Contents
2
Scotland
04
Scotland Economy
06
Glasgow
08
Glasgow Economy
10
Glasgow’s Leading City for the Future
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Demand
14
Supply
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Sales
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Rental
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Glasgow, A Leading Destination in Education
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Connectivity
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Bell Street
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Area Map
26
Comparable Map
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Specification
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Developer
33
Disclaimer
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Scotland
• Traditionally Scotland’s economy was industrydominated, particularly in ship-building, coalmining and steel. Since the decline of heavy manufacturing, the economy is moving towards knowledge-based and service-orientated industries.
Scotland has long been famed for its resilience in the face of adversity and this reputation extends to its economy. In the past two decades, Scotland has shown consistently positive GDP growth, mimicking the trend of the Greater UK.
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Scotland Economy
Despite uncertainties surrounding Brexit, the estimated nominal GDP in 2018 still grew to £170 billion and has continued to grow throughout 2019 by 0.7%. The first estimate for Q4 2019, released in March 2020, was stronger than the UK as a whole, at 0.2% GDP growth vs 0%. Calendar year GDP growth
Scotland has come a long way in the past decade from an unemployment rate of 8.8% in 2010 to currently holding a rate below the UK national average. According to the most recent ONS Survey released in 2020, the unemployment rate in Scotland continued its downward trajectory, falling by another 0.2% to 3.5% while the UK wide unemployment rate remained at 3.9%. Drawn to the charming country and favourable job prospects, migration is on the rise. Averaging 18,500 net migrants per annum, the driving force of Scotland’s population growth has come from this sector. Predictions suggest that 49% of the inward migration will be through relocations from other parts of the UK, whilst the 51% majority will come from overseas.
A strong factor in the GDP growth is Scotland’s foreign direct investment (fDi). According to the EY Scotland Attractiveness Survey, the region came second only to London in the number of new fDi projects.
Projected population, Scotland
In the last report EY recorded a total of 94 projects. The top three sectors generating the highest levels of inward investment for Scotland are digital (+16 projects), business services (+16 projects) and manufacturing & equipment (+12 projects).
FDI Projects announced in Scotland and percentage m arket share of UK projects 2009-18
The latest figures based on 2018 population projections show a total population growth of 2.5% to 2043, which would result in a total of 5.57 million residents.
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Glasgow
• Scotland’s largest city, Glasgow, is a leading destination for economic output. The city saw more foreign direct investment than any other city in the country. With a 2019 GVA of £20 billion, Glasgow produces approximatively 14% of all Scottish output. It is predicted to continue growing at 2.1% annually to 2029, a figure higher than the country’s annual growth rate.
Gross Value Added (GVA) in 2019 Total Local Authority GVA is:
£20bn
circa. 14% of total Scottish output
Forecast annual growth (2019-2029):
• Glasgow City: 2.1% • Scotland: 1.7% • United Kingdom: 2.0%
Future Demand For Skills and Job Openings
192,800 People to fill all job openings
From 2019-2029 total employment is expected to increase by 7%, or 31,500 jobs with the top employment sectors expected to be:
Human health & social work (84,500 jobs)
Admin & support services (66,500 jobs)
Wholesale & retail (55,100 jobs)
Glasgow’s buoyant economy has piqued investor interest. So much so that The Financial Times’ fDi Magazine has crowned Glasgow the ‘large European city of the future for Foreign Direct Investment (FDI) strategy’ award. It was also ranked second best UK Tech City in CBREs 2019 Tech Cities Report. This accolade is a result of Invest Glasgow’s (IG) strategic plan to become the UK’s best performing city for inward investment by 2023.
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Glasgow Economy
Glasgow has climbed to the position of third most populous city in the United Kingdom after London and Birmingham. The city is home to 633,120 people (as of June 2019), but the population of the Greater Glasgow Metropolitan Area stands at an impressive 1.7 million. „ Glasgow City Total population, 1998-2019 / Projected population 2018-2028
Total population Projected population
Glasgow Metropolitan Area is expected to grow at the same rate as the iconic cities of New York, Los Angeles and Paris. A statement underpinned by a projected increase of 175,000 people to the current 1.7 million inhabitants over the next 15 years. This growth rate is also stronger than that of Helsinki, Lisbon and Amsterdam.
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Glasgow’s a Leading City for the Future
As the first city in Scotland to establish its own innovation districts, Glasgow is leading the way in high growth industries.
BELL STREET GLASGOW
Advanced Manufacturing Innovation District Scotland (AMIDS) Anchored by Glasgow Airport and just 6 miles west of Glasgow, AMIDS will be home to the £65 million National Manufacturing Institute of Scotland and the £56 million Medicines Manufacturing Innovation Centre. AMIDS is poised to become an internationally recognised centre for innovation, research and advanced manufacturing.
