Experience
The One That Got Away
Letting to a Topless Car Wash operator in an industrial unit – client approved use but operator secured property in Paisley and started the town’s first Topless Barbers (short tenure as closed down for selling marijuana).
Amazon in Scotland
Acting on behalf of Scottish Enterprise Renfrewshire secured Amazon on a lease in the former 300,000 sq ft IBM facility in Gourock. This was Amazon’s first warehouse in Scotland and they were particularly attracted by the local vernacular of Inverclyde.
Strategic Land
Introduced site in Eskbank, Midlothian to Gladman for land promotion. Gladman promoted the site through the local development plan process and was successful in having the site allocated for a 120 unit residential development in the Proposed Local Development Plan via an appeal to the Scottish Government. The site was subsequently sold to Dandara for circa £11M. Following this I was retained by Gladman on a part-time basis as a land agent.
Expert Witness
As a registered HKICS (Hong Kong Institute of Chartered Surveyors) valuer for First Pacific Davies I was a regular feature for 2 years at the Hong Kong Lands Tribunal dealing with valuation disputes. Money is God in Hong Kong. Great fun.
Most Challenged Planning Application in Scottish History
Acting on behalf of Scottish Enterprise secured developer (who also operate Flamingo Land) for a 44 acre site at Loch Lomond. The planning application received over 52,000 objections, a new record, because of the National Park status. Application was withdrawn and is expected to be resubmitted. Perfect example of the power of social media and the spread of misinformation!
Golden Arches
Valued 235 McDonalds restaurants in Hong Kong. Never eaten a Big Mac again.
Soller Group
Acquired former garage site adjacent to Piping Centre in Cowcaddens, Glasgow and subsequently became a stakeholder in Soller. After 2 years planning was consented for a 301 bed student accommodation (50% cluster/50% studio) and build commenced early 2018. An agreement to lease was agreed with The Royal Conservatoire of Scotland. Construction was completed and the building handed over in October 2019. This prime investment is currently being marketed globally by Knight Frank International.
Soller Group has also acquired a development site in the International Financial Services District (IFSD) in Glasgow. Planning Permission in Principle has been granted for a 200,000 sq ft (net) 13 storey office building and detailed consent is anticipated end 2020. This prime location has recently attracted new developments for Barclays Bank (500,000 sq ft), HMRC (200,000 sq ft), JP Morgan (200,000 sq ft) and Virgin Money (110,000 sq ft). CBRE and Ryden are the marketing agents.
Best Cashline Location
On behalf of Bank of America, secured a long lease for a cashline machine at the entrance to a casino and brothel in Macau. This transaction took place prior to handover to China in 1999 when the Triad power struggle was likened to Chicago in the Al Capone era. Very interesting negotiation and formed good relationship with owner.
“In the Jai Alai Show Palace, a stripper named “Judy” performs before a dozen customers in a nightclub that normally attracts hundreds. The manager says business is down by 50 per cent. The reason is fear of violence as rival gangs battle for control of the Portuguese colony’s lucrative gambling and entertainment business.
In fact, the 4,500 police in Macau — a popular weekend getaway for residents of nearby Hong Kong — are now outnumbered by gangsters, according to police.
And it’s not just strip joints where fear means fewer customers. Hotels, night clubs, massage parlors and Macau’s many casinos also report that business is down.
Macau, whose economy and very livelihood depends on its nightlife, has been rocked by a series of murders, bombings, stabbings and arson attacks in recent weeks. More than a dozen deaths and scores of beatings and injuries have been attributed to gang violence so far this year.That compares with 21 murders reported last year in the enclave of 445,000 people
After the latest wave of gangland warfare, heavily armed police fanned out across Macau last week in search of drive-by hitmen who gunned down three men in the heart of the city at midday. A senior police officer said the victims were “pretty well known triads” — or members of Mafia-like Chinese criminal societies. The three were lieutenants of gang boss called Broken Tooth Koi, whose “14K” triads have been shooting it out with another group, the “Shiu Fong.”
The stakes are enormous. Fifty per cent of Macau’s gross national product comes from gambling. The turf war erupted, fueled by a slowdown in Macau’s economy that has cut the gangsters’ profits. For years, the triads have thrived, in uneasy coexistence with the government, by running the loan sharking, smuggling and flesh trade surrounding the casinos.
Now, that coexistence has been shattered. “The population is shocked,” says Anabela Ritchie, president of the local legislature.
Police sources estimate the “14K” triad, boasting some 5,000 members, is on the wane despite outnumbering its rivals.
