundraising is
essential for the success of any kid’s
football club. We need to undertake
a number of fundraising events
to ensure that our boys have the
necessary training equipment such
as balls, practice goals, training
ladders and cones. We also require
sufficient funds to secure practice
and tournament venues and
additional money is required
through the winter where the boys
need suitable training clothing
such as hats, training strips and
waterproof clothing.
“The money we raise has to go a
long way so FG Burnett’s gesture
was very gratefully received as it has
allowed us to kit the entire squad out
with fantastic new strips in Gleniffer
Thistle’s traditional tangerine and
black with FG Burnett’s logo on
the front as a thank you for their
donation.”
Ross Sinclair, director at FG Burnett
in Glasgow, comments: “Gleniffer
Thistle has a rich history, having
been founded originally back in 1972
with just one age group. Since then
the team has significantly expanded
to include 15 age groups ranging
from boys under 5s, all the way up
to under 19s. There is also a recently
formed girls section which now
has under 9s, 11s, 13s and 15s.
“It is fantastic to see youngsters
learn new skills, keep fit and enjoy
themselves thanks to the dedication
of its coaching team – who regularly
give up their evenings and weekends
to teach the boys. In order to give
them every chance for progression,
they require additional funding from
businesses such as FG Burnett.
“We are delighted to be a part of
this and we think the boys look
absolutely terrific in their new
strips. We would like to take this
opportunity to wish them all the
very best as they hone their skills
over the season.”
Gleniffer Thistle 2009 boys play
each Sunday morning at the
Johnstone Sports Hub on Beith Road.
For further information
on Gleniffer Thistle visit
www.glenifferthistle.co.uk
Gleniffer Thistle Scores
Sponsorship From FG Burnett
FG Burnett in the Community
18/21st June 2015 ‘celebrates’ the
Bicentenary of one of Europe’s most
important battles but how does that
relate to the retail property market
I hear you ask. Ok, it’s a very loose
connection but it was Napoleon that
is said to have quipped that we were
“a nation of shopkeepers”. If he did
ever say that the intention was not to
offend, inferring that we were a nation
of cowards, but rather that we were a
nation of merchants, and that all our
great riches and grand resources arose
from commerce, which is true. Indeed
despite our lower population, the
greater tax base of the UK enabled
us to conduct a prolonged war
of attrition.
For sure, the phrase first appeared in
Adam Smith’s 1776 Wealth of Nations.
For shopkeepers or merchants read
‘Entrepreneur’ and one of our best-
known, Theo Paphitis, was in Aberdeen
on Thursday 11th June to open his 26th
Boux Avenue store. This illustrates
the continued demand from multiple
retailers for representation in Aberdeen.
Many more multiples continue to try
and satisfy requirements either in our
covered malls or high street pitches.
There continues to be a healthy level
of activity in the local market with FGB
having secured tenants for another
two units in Aberdeen City Centre at
193 George Street and 59 Schoolhill.
In George Street The Running Shop
has taken space and Grub has taken up
residence on Schoolhill to satisfy ever-
growing grab and go food demand. It
is fair to say that well presented units
in good locations continue to let readily.
Richard Noble
E: Richard.noble@fgburnett.co.uk
The story in 2015 has been quite
different to the record level of activity in
2014, however there is still encouraging
levels of activity and good demand.
By its very nature, a record year must
be put into perspective.
There is no doubt that buyers spent
early 2015 watching and waiting, rather
than doing deals and that was no
surprise. Many buyers spend the first
quarter on business plans and asset
allocations and others were waiting
for clarity and stability in the energy
sector, following the rapid oil price fall
in late 2014. Clearly, there is a significant
drive for efficiency in the energy sector
however in late 2014, commentators
were questioning where the floor was
for the oil price - $20, $30, $40 were
all forecast and most investors would
observe, rather than buy in those
circumstances.
Nobody is under any illusions regarding
the challenges in the energy sector but
the history of oil and gas should remind
us that this is a remarkable industry –
they will adapt and they will go forward
for decades to come in the North Sea.
The recovery in the UK economy means
that regional investment is back in
vogue – Aberdeen benefitted from
2010 to 2014 by being the shining light
outside London and many new investors
were attracted to the city. It is important
that they understand the cyclical nature
of the oil and gas industry, if they
are confident in their asset selection.
However, there will be investors who
have bought the wrong asset at the
wrong time – do they hold or do they
accept the reality and bring them back
to the market ?
