CHARTERED surveyors DM Hall have successfully let an entire townhouse in a prime Glasgow West End location.
All three floors of 4 Newton Place in the Park district have attracted quality tenants within six months at satisfactory rents after a flood of enquiries amid stiff competition.
The newly-carpeted and painted building is now occupied by award-winning media agency Shaka Social; residential agency Rosevale Letting; and specialist advice firm Hawthorn Tax.
Claire Hutton, pictured, associate at DM Hall, said: “Take-up of space remains low in Glasgow compared to pre-covid pandemic levels, but premium space is still in demand and there is a will to refurbish and upgrade to meet expectations.
“This was certainly the case with 4 Newton Place, which was offered in pristine condition and has good transport links and on-street parking. It is also close to Glasgow University and lots of new bars are opening close by.
“The fact is that SMEs [small to medium-sized enterprises] with around 10 staff struggle to find suitable offices.
“They want smaller spaces of between 1,000 and 2,000 sq.ft., which can be hard to find, so the townhouse was the answer for these tenants. Flexible terms added appeal – leases are three, compared to five years.”
Ms Hutton also said that there was encouraging demand for smaller retail units, despite the current perception that the sector is struggling, and also from businesses born in covid which now want a commercial or retail unit rather than continuing to use spare rooms in homes.
She said industrial stock is booming and is going quickly, with rents as high as ever for warehouses, sheds, ironworks, and garages, with many going to a closing date after a short period of marketing.