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shortbread

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  1. Good News, John Lewis Aberdeen will reopen! There were fears initially when JL announced reopening of the Scottish stores last week but said the Aberdeen store would remain closed. The big department store on George Street is among the last remaining ones in Aberdeen. https://www.pressandjournal.co.uk/fp/news/aberdeen/2322548/aberdeens-john-lewis-spared-as-retailer-announces-eight-stores-wont-reopen/
  2. THE KNIGHT FRANK GLOBAL RESIDENTIAL CITIES INDEX, Q1 2020 150 GLOBAL CITIES RANKED BY ANNUAL % CHANGE (Q1 2019-Q1 2020) RANK 65, London: +4.6% RANK 66, Manchester: +4.6% RANK 83, Glasgow: +3.1% RANK 84, Bristol: +3.1% RANK 86, Edinburgh: +3.1% RANK 118, Exeter: +0.8% RANK 131, Birmingham: -0.5% RANK 141, Oxford: -3.1% RANK 142, Aberdeen: -3.5% https://content.knightfrank.com/research/1026/documents/en/global-residential-cities-index-q1-2020-7274.pdf
  3. Property developers are the most influential business groups in Aberdeen, much more so than O&G organisations. They advertise heavily on local media and work very closely with the city council. That said karma is a B!tch. So despite all the nonsense the local rags present as 'property news' or the red carpet rolled out by the city council, this nexus can do very little to alter the dynamics of demand and supply.
  4. Affordable housing waiver for city centre development to continue until 2022 https://www.pressandjournal.co.uk/fp/news/aberdeen/2306300/affordable-housing-waiver-for-city-centre-development-to-continue-until-2022/ The Triple Kirks re-development Saga August 2011: Stewart Milne Office Complex. STEWART Milne Developments has welcomed the granting of planning consent for the redevelopment of the Triple Kirks site in Aberdeen to create 72,600 sq ft (6750 sq m) of Grade A office space in the heart of the Granite City. September 2013: Dandara Office Complex. Triple Kirks work underway in Aberdeen 'by end of year' says developer Dandara. Built in the 1800s after being designed by architect Archibald Simpson, the redbrick tower and spire has been lying derelict since the 1970s. Property developer Dandara has bought the site from Stewart Milne Group. It intends to begin a £20m seven-storey development around the building's spire. The aim is for the office space - called The Point - to be ready by late 2015. June 2014: Dandara 80k sq ftOffice Complex. Commercial property experts attend the official launch of The Point at Aberdeen's historic Art Gallery on June 12. The Point, Dandara's flagship development, is an investment in the region of £20m, commanding the finest streetscape in the beating heart of a city which sets the tone for the global energy industry. This new development will provide 80,000 sq ft of grade-A office space and will be connected to all of Aberdeen's modern amenities and key business locations on the site of Archibald Simpson's famous Triple Kirks. August 2015: Dandara Student Accomodation. Developer Dandara wants to create 337 units for students in the heart of the city. The development was originally going to be office space but Dandara then said there had been a change in market conditions. Gavin Wyley, managing director of Dandara in Aberdeen, said: "Our focus is on securing the future of the former Triple Kirks site, bringing new generations of city centre residents into Aberdeen by creating the city's premier student accommodation. Demand for high quality live/study accommodation in Aberdeen is far outstripped by supply - we hope to address some of that imbalance through the regeneration of the site." October 2018: Dandara 'NOT' Student Accomodation. Triple Kirks development will no longer be just for students after council decision. Council planners have given a developer permission to let non-academic residents live in a £20million student accommodation development. Dandara submitted an application to overturn a building condition for its 342-bed Triple Kirks development to be solely for students in October. The move came following a change in city council policy that was approved in September, which allows developers to waive affordable housing contributions for the next two years if they create residential developments of less than 50 homes within the city centre. NOW: Dandara The Point. The development’s prime central location, excellent links to the city’s main transport hubs, retail and leisure amenities, meets the demand from the large number of highly skilled temporary and specialist contract workers who relocate to the city each year. This landmark development comprises 342 Build-to-Rent apartment within 5 minutes’ of Aberdeen city centre and features a mix of 50% studio apartments and 50% en-suite rooms with a shared kitchen-living room. Additional facilities include: Amazon delivery, gym, cinema room, break-out area, library, 2 large kitchens (available for rental), and a coffee shop. Superfast broadband and all utility bills are also included. https://dandarabtr.com/planned-btr-developments/the-point-btr-apartments-aberdeen/ That ugly monstrosity (albeit beauty in the eyes of the.....) is a stark contrast to the initially approved designs.
  5. More City Centre homes ..... https://www.eveningexpress.co.uk/fp/news/local/plans-approved-to-build-140-homes-on-site-of-former-aberdeen-office-building/
  6. A detailed article on Aberdeen's current challenges in the Guardian. https://www.theguardian.com/politics/2020/jun/25/britain-beyond-lockdown-can-we-become-cleaner-coronavirus
  7. Highland, Perth and Aberdeen rank highest for job retention scheme claims These figures does not include unemployed/economically inactive people in each area. https://www.insider.co.uk/news/area-highest-rate-people-furlough-22181293
  8. Aberdeen empty homes total triples in four years I suppose this then does not include homes that are currently undergoing 'repair/alterations', thus exempt of council tax. https://www.scottishhousingnews.com/article/aberdeen-empty-homes-total-triples-in-four-years
  9. High rise structures means the council generates more business rates/council tax revenue. That is all they are thinking about right now, servicing the councils massive debt pile.