The Glasgow Riverside Innovation District (GRID)
The Glasgow City Innovation District (GCID)
With Barclays as an anchor tenant, this innovation district in Glasgow’s West End is an international location for clinical and research infrastructure. Phase 1 is expected to be completed by 2023 and will be comprised of two zones: The Interdisciplinary Innovation Zone at the University of Glasgow and the Clinical Innovation Zone on the Queen Elizabeth University Hospital campus.
In collaboration with the University of Strathclyde, the Glasgow City Innovation District (GCID) covers an area of around 170 hectares east of Glasgow City Centre.
These two locations are smart campuses with the focal point on precision medicine, chronic diseases, the nano and quantum world, and cultural and creative economies. 12
Phase 1 has already completed with over £100 million invested in the University of Strathclyde’s Technology and Innovation Centre, inovo, and Tontine. Together these house 18 major research centres and innovation organisations and over 30 innovation companies and SMEs, including the UK’s only Fraunhofer site.
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Considered the more friendly and trendy sister of Edinburgh, Glasgow has a growing working population. In 2018, over 633,120 people were recorded residing in Glasgow city according to the NRS, an increase of 1.1% from 2018.
Scotland’s new house building starts and completions have reached the highest level since 2008 at approximately 25,000 new homes per annum. „ Chart 1: Annual all-sector new housebuilding starts and completions have both increased substantially in the latest year, with the number of starts now higher than levels seen in 2008 (years to end September)
A 16% increase totaling 21,805 new home starts.
Glasgow is the most populous city in Scotland, expected to increase by another 2.9% to 2028.
Glasgow City households are expected to increase by 7.4% to 2026 (21,300 more households).
The Glasgow unemployment rate has fallen from its 11.9% high in 2012/2013 to 4.7% -a drop of 7.2% in 6 years.
Supply
Demand
Favourable demographics coupled with robust economic fundamentals have fueled the appetite for Glasgow property.
Glasgow City remains undersupplied so much so that the local council has put in place strict targets for both the private housebuilding sector as well as affordable housing providers. Current targets suggest that Glasgow City requires a total of 15,000 new homes between 2018 and 2023, split evenly between the private and affordable sectors -a mere 1,500 apartments each per annum. However the private sector is falling short of this target. 2019 saw only 725 new homes be completed and the 5-year average of private dwelling completions has only reached 45% of this target ensuring that the housing market will remain undersupplied into the medium term. „ Net housing completions in Glasgow
The exciting population boom has resulted in an increased demand for housing in Glasgow, as the City Council pushes ahead with its commitment to double the core city centre population by 2030.
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Coupled with a growing favourable demographic, Glasgow’s private rental sector is expected to grow significantly in the future. Currently making up 20% of Glasgow’s stock with 60,000 properties, it’s expected to grow to 70,000 properties by 2028.
Of the 7 recognized cities in Scotland, Glasgow positions itself at the forefront with a robust housing market.
Rental growth has been strong across most Scottish cities with the exception of Aberdeen. Average Rent Per Month by City / 5 Year Compound Annual Growth (CAGR)
38%
Taking 38% of the market share, Glasgow’s total residential sales values in 2018/2019 were the largest in Scotland.
4%
The number of residential transactions in Glasgow have increased by 4% over the year ending in 2019.
Rental
Sales
Despite Brexit, Glasgow’s average property prices are still on an upward trajectory, having grown by another 1% in Q4 of 2019 compared to the year before. The number of first-time buyers are increasing due to low interest rates ensuring a wide range of affordable mortgage options are available.
Edinburgh £1.148pcm/5.6% CAGR
Scotland £821pcm/2.2% CAGR Glasgow £803pcm/3.7% CAGR Aberdeen £716pcm/-7.7% CAGR
73%
Together, Glasgow & Edinburgh account for 73% of all Scottish city residential sales.
£100,000
The average house prices in Glasgow are almost £100,000 cheaper than Edinburgh.
Average house prices have seen strong growth in recent years. Glasgow Average House Price and Year on Year % Change by Month
Rental values have increased by approx. 3.7% per annum over the past five years. Looking forward, in Q1 2020, JLL forecast another cumulative 13.7% rental growth over the next 5 years. Yields are increasing specifically in central postcode areas, due to the rising demand for city centre living.
Total forecasts for Glasgow are expected to remain the same over the next 5-year period at 15.4% price growth according to JLL Regional Forecasts Scotland 2020 released in Q1.
Source: Registers of Scotland
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GLASGOW,
A Leading Destination in Education
As Scotland’s largest city, Glasgow is brimming with opportunities. The city is in heavy competition with Edinburgh for the title of Scotland’s education capital. A mosaic of cultural hotspots and career prospects lend to its attractive lifestyle and cement its popularity amongst the youth.
