The finalists in Deal of the Year sponsored by PMP have been announced for the annual Scottish Property Awards.

With a little over two weeks until the biggest celebration in Scottish commercial property, eight deals have been selected by the judging panel. The 2023 winner will be decided by the judging panel.

The shortlist which includes deals in Aberdeen, Edinburgh and Glasgow has been chosen by the judging panel based on a range of measures including risk, value, complexity, size and significance.

Very many thanks to our long loyal programme sponsors Peace Recruitment and PMP for their support.  We are all looking forward to seeing you on Thursday 23 February at the EICC.

The PMP Deal of the Year Finalists:

-        177 Bothwell Street Sale by HFD Property Group to Pontegadea (HFD Property Group, Pinsent Masons, Pontegadea, CBRE, Axiom)

177 Bothwell Street is the largest multi-occupancy building in Glasgow and expected to generate £2.8bn of GVA to the Scottish economy. A market leader in its ESG credentials, the building was fully pre-let and attracted record high rents. The sale to Pontegadea brought the end of the journey for this landmark development by HFD which collected the award for Development of the Year in the 2022 Scottish Property Awards.

-        2 West Regent Street, Glasgow Letting to Wizu Workspace (WH West Regent Street, Wizu Workspace, Avison Young, G8 Consult, Edgar Property Solutions, Brodies LLP, Blackadders)

Avison Young and G8 Consult were appointed to find new opportunities with the early exit of a previous tenant. They targeted the flexi workspace market and secured Wizu Workspace bringing them to Scotland for the first time with a 10 year lease over 3 floors.

-        Cadworks Building, Glasgow. Lease to OVO Energy Ltd. (Fore Partnership, Ryden, Savills, Avison Young, Cuthbert White, Dentons, Clyde & Co.)

OVO Energy Ltd chose Glasgow for its new Scottish hub and with a high spec requirement for a sustainable building chose Cadworks over stiff competition in what was to become the largest office letting in Glasgow City Centre in 2022.

-        Central Quay, Hydepark Street, Glasgow. Sale by XLB Property. (XLB Property, Avison Young and Burness Paull)

The combined sale of a development site and partially vacant office building was under pressure due to time constraints, dwindling market conditions and planning restrictions.

-       20 Brandon Street, Edinburgh. Lease assignation to Blackrock (Blackrock, abrdn, JLL, Savills)

In a complex lease assignation, abrdn’s operational business successfully assigned their leasehold interest to Blackrock in what was one of the largest deals outside of London during 2022. JLL for Blackrock, Savills and JLL for abrdn.

Abrdn owns the building and this complex letting involved a lease surrender back to Abrdn and a new lease agreement between Abrdn and BlackRock. JLL for Blackrock Savills and JLL for Abrdn.

-        Haymarket One, Edinburgh. Final Pre lets (QMile Group, Deloittes, Shoosmiths, Dentons)

Three deals totalling 48,000 sq ft for Deloittes, Shoosmiths and Dentons, brought Haymarket One to fully let status prior to completion.

-        Haymarket, Edinburgh. Lease to Edinburgh City Council for new Hyatt Centric Hotel. (M&G Real Estate, QMile Group, Hyatt Hotels, Edinburgh City Council)

This 25 year lease to Edinburgh City Council to manage and operate a new Hyatt Centric Hotel under a franchise agreement is another major innovation in the development of Haymarket. The new 200,000 sq ft, 349 bedroom hotel is expected to bring further positive impact to the economy and a new training hub for the hospitality sector.

-        The Silver Fin Building, Union Street, Aberdeen. Letting to Shell. (Titan Investors, CBRE , Shell, FG Burnett, Shepherd & Wedderburn, Knight Frank, Womble Bond Dickinson)

A 10-year lease for Shell and move to 100,000 square feet involved relocation from their 50 year presence at Tullos Campus. The move has created significant economic impact and new regeneration opportunities for the city centre.