Activity in 2015 has seen global investors
such as WP Carey and Henderson
buying industrial investments in Bridge
of Don and at Aberdeen Gateway –
one short term and high yield ; one
long term and low yield. There have
been major off-market office deals
done where buyers prefer to remain
anonymous. Some of the UK funds
are looking for opportunities and high
net worth investors and family trusts
are appraising various deals. It is good
to see deals being done and also very
encouraging that yields are holding
up well – yes, there is some upward
movement but it is not significant.
David MacLeod
E: david.macleod@fgburnett.co.uk
The Bicentenary of The
Battle of Waterloo and this
Nation of Shopkeepers...
Aberdeen Investment Market

6. P10
matters
What Exactly Is Value and How Do We
Use Valuations for Accounting Purposes?
When it comes to value, it can often
tend to mean different things to
different people. From an expensive
watch or a vintage car, to a remote
country property, value can mean
something entirely different depending
on the person. Similarly, the definition
of value and basis of valuation in
property terms can differ. This depends
on the purpose valuation and use of
the property.
For the majority of individuals, market
value is the most commonly used
basis and internationally recognised
definition of property value and is
defined as:
“the estimated amount for which an
asset or liability should exchange on
the valuation date between a willing
buyer and a willing seller. This would
occur in an ‘arm’s length transaction’
– (where parties in the transaction are
independent and on an equal footing)
- after proper marketing and where the
parties had each acted knowledgeably,
prudently and without compulsion.”
Market Value is widely used for
residential and commercial properties
that transact on the current open
market. However, on 1st January
2015, the RICS Valuations Standards
were updated to reflect UK Generally
Accepted Accounting Practice (UK
GAAP) and International Financial
Reporting Standards (IFRS). This now
means that ‘Fair Value’ has become
the new default basis of valuation
for property included in financial
statements under this reporting entity.
So what does ‘Fair Value’ mean? Well,
just to make it a little more complicated,
there are two current and recognised
definitions of this. These are:
“The price that would be received
to sell an asset or the price paid
to transfer a liability in an orderly
transaction between market
participants at the measurement date.”
and
“The estimated price for the transfer of
an asset or liability between identified
knowledgeable and willing parties,
that reflects the respective interests of
those parties.”
Now that you have the facts, it
just comes to applying Fair Value
appropriately when it comes to
accounting purposes. As a guide, we
generally advise that a firm first
confirms the object you intend to
have valued with your accountants
first before going ahead and
instructing a valuation.
If you are in any case unsure of what
the process, or of certain facets of the
process we are always here to help.
When it comes to applying valuation
for inclusion in financial statements,
the team at FG Burnett holds a ‘wealth’
of experience. Typically providing
advice for local and national businesses
and public sector bodies, the team has
valued assets in excess of £100million
in the last 12 months alone – and that’s
only in the North East of Scotland!
For more information about Fair Value
or to discuss application for accounting
purposes, contact Derek Richardson on
01224 572 661.
Derek Richardson
E: derek.richardson@fgburnett.co.uk
P11
matters
FG Burnett, the Scottish commercial
property consultancy, today
announces the completion of a
£1.65 million acquisition on behalf
of independent trade drinks
merchant, Inverarity Morton.
Having outgrown its current
30,000 sq ft premises on Glasgow’s
Shawbridge Street, the drinks
distributor is set to relocate to
the newly acquired 93,672 sq ft
industrial property on Evanton Drive,
Thornliebank – six miles west of
Glasgow City Centre.
Ross Sinclair, Director at FG Burnett
Glasgow, says: “We are delighted to
confirm the completion of what is
one of the largest industrial property
acquisitions in Scotland this year. There
is a continued demand for industrial
premises of this size in Glasgow,
however this is confronted with a
significantly smaller supply of suitable
property. This is particularly evident,
considering Inverarity Morton has been
on the lookout since 2011.
“However, having worked closely with
the Vendor’s agent Neil Cockburn
Property Consultancy, FG Burnett
secured and completed this acquisition
from Nilsine Property Ltd to present
Inverarity Morton with an exceptional
facility. The property is particularly
fit-for-purpose, providing
the drinks merchant with
refurbished offices, dock
and ground level loading
and a substantial secure
yard area.”
Ross Sinclair
E: ross.sinclair@fgburnett.co.uk
FG Burnett Completes One of Scotland’s
Largest Industrial Property Acquisitions of 2015
Acquisitions
The former depot of a collapsed
courier firm is to be part of a £1million
overhaul thanks to FG Burnett.
The old City Link depot in Altens,
Aberdeen, is set to be redeveloped
as well as several other units, including
the city’s former Tyco base at Ocean
Trade Centre. The site is expected to
hold a national industrial firm.