No.1
UK Core City for producing the highest number of Financial and Business Services graduates
No.1
UK Core City for producing the highest number of Digital Technology students and graduates (Computer Science and Mathematics)
There are over 160,000 students enrolled at Glasgow’s four universities, three higher education colleges and three ‘super’ colleges. Almost half (46%) of all Glaswegians in employment are educated to degree level, making the city’s workforce one of the best qualified in the UK.
Glasgow’s educational offerings regularly top league tables, win prestigious awards and secure highly competitive funding grants. The student city has a host of accolades driving economic growth:
No.1
UK Core City for producing the highest number of Life Sciences students and graduates
No.2
UK Core City for producing the highest number of Creative graduates
Coupled with a buzzing social scene and promising career prospects, the city has proven a tough one to leave. It currently holds the title for the highest student retention rate in the UK at 51%, outside of London. 18
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Glasgow is home to three of Scotland’s largest and most prestigious universities. As the largest Scottish university by student population and home to Scotland’s oldest public museum, the University of Glasgow is ranked 99th in the 2020 World University Rankings. In Scotland, it is considered second only to the University of Edinburgh and holds the title as the 4th oldest university in the English-speaking world.
Glasgow Map Glasgow Clyde College
Glasgow Kelvin College
University of Glasgow
Glasgow Caledonian University City of Glasgow College
University of Strathclyde
Bell Street
The business school is triple accredited and the School of Art is internationally recognised as one of Europe’s leading university-level institutions for the visual creative disciplines. Ranked the 8th best in Scotland according to the 2020 World University Rankings, the University of Strathclyde offers quality learning. Founded in 1796, it is Glasgow’s second-oldest university and was listed as the first technological university in the United Kingdom, having received its royal charter in 1964.The business school, like the University of Glasgow, is triple accredited -an accolade that only 1% of business schools worldwide can claim. The Glasgow Caledonian University is ranked the 10th best university in Scotland. With a wide range of industry links in the private and public sectors, the university promises a benchmark of 95% for its students to be in employment or further study within 6 months of graduation.
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Glasgow’s colleges are the three largest in Scotland and integral to developing the talent pool in Glasgow.
Additional education offerings: The University of West Scotland sits just outside the city, while a further three colleges also help to serve the wider city region. These are namely: West College Scotland, South Lanarkshire College and New College Lanarkshire.
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Connectivity
• As the powerhouse of Scotland, Glasgow is well-served by efficient transport links. There are two major railway stations, Central Station and Queen Street Station, with the largest suburban rail network outside of London. Regular connections make travel throughout the UK simple. Inner-city transport is conveniently served by an underground and low-level train system linking to the outlying residential areas.
Glasgow Transportation CAR • 1hr 5 mins to Edinburgh • 3hrs 30 mins to Manchester • 4hrs 30 mins to Birmingham
HS2 Considered to be a priority location, Glasgow will house a terminus station for the first phase of the much-anticipated HS2 program. The new high-speed rail station will be operational from as early as 2026 and save significant time on long-distance UK journeys.
• 7hrs 20 mins to London
PLANE • 150+ destinations worldwide • Direct flights to North America, Europe, Asia and the Middle East
BIRMINGHAM
• Most European destinations within 2 hour flight
LONDON
• 200+ flights daily
Air Opened in 1966, Glasgow Airport has grown to serve 9.9 million passengers per annum. It is Scotland’s principal long-haul airport offering direct flights to North America, Europe, Asia and the Middle East. Recent investment has added new routes and improved facilities. Currently there are 30 airlines servicing over 100 destinations around the world, more than any other Scottish airport.
TRAIN
• 324 weekly flights to/from London (1 hour flight time)
• Central Station - 29 million passengers per year and the major commuter hub
• 9.7 million passengers in 2018
• Queen Street - £750 million improvement programme • Edinburgh - 50 mins • Manchester - 3 hrs 30 mins • London - 4 hrs 30 mins
SUBWAY
• 23 trains per day direct to London
• undergoing a £300 million refurbishment
• 8 trains per hour to Edinburgh
• 13 million passengers per year • 15 stations • Runs every 4 mins during peak times
https://www.glasgowairport.com/destinations/destination-map/
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destinations
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BELL STREET G L A S GOW
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Bell Street Apartments strike an attractive balance between classic elegance and modern design. The building is ideally positioned only 11 minutes away from Glasgow Central Station, where the new HS2 connection is expected to significantly drive up regional value.
