The Courier & Advertiser (Perth and Perthshire Edition)
Bridge boost continuing
More interest in Fife commercial premises
A quarter of 2018 has gone and there are some bright signs in the commercial property market in Fife.
It is now a full six months since the opening of the Queensferry Crossing.
Its positive effect on the region – signs of which were apparent during the bridge’s construction – are continuing.
Accessibility to the motorway network is key to the industrial sector of the market and the Forth estuary has historically proved to be a barrier to attracting industrial occupiers to Fife in competition with more-accessible locations in and around Edinburgh and the industrial estates of West Lothian.
We are continuing to receive inquiries from occupiers, which are demonstrative of the increased competitiveness of the area, and the latter part of 2017 and early 2018 have seen a number of transactions taking place further confirm this.
Highlights include the letting of a 10,000 sq ft industrial property at Lochgelly Industrial Estate to an inward investor at an impressive rental in excess of £6 per sq ft.
For a location that has historically been viewed as being between the larger industrial estates in Kirkcaldy and Glenrothes to the east and Dunfermline to the west, this is a great result and there remains further development opportunities at this estate.
Other noteworthy transactions include the letting of 16,000 sq ft to Power Photonic at St David’s Business Park, Dalgety Bay, and an existing occupier signing up to take an additional 35,000 sq ft at Thistle Industrial Estate, Cowdenbeath.
It does continue to be mainly older stock that is satisfying demand for industrial space across the region at present, although there are a number of sites within Fife’s principal established industrial locations that are primed and ready for development.
While it is reasonable to anticipate a higher level of activity in west Fife due to proximity to the Queensferry Crossing, recent transactions in Lochgelly and Cowdenbeath are demonstrative of the positive effect on the region as a whole.