The Courier & Advertiser (Perth and Perthshire Edition)
Promoting Fife for business and jobs
FIFE BUSINESS WEEK: Property market’s opportunities and challenges explored
The opportunities and challenges presented by investing in commercial property in Fife were explored at the launch of the region’s business week.
Ross Mackenzie, lead officer, said the initiative aimed at promoting Fife as a business location and attracting jobs to the local economy had achieved some notable successes.
Amazon, Diageo, Quaker Oats, FMC Technologies and Oceaneering Umbilical Solutions had flourished and followed the success of established firms like Babcock and Forth Ports.
“We aim to make Fife the best place to start and grow a business, and we have seen the success of this effort again this year,” he told the gathering at the Invest in Fife launch in the Queensferry Hotel.
In 2015-16 Fife “won” six new companies with the provision of 365 jobs, he said.
“These posts had safeguarded another 390 posts and had secured investment of £7 million.
“That is a record of which we are proud and which we hope to build upon.”
Mr Mackenzie said there were several reasons to invest in Fife – location, digital and logistical connectivity, its highest in the UK level of people educated to NVQ4 level or above, and the skills of its workforce.
Exciting prospects were presented by opportunities from Fife’s share of City Deals for Edinburgh and Tay areas to boost economic growth.
The Gateway Rosyth masterplan, a £500 million waterfront regeneration scheme involving Forth Ports, Babcock and the Scarborough Muir Group, also offered high hopes.
Mark Robertson, partner of property consultants Ryden, said the new Queensferry Crossing will not only benefit Fife but Scotland as a whole with improved connectivity between major towns and cities.
He anticipated some rental growth in the industrial property sector in certain areas of Fife, but concerns over the oil and gas industry and the closure of some key occupiers countered the trend.
There were concerns about the impact of changes in business rates and a lack of quality of industrial properties.
“Another issue is the number of industrial properties built between the 1970s and 1990s becoming obsolete in the next five to 10 years,” he continued.
“These will need to be replaced to help attract new tenants.”
There was further uncertainty over Brexit, and he believed a second independence referendum could have “severe consequences” for the Scottish commercial property market which had been enjoying a steady recovery prior to the EU referendum.