Its arch-enemy, the “Shiu Fong” or “water room” triad, sometimes known as the Won On Lok, has about 3,000 members and its influence appears to be growing.
The Hong Kong-based “Sun Yee On” triad also has a sizeable presence in Macau, but its tentacles are believed to be restricted to specific gambling-related businesses.
The Dai Huen, or “Big Circle,” gang is said by police to be a “loose grouping” of criminals from China’s southern Guangdong province which borders Macau.
China is due to take control of Macau, a Portuguese outpost for more than 400 years, in 1999. Two years later, the franchise for all the casinos in town, currently held by Hong Kong tycoon Stanley Ho, will expire.
The current bloodshed may also be the opening salvo as the triads jockey for position in Macau after the handover.
(Source: CNN 16th May 1998).
London Docklands
In the early days of the London Docklands redevelopment, in 1984, was responsible for all on site sales for Alfred McAlpine Homes for the Surrey Quays development. Was always popular week before each release of ‘affordable’ units to local council tenants. Always difficult buying a pint in The Brunel and got to know the names of all the rottweilers and pit bulls in Rotherhithe. Regular at the Old Den.
The London Docklands Development Corporation (LDDC) was a quango agency set up by the UK Government in 1981 to regenerate the depressed Docklands area of east London. During its seventeen-year existence it was responsible for regenerating an area of 8.5 square miles in the London Boroughs of Newham, Tower Hamlets and Southwark. LDDC helped to create Canary Wharf, Surrey Quays shopping centre, London City Airport, ExCeL Exhibition Centre, London Arena and the Docklands Light Railway, bringing more than 120,000 new jobs to the Docklands and making the area highly sought after for housing. Although initially fiercely resisted by local councils and residents, today it is generally regarded as having been a success and is now used as an exemplar of large-scale regeneration, although tensions between older and more recent residents remain. (Source: Wikipedia).
Silk Group
Acquired 3 riverfront sites on Clyde Street, Glasgow for redevelopment. Riverside House, a former office building, has now been converted into a 77student studio residence. Riverside Tower, a new 290 bed 17 storey development, is nearing completion and has secured Accor Hotels for its 4 star ‘Tribe’ brand (opening 2020). The former Unite the Union office block will shortly be demolished to make way for the 214 bed 17 storey Typographical Tower development which will be operated by Accor trading as Ibis Budget. Another 14 storey office development is planned in the near future. Total GDV will be circa £120M.
Silk Group were the first developer to acquire in the St Enoch Quarter, and have transformed this prime part of the River Clyde which has lain neglected for many decades.
Largest Industrial Estate in Scotland
Acted as agent for over 12 years at Hillington Park for both CBRE and Avison Young. The estate, where Merlin engines for Spitfires were manufactured by Rolls Royce, was built after the second world war and became Scotland’s largest industrial estate with over 500 companies and 20,000 employees over 4M sq ft. I was responsible for in excess of 300 transactions. Strangest letting was to a shark retailer who thought people would move on from owning dangerous dogs to dangerous fish – the tenure was a sometimes violent, bloody and sore experience before the tenant got pulled under and never returned from the murky depths.
Partick Thistle Football Club
Acting on behalf of Three Black Cats, which was owned by Colin Weir, carried out extensive search Glasgow wide and secured a development site for a new training facility for Partick Thistle Football Club. Colin and his wife became the UK’s biggest lottery winners with a £161M win. Colin was a lifelong Jags supporter and intended to acquire and fund the development. However, an opportunity to acquire a 55% majority stake became available (which he pledged to the fans) and the training facility development was dropped. Sadly, Colin passed away in December 2019.
Grey Dunn Biscuit Factory
Acting on behalf of Ivyhouse Investments, whilst at Avison Young, advised client on this disposal of a prime Glasgow development opportunity. The former chocolate biscuit factory, famous for its Blue Riband and Breakaway biscuits, closed in 2001. The property was sold for £9M to a developer for self-storage and office development in December 2007. During the contract negotiations the purchaser alerted us to problems with the banks in London. This was the prelude to the Lehman Brothers collapse in September the following year.
The purchaser was funded by one of the Irish toxic banks and subsequently went under. NAMA then sold the building for circa £400k. The buildings were demolished but the site lies derelict to this day.
Lehman Brothers was a global financial services firm. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), doing business in investment banking, equity and fixed-income sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.
On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic losses in its stock, and devaluation of assets by credit rating agencies, largely sparked by a loss of confidence, Lehman’s involvement in the subprime mortgage crisis, and its exposure to less liquid assets. Lehman’s bankruptcy filing is the largest in US history, and is thought to have played a major role in the unfolding of the financial crisis of 2007–2008. (Source: Wikipedia).
