The Courier & Advertiser (Perth and Perthshire Edition)
Ryden Dundee’s ‘creditable’s howing
PROPERTY CONSULTA NT Ryden has used its latest annual review to hail a “creditable” performance by its Dundee team amid improving economic conditions.
The agent — which also has offices in Edinburgh, Glasgow, A berdeen, Leeds and Inverness — said group sales and investment fees had increased by 20% during the year to March 30, demonstrating “improved economic conditions”.
Business in Dundee rose by 3% in the period, matching a positive performance in Leeds — but lagging well behind Glasgow and A berdeen, where business climbed 9% and 15% respectively.
The north-east’s buoyant oil and gas capital was the driving force behind the f irm’s best results since the banking collapse, accounting for more than a third of total income.
The report follows the departure of chairman Fiona Morton in October.
She has been replaced at the head of 140-strong company by new managing partner Bill Duguid.
Touted by the f irm as “a tough ex-paratrooper with a reputation for a clear no-nonsense teamwork approach”, he says he intends to push the business — which posted a turnover of £11.3 million in FY13 — forward with a fresh three-year plan.
He said action taken by the UK Government was beginning to have a significant effect on the economy.
“Despite continuing concern in some eurozone areas it became apparent by late 2012 that the strategy adopted by the UK Gover nment to address the problems arising from unsustainable levels of debt was beginning to have the desired effect,” Mr Duguid said.
“Business conf idence was starting to return, and this was showing itself in
“There’s a little bit more confidence that the economic recovery has a solid basis.”
strengthening GDP figures and falling unemployment.
“This in turn led to increased occupier demand and a growing appetite from investors for prime property, leading to increased transactional activity.”
He said the second half of the f inancial year had been particularly strong, leading to a 10% increase in profits to £4m.
Ryden said off ice take- up had increased in Scotland’s three largest cities in the six months to October, while it had also worked on local development planning allocations for an 885-house site near Laurencekirk on behalf of Kirkwood Homes and Perth builder A &J Stephen.
A ndy Boal, from the firm’s Dundee office, said there had been “increasing activity” in a noticeably busier city market during the second half of 2013 and the early weeks of this year — par ticularly in commercial property.
“There’s a little bit more confidence that the economic recovery has a solid basis,” he said.
“People are a little bit more willing to invest in their business, and there’s a little bit more money going about thanks to banks being more willing to lend,” he added. Mr Boal said Dundee’s regeneration was increasingly attracting commercial attention from outwith the city, particularly in the ‘ feel- good factor’ leisure market, and also in spite of any uncertainty caused by the independence referendum.