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Area Map
POINT OF INTEREST
1
Glasgow High Street 4mins
HAMILTONHILL
3
5 3
7
4mins
4 St. Enoch Shopping Centre 15mins /
4mins
Glasgow Central Station 19mins /
PORT DUNDAS
Glasgow People’s Palace 9mins /
Argyle Street Station 11mins /
6
Celtic Park Football Stadium 9mins /
5mins
5mins
7mins
Glasgow Airport 15mins
WOODLANDS
AMENITIES
GLASGOW
2
1 BELL STREET
7
GLASGOW
2
8 7
6 5 4
3
1
3
Morrisons Supermarket
4 Tesco Express Store 5mins
PROFESSIONAL/FINANCIAL 3
1 4
1 1
3
3
TRONGATE CALTON
TRADESTON 2
25mins /
6
6mins
4 JPMorgan Chase & Co 22mins /
6 6
8
7mins
KPMG 11mins /
7mins
6mins
BNP Paribas Securities Services 24mins /
7mins
Morgan Stanley
Standard Life 22mins /
7mins
PwC 24mins /
7
5mins
Ernst & Young LLP 21mins /
5
2
Deloitte LLP 14mins /
2
1
EGLINTON TOLL
The Barras Market 3mins
1mins
5
4
PLANTATION
2
Coffee Shop 1mins
1
WOODLANDS
17mins
UNIVERSITIES
1
University of Strathclyde 9mins /
3
2mins
2
Glasgow Caledonian University 23mins /
7mins
University of Glasgow 14mins /
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2
10mins 27
Comparable Map HAMILTONHILL
PARK QUADRANT 2 Bed Av. Price - £513,998 Av. PSF - £494
G3 SQUARE
WOODLANDS
NORTH BRIDGE
CITY GARDEN APARTMENTS 1 Bed Av. Price - £213,400 Av. PSF - £325 2 Beds Av. Price - £274,983 Av. PSF - £336
PORT DUNDAS
SOUTH FREDERICK STREET
1 Bed Av. Price - £213,250 2 Bed Av. Price - £344,875 Av. PSF - £337
GERMISTON
2 Bed Av. Price - £182,000
INGRAM STREET
1 Bed Av. Price - £175,000 2 Beds Av. Price - £235,000
2 Bed Av. Price - £270,000
GLASGOW WOODLANDS
HAGHILL CAMLACHIE
PLANTATION
BELLTRONGATE STREET
TRADESTON
Studio Av. Price - £138,000 Av. PSF - £356 1 Bed Av. Price - £157,800 Av. PSF - £262 2 Beds Av. Price - £195,900 Av. PSF - £253
CALTON
NEWBANK
EGLINTON TOLL
For more information, please speak to one of our consultants.
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Computer generated images are intended for illustrative purposes only
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• • • •
Walnut veneer apartment entrance and internal doors Chrome ironmongery Satinwood finish to internal skirtings and architraves White emulsion walls in living areas and bedrooms
FLOORING • Walnut laminate to hallways and living areas • Carpets to bedrooms • Tiling to bathrooms and en-suites KITCHENS • Kitchens supplied by UK manufacturer, Howdens: The Greenwich Range (White or Dove Grey) • Square-edged work surfaces with full height splashback • Integrated Candy/Hoover electric oven, ceramic hob and concealed hood • Integrated or freestanding Candy/Hoover or equivalent washer / dryer • Integrated fridge-freezer and automatic dishwasher • Stainless steel sink • Under unit lighting BEDROOMS • Full height, fitted wardrobes in master bedrooms BATHROOMS AND EN-SUITES • • • • •
Sanitaryware supplied by Vitra Shower to en-suites Glazed shower screens Additional shower over bath in main bathroom Tiles walls
Grant Stafford Borthwick Ltd Having already completed the first phase of College Heights in 2017 consisting of 52 apartments, Grant Stafford Borthwick Ltd (GSB) are well equipped to deliver Phase 2 of this impressive regeneration project. Grant Stafford Borthwick have brought together a team of extremely well-versed individuals. Founder Ian Grant is a Partner at a leading quantity surveying firm and has been practising for over 35 years. The leadership team is made up of 5 further directors, each offering extensive knowledge in their personal fields including design, surveying, construction and law. Director Andrew Borthwick has been involved in large regeneration projects in the UK for the past 30 years and has more recently overseen the delivery of the 178 apartment Merchant Building in Glasgow City Centre. GSB are specialising in the revival of the Merchant City and High Street areas of Glasgow.
Developer
Specifications
INTERNAL FINISHES
https://www.grantstaffordltd.co.uk/
ELECTRICAL & COMMUNICATION • LED downlights to hallways, living areas, bathrooms and en-suites • Pendant light fittings to bedrooms • Provision for BT, Sky HD and Virgin Media to living areas and bedrooms
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