Cessna Flight
At client meeting in Guernsey it was suggested that either my colleague, Martyn Brown or I should fly his Cessna. On the flip of a coin I called heads and flew it round the island and had a very interesting landing. Upon our return to Glasgow, Martyn ‘s first port of call was the laundrette.
Wheatley Group
Advised Lowther Homes (subsidiary of Wheatley Group) on £14M acquisition of portfolio of 150 apartments in Central Scotland.
Bank of America
A team from First Pacific Davies Corporate Real Estate team were seconded to Bank of America head office in Hong Kong to asset manage their property portfolio throughout the whole Asia Pacific region (1994 to 1997).
Major projects in Hong Kong that Malcolm was involved with included the development of a strategy for 250,000 sq.ft of office space and the development and implementation of a strategy for the retail branch network.
Other major projects in the Asia Pacific region included transactions in the following cities: Melbourne; Sydney; Macau; Tokyo; Kuala Lumpur; Hanoi; Guangzhou and Hong Kong.
Poorest lease negotiation was in Hanoi with the landlord, ‘The Dragon Lady’. It took place in a grand ballroom in an old colonial hotel. As I was about to reel off numerous nuggets of comparable evidence we were presented with a giant birthday cake with 5 candles (5 year renewal !) and she sang happy birthday to Bank of America. We ate the cake, drank the tea and accepted her proposed terms with no argument!
Bank of America confronted the prospect of failure yet again; this time during the financial crisis of 2008-09. A new generation of leaders was at the helm. And, as new leaders are apt to do, they threw caution to the wind. They embarked on a series of massive acquisitions, two in particular, that would eventually leave the bank at the mercy of the federal government for the third time in a century.
In 2005, Bank of America bought credit card giant MBNA. It did so to create, as then-CEO Ken Lewis said, “the country’s top retailer of financial services with the size and scale to drive distribution and marketing efficiencies.”
But Bank of America’s affinity for MBNA soon waned as losses from the combined company’ credit card division mounted. It wrote off $20 billion in bad credit card loans in 2008, $29.6 billion in 2009, and $23.1 billion in 2010, split between provisions for loan losses and a goodwill impairment charge to the book value of the credit card franchises. In these three years alone, Bank of America charged off $60 billion more than its normal $4-billion-a-year run-rate for bad credit card loans.
“In the boom we pushed cards through the branches and in mass mailings,” CEO Brian Moynihan later said to Fortune’s Shawn Tully. “To drive growth we gave cards to people who couldn’t afford them.“
In 2008, Bank of America compounded its problems by acquiring Countrywide Financial, the largest mortgage originator in America at the time. It was a blunder of unprecedented proportions. Countrywide had long-since abandoned any semblance of prudence and integrity when it came to underwriting and selling mortgages. Its property appraisers inflated home values. Its loan officers helped applicants fudge their income and assets. And its capital markets team misrepresented the quality of the resulting mortgages to institutional investors like Fannie Mae and Freddie Mac.
Largest Logistics Park in Scotland
Eurocentral was the name given to a former factory near Holytown in North Lanarkshire, Scotland operated by the Taiwanese television parts manufacturer Chunghwa Picture Tubes. The factory is infamous because it was built using large amounts of taxpayers’ money but was demolished within 10 years.
Originally designed as a factory to produce cathode ray tubes for use in television sets and monitors, the rapid rise in popularity of LCD and plasma televisions contributed to the huge losses made by the Chunghwa company.
Opened in 1996, by Donald Dewar and the Queen, the factory was expected to create 3,000 local jobs. However, employment never rose above 1,200 and the factory was empty by 2003. The company was forced to repay £8 million of the £20 million it received from the government.
The factory was demolished, and the site developed into a mixed use commercial and business park.
In 1999 acting for CBRE, on behalf of RBS/Scottish Enterprise/ Muse, Malcolm was responsible for over 700,000 sq ft transacted at the commencement of Eurocentral as Scotland’s largest logistics park located on the M8 between Glasgow and Edinburgh. Malcolm acted in various capacities for various clients and has in depth experience including the following:
- Amec/Royal Bank of Scotland/Scottish Enterprise Lanarkshire – development consultancy for phased development of warehousing in excess of 500,000 sq.ft, and 3 pre lets (all in excess of 100,000 sq. ft) to Wincanton & British Bakeries;
- Tritax – advice and letting to NCR of the former Lite On production facility (140,000 sq ft);
- Finsbury Food Group – advice on acquisition/assignation of Artemis building, 72,000 sq. ft.