  10. Scottish property market prepares for short-term surge as lockdown eases
  11. RESIDENTIAL CONVERSIONS: The impending boom in Aberdeen city centre residential property supply! Anyone driving about the city centre lately would have noticed hundreds of 'to-let' signs dotted around various commercial/office spaces all over Aberdeen....Union terrace, Albyn place, Carden place, Queens terrace, Golden sq, Union street, Skene street & terrace. Most of them are listed buildings and cannot be knocked down and un-affordable to keep them empty due to the high business rates..... so what next? Say hello to 'Residential conversions'. Recently the Knight Frank property report did highlight this fact: Filtering through the news quite a few of these conversions are now happening: 228 Union Street: Plans have been lodged to transform an office block in Aberdeen city centre into flats. https://www.pressandjournal.co.uk/fp/news/aberdeen/2259200/former-aberdeen-pub-to-be-turned-into-flats/ The East Neuk, King Street: former Aberdeen pub is to be converted into much-needed affordable homes. https://www.pressandjournal.co.uk/fp/news/aberdeen/2259200/former-aberdeen-pub-to-be-turned-into-flats/ North Silver Street: A building warrant has been submitted to the local authority which would see the former office building on North Silver Street, which has B-listed status converted into flats. https://www.eveningexpress.co.uk/fp/news/local/plans-lodged-to-turn-aberdeen-office-into-flats/ Victoria Road School, Torry: Plans by Grampian Housing Association (GHA) to redevelop the former school in Torry into 50 affordable homes have progressed with the submission of a planning application. https://www.scottishconstructionnow.com/article/housing-association-submits-aberdeen-flats-proposal-for-planning Custom House, Guild Street: Aberdeen planners have approved an application to transform a vacant office block into more than 40 residential flats with a commercial unit on the ground floor. https://www.eveningexpress.co.uk/fp/news/local/plans-to-transform-vacant-aberdeen-office-block-into-40-flats-approved/ Bauhaus Hotel, Langstane place: The Aberdeen city centre hotel could be converted into student flats under new proposals. The Bauhaus hotel only opened in 2009 after the remodelling of a former five-storey storage building. But owners have had the property on the market for the past 18 months, apparently with little interest. https://www.pressandjournal.co.uk/fp/news/aberdeen/1948937/aberdeen-city-centre-hotel-could-become-student-flats/ In a couple of years time one can see a lot of higher quality city centre flats coming onto the market. This is likely to put a lot more pressure on dilapidated btl flats in old granite buildings that are lying empty.
  12. That must be the world's best kept secret! Only 5000 people and half a dozen folk that read this thread. No wonder it didn't make the headlines.
  13. Global supply has'nt been destroyed, they have been capped. Both Iraq and Nigeria are flouting the cuts as they need to keep pumping more oil to keep their countries afloat. More than a billion barrels currently in storage that the world knows of. OPEC+ will need to raise production as the current low volumes is not sustainable, they have books to balance especially the Saudis. Tripling VAT from 5 to 15% will only add so much to the Saudi exchequer. Then there is the biggest player, US shale. Just last week: EOG Resources Inc., America’s largest shale-focused producer, plans to “accelerate” output in the second half after shutting in about a quarter of its crude in May. Permian producer Parsley Energy Inc. is also turning wells back on just weeks after closing the taps, and producers in North Dakota’s Bakken formation are also easing the rate of shut-ins. Based on current budget tweaks announced by explorers, as many as 50 frack crews could still be added by the end of the year, with that number doubling if oil prices move closer to $40 a barrel, according to data provider Coras Research LLC. Pioneer's Scott Sheffield has said that they have cut Service costs again by 20% and aiming for 30%. He's speaking of drawing oil in 8 days compared to previous 18. Shale producers are like cockroaches, you may kill a few but cannot get rid of them. The entire business model is very elastic with rapid turn around times. The moment Texas crosses $40 more of them will be back. Lenders are wary after multiple crisis but with credit so cheap Shale producers will find funds one way or the other. Plus we have not even taken into account of the likes of Iran and Venezuela that's currently offline. Commodity speculators will push up oil prices, no doubt. But once production and supply increase and storage fills up things come crashing down....again!
  14. House prices are slow in reacting to economic events, 1-2 years behind. 2019 calendar year saw house prices in Aberdeen decline at a faster rate although the local economy started showing signs of stability. Any recent data might be unreliable due to the lack of transactions brought about by the lockdown. I think Aberdeen will continue with its slow decline over the next year, after which we are likely to see sharper decline in House prices caused by the current crisis. The thousands losing jobs/income will hit the property market, no doubt. Albeit the blow has been softened by things like business grants, furlough schemes, mortgage holidays etc. So there will definitely be a lag. Will see a faster reaction in the rental market due to the struggle to find tenants. This will help one gauge how bad the demand and supply situation is.
  15. The city Council is deep in debt and their credit rating was recently lowered. Their strategy to get out of this mess is to build more homes in Aberdeen.
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