Flexible lease contributes to growth
of latest tenant at Masterton Park

Office landlords must be prepared to offer flexible leasing packages to respond to the demand for accommodation from embryonic businesses, according to Alan Murray of Stornoway-based Mackay Property.

His comments follow a recent deal at No 1 Masterton Park, the company's development at Carnegie Campus in Dunfermline. Since taking space on the first floor at Masterton Park just two months ago, the home loans service company, Mortgages By Phone, has already had to recruit new staff to cope with the level of business.

Charles Haresnape, founder of MBP and a former managing director of Bank of Scotland Mortgages, said: 'Demand for our service has grown in line with expectations and the flexible leasing package agreed with our landlord will help us absorb additional growth, which is anticipated towards the end of the year.  In seeking to locate our business, accessibility and quality of accommodation were, of course, extremely important but it was a leasing package suited to the needs of our business that has really paid dividends."

Since moving into No1 Masterton Park, Mortgages By Phone has increased its staff numbers by at least 20 per cent.

Meanwhile, Mr Murray said the structure of the lease made it possible for unused space to be made available to Mortgages By Phone as the need to take on additional staff arose. He added: "As landlords, we need to recognise that new companies are in a different position from more established covenants. A 'one size fits all' approach is no longer relevant."

There remains approximately 16,000 sq ft (1,466 sq m) available to let within No 1 Masterton Park, either in whole or in suites from 2,500 sq ft (233 sq m) upwards.

Montagu Evans and Ryden are joint letting agents.

Occupants at the development include the national house-building firm, George Wimpey, which relocated its Scottish HQ from west Edinburgh in 2003.

 

FIFE TO RETAIN RSA FUNDING

Fife is set to retain its current status as an Assisted Area eligible for Regional Selective Assistance (RSA) funding from the Scottish Executive. This scheme is aimed at encouraging investment and job creation in areas of Scotland designated for regional aid under European Community law, and is available for businesses of all sizes.

The present Assisted Area map expires at the end of 2006 and the revised proposed assisted areas map is now with the European Commission for final approval. The revised map has Fife retaining its RSA status, whilst West Lothian, the Borders and much of the previously designated areas around Glasgow have lost their RSA status.

This is a welcome boost to Fife and will ensure the region remains attractive as a location for businesses of all sizes.

Further information on the availability of Regional Selective Assistance and how to apply can be found on the Government website www.rsascotland.gov.uk.