In 2010, driven by tax incentives without any heed of market demand, Maxim Business Park was constructed totalling over 750,000 sq ft of offices in 10 buildings. In 2020 circa 500,000 sq ft remains vacant. It is, without doubt, Scotland’s best logistics location and, as proven, Scotland’s worst office location.
Residential Development Experience
Royal Zoological Society of Scotland – Former Glasgow Zoo, Uddingston – 12 acre site. Located in Community Growth Area and residential use supported. Many physical constraints including mineshafts, mains services, flooding, ancient woodland, Japanese knotweed and made ground. Planning statement provided to support marketing. Sold part of site to Miller Homes in 2015 and remainder to Balfour Beatty for 43 homes.
Westpoint Homes – introduced Seafield House site to Westpoint Homes in Ayr for 27 detached unit development. This was an off-market transaction.
Trail Family – 15 acre Sawmill Field site in Helensburgh. Sold to Bellway Homes for 145 units.
Argyll and Bute Council – Former Hermitage Academy, Helensburgh – 9 acre site. Previous residential planning consent lapsed. Client sold social housing element and provided site access and infrastructure prior to marketing private housing development site. Sold to Taylor Wimpey for 96 unit development.
Scottish Enterprise – West Riverside, Balloch, Loch Lomond – 45 acre site. Problematic site due to leases, flooding, oil pipeline (Finnart to Grangemouth), TPO, public pier head and access. Secured developer (subject to planning) for mixed use including residential chalets, hotel, leisure and glamping.
Doosan Babcock – Glasgow Road, Dumbarton – 5 acre development site. Adjacent to bonded whisky warehousing. Planning permission in principle for residential granted via two separate applications due to the COMAH Regulations. Sold to Avant Homes in 2014.
NHS Ayrshire and Arran – Former Holmhead Hospital, Cumnock – 5 acre site. Demolition to ground level and residential planning permission in principle granted prior to marketing. Sold to Auberne Homes in 2015.
NHS Lanarkshire – Former Alexandra Hospital, Coatbridge – 5 acre site. Demolition to ground level and planning permission in principle for residential granted prior to marketing. Secured Dundas Estates as purchaser, however client withdrew property from market.
North Ayrshire Council – Former Shell Refinery, Ardrossan – 45 acre site. Former oil refinery. Reviewed joint venture agreement between Peel and Irvine Bay URC and offer from Persimmon Homes. Site requires remediation and new sea wall defence. Proposal for marina development in addition to residential, retail, office, restaurant/bar and boat yard development. Strategy report regarding phasing and marketing provided 2016.
NHS Ayrshire and Arran – Ayrshire Central Hospital, Irvine – 25 acre site. Listed buildings on site. Provided marketing strategy for residential development.
Ministry of Defence – Former Navy Buildings, Greenock – 3 acre site with 100,000 sq ft dilapidated office building. Problematic site due to costs of service provision, demolition and access. Sold to Drum Property Group for flatted residential development.
KPMG – Valuation, planning advice and disposal for part completed residential developments in Inverkip and Lesmahagow. Also disposed of residential sites in Hamilton and Paisley for care home use in 2014.
Miller Developments
Introduced the former 63 acre BASF colour pigment manufacturing plant in Paisley. Miller Developments acquired it unconditionally in October 2015. The site was identified as a perfect opportunity to progress their strategy of acquiring land that offered the prospect of a change of use planning consent. Immediately post acquisition, they let a building contract for the demolition of all buildings on the site as well as other site clearance works.
A comprehensive planning application was lodged in March 2016 for residential use. Planning consent was obtained in December 2016 for 486 units. Taylor Wimpey and Miller Homes.
Aberdeen Standard Investments / Ediston Properties
Newbridge, Edinburgh – Acquisition of 62 acre, former Uniroyal Tyre Factory site for circa £13M. Subsequent development consultancy role, site is now zoned for residential development in current LDP with a capacity of 500 units.
Pacific Quay Developments (Glasgow)
Acquisition of prime riverfront site that has lain derelict for over 2 decades, despite CBRE and JLL marketing it for office development for over 16 years ! The site is located at Pacific Quay in Glasgow, opposite The Hydro and Scottish Events Campus, which is planning to extend by another 200,000 sq ft.
The development has been designed to Holiday Inn specification and will provide:150 executive bedrooms; river views; conference and meeting rooms; co-working space; restaurant/bar; and roof and waterfront terraces. It will be the first development on the south bank of The River Clyde to interact with the walkway.
