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Tuesday, February 18, 2020

Scottish Property Awards winner announces record year as turnover breaks through £1m barrier

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Property development and investment company, Reeder Ness, has hit the £1m turnover after 4 years in business.

The Edinburgh based company was established by Alastair Ness in 2013 and focuses on property investments and developments, strategic joint ventures and consultancy work.

Current projects for Reeder Ness include providing development consultancy to Hansteen, a major European FTSE 250 listed company, to secure pre-lets and development manage a £25m retail and leisure development in the south side of Glasgow (the first phase of the 30-acre Darnley Mains Retail Park is due for completion in November 2017); and the joint venture acquisition of a 110,000 sq ft property in Aberdeen which was successfully sub-let to IKEA, Starbucks and Booker with negotiations ongoing with a major UK gym occupier.

The IKEA order & collection point concept is only the 3rd store of this nature to be developed in Europe and the 1st in Scotland.

Reeder Ness has also acquired a number of residential development sites in Edinburgh, a city that continues to see demand outweigh supply with average selling prices increasing by 6% last month [source ESPC]. Their re-development of 3 contemporary apartments at Allan Park Road, Craiglockhart will be ready for sale at the end of May. A deal has recently been agreed to acquire a further site on the west side of Edinburgh for a proposed flatted / housing residential development.

Managing Director Alastair Ness comments: “With the Brexit process now in countdown mode, coupled with the recent announcement by the Scottish Government to hold another Independence Referendum, it is not surprising these factors have created areas of uncertainty in the Scottish and UK retail and development markets. Retailers are naturally more nervous to commit to opening new stores and it is hugely encouraging that Reeder Ness are involved in advanced negotiations with a number of leading UK retailers who fundamentally see the key Scottish cities as attractive propositions. This week, on behalf of retained client Kilmac, we have just secured pre-lets and planning permission for a Starbucks Drive-Thru and Pub/Restaurant at Kingway West, Dundee.”

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