Works including the recladding
of the building to make it more
efficient will take place as part of
the proposals. FG Burnett director,
Graeme Watt, comments: “The City
Link news fell upon us and as a result
of further investment, Standard Life
Investments took the decision to
refurbish the units within the park.
“A building contract and a potential
client has been agreed. Units 14-
16 – a 14,000 sq. ft. space - which
was the former Tyco site, forms
part of the refurbishment. This
investment shows the market hasn’t
died off in Aberdeen, and the
refurbishment shows that Standard
Life Investments is committed
to bringing businesses to the
Altens area.”
Ward councillor, Neil Cooney, added:
“Despite the collapse in oil prices,
this proves the market is still buoyant
in Aberdeen. It was a blow to the
system when City Link went bust
and jobs were lost, but this can only
be positive for the area.”
Graeme Watt
E: Graeme.watt@fgburnett.co.uk
Former Depot Revamped
As Part of £1m Renovation
As Property Managers, when
we are instructed to provide the
management of common services for
a Development with multiple owners,
our first point of reference
is the Deed of Conditions.
The Deed of Conditions is a legal
document which sets out the rights,
duties, and obligations of all Proprietors
and is registered with the Title Deeds
for each individual ownership that
comprises part of the Development.
This ensures that each and every
Proprietor in the Development is in the
same legal position with regards to
these rights and obligations over any
common areas.
Examples of such properties
where you would expect to find a
Deed of Conditions includes any
circumstance where there are parts
of the property that are common to
more than one owner. This could be
a residential flatted development,
or houses with access to common
grounds; an office block that has
different owners on different floors;
a building that contains a mix of
both residential and commercial
units; business parks; a business
campus; or office-pavilion style
facilities.
At the implementation of a
management regime for a
Development such as these, as
Property Manager we refer to the
Deed of Conditions for such items as
apportionment of costs which then
have to be applied to the collection of
the service charges. In addition there
may be obligations as to insurance
with all Proprietors being covered by
a block policy in which case we can
assist with referring this requirement
to an insurance broker to arrange
cover. A Deed may also have a
requirement for planned maintenance
such as redecoration of any common
areas under a specified cycle of
however many years.
It is also important to remember
that the Deed of Conditions not
only deals with the management
of common areas but is can also
place an obligation on Proprietors
in a development to meet specific
maintenance obligations for their
own property. This would apply to
their own plot such as ensuring their
building and grounds are properly
cared for and maintained, or do not
cause nuisance or annoyance to other
Proprietors within the Development.
Finally a Deed of Condition deals
with how Proprietors can oversee
the Property Manager appointed
to arrange the common services.
A Deed will give guidance on how
Proprietors can select and appoint
a Managing Agent to act on their
behalf, how they must present their
accounts, the process for arranging
meetings and report to them and
also gives the Proprietors power to
remove them from the instruction.
As well as the day-to-day application
of the Deeds we have worked with
clients to give them valuable advice at
an early stage during the construction
of a Development whilst the Deed of
Conditions is being drafted to ensure
that they are practical, workable
and try to address all foreseeable
circumstances. As well as being an
intrinsic part of the legal framework
for a multi-occupied property the
Deed of Condition is vital for the
effective management of the common
obligations
If you would like to discuss the
application of a management
regime to a development or
a property that is in multiple
ownership then please contact
either Christopher Yannaghas on
01224 597510, Simon Smith on
01224 597508, or Bryan Robson
on 01224 597513.
Complying With The Conditions
Property Management

7. Acquisitions, Sales
Lettings and a
whole lot more...
You may think you know FG Burnett, but there’s so much more to us than you’d expect.
FG Burnett is a Scottish Commercial Property Consultancy, with offices in Aberdeen and Glasgow, providing
a nationwide reach. Our multidisciplinary practice provides a comprehensive range of property services
across the office, industrial, retail, leisure, licensed and public sectors. There’s so much more we could tell
you, but there’s not enough space here to fit it all in. So call us today to find out more from one of our
property experts.
www.fgburnett.co.uk
Aberdeen: 01224 572661
Glasgow: 0141 285 7980
We hope you enjoyed the latest edition of Property Matters and we would love to hear your thoughts
of suggestions for future articles. At FG Burnett we are passionate about sharing our knowledge and
are always keen to learn more so if you would be interested in joining our business to business
knowledge sharing CPD programme then please get in touch.
Contact: Jacqueline Speirs, Marketing Manager E: Jacqueline.speirs@fgburnett.co.uk
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