Pearson Property Promotions
Acting on behalf of the landowner, promoting this 8 acre site on the eastern approach into Helensburgh for mixed use development. Part of the site is within the 200 year flood plain which restricts development to the higher levels.
The eastern end of Helensburgh has witnessed much regeneration with the relocation of Hermitage Academy, the Waitrose supermarket, and the residential developments of Dunbritton Housing Association and Taylor Wimpey. In addition, Bellway Homes have submitted a planning application for the creation of 145 homes on the site immediately to the north of Iona Stables. This application is due to be determined in May 2020. Once completed, this area of the town will have grown by a population of circa 1,000.
Demand has been identified for modern sustainable office space (see HMNB Clyde section), of which there is an extremely restricted supply in the local area. This gateway site at the eastern entrance to Helensburgh is an ideal business park location with its road access, local amenities and public transport links.
It is anticipated that demand would be identified for a family pub/restaurant development to service the business park occupiers and the growing population in this part of the town.
Pre-application discussions indicate that Argyll and Bute Council are supportive of the principle of the proposed development. It is anticipated that the first phase of development totalling 60,000 sq ft will be completed Q1 2022.
HMNB Clyde
Faslane was first constructed and used as a base in the Second World War. During the 1960s, the British Government began negotiating the Polaris Sales Agreement with the United States regarding the purchase of a Polaris missile system to fire British-built nuclear weapons from five specially constructed submarines. In the end, only four were constructed; HMS Resolution, HMS Repulse, HMS Renown and HMS Revenge. These four submarines were permanently based at Faslane.
Faslane itself was chosen to host these vessels at the height of the Cold War because of its geographic position, which forms a bastion on the relatively secluded but deep and easily navigable Gare Loch and Firth of Clyde on the west coast of Scotland. This position provides for rapid and stealthy access through the North Channel to the submarine patrolling areas in the North Atlantic, through the GIUK gap to the Norwegian Sea. At the time it was chosen, the location was also close to the American SSBN base at Holy Loch, which operated 1961–1992. One boat was always on patrol at any given time
HMNB Clyde encompasses a number of separate sites, the primary two being Faslane and RNAD Coulport.
Faslane is also a Defence Equipment and Support site, operated in dual site organisation with Great Harbour, Greenock, by Babcock Marine and Technology, and managed by Serco Denholm.
The naval shore establishment at Faslane is HMS Neptune, Naval personnel appointed to the base who do not belong to a seagoing vessel make up Ship’s Company. Both the Gare Loch and Loch Long are sea lochs extending northwards from the Firth of Clyde. The base serves as home base to Britain’s fleet of Vanguard-class nuclear-powered and nuclear-armed submarines, as well as conventionally armed nuclear-powered submarines, supported by the 43 Commando Fleet Protection Group Royal Marines.
In command of HMNB Clyde is the Naval Base Commander (Clyde), Commodore Donald Doull, who succeeded Commodore Mark Gayfer in Summer 2018. The base is home to a number of lodger units including Flag Officer Scotland and Northern Ireland (FOSNI) (who is also Rear Admiral Submarines), the Northern Diving Group and the Scottish Headquarters of the Ministry of Defence Police. It is base to 3,000 service personnel, 800 of their families and 4,000 civilian workers, largely from Babcock Marine, forming a major part of the economy of Argyll and Bute and West Dunbartonshire.
By 2020 all 11 Royal Navy submarines will be based on the Clyde at Faslane, seeing the number of people directly employed at the base rising to 8,200. In 2018, the Secretary of State for Scotland at the time, David Mundell said: “The UK’s entire submarine fleet will be based at Faslane by 2020. This will reinforce Scotland’s vital role in protecting our country, and guarantee skilled, secure jobs on the Clyde for years to come.” (Source:Wikipedia).
The photograph above is HMS Conqueror returning to Faslane after the Falklands War in 1982 flying a Jolly Roger adorned with torpedoes, a customary act of Royal Navy submarines after a kill.
Conqueror became the first nuclear-powered submarine to fire in anger, launching three Mark 8 torpedoes at General Belgrano, two of which struck the ship and exploded. Twenty minutes later, the ship was sinking rapidly and was abandoned by her crew. General Belgrano was unable to issue a Mayday signal because of electrical failure; this and poor visibility meant the two escorting destroyers were unaware of the sinking until some hours later. A total of 323 men were killed.
Malcolm was working as a boatman on the River Clyde when the photograph was taken and was moved aside by a police launch to make way for the returning vessel, so was close to the submariners as they stood to attention on the deck and flew the Jolly Roger. The Rhu spit was quite a sight that day as it was overcrowded with families and friends waving Union Jack flags.