2023
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Copyright © 2023 — Savills
WELCOME
Welcome back to our fourth edition of ALBA, Savills annual Scottish property publication that celebrates the best of Scotland’s real estate market. Much like previous years, challenges remain, and while we are starting to see the immediate impact of Covid-19 recede, we are now faced with a new set of disruptors. Yet, despite the ongoing economic uncertainty, which has seen a significant change in market dynamics both good and bad, Scotland remains remarkably resilient.
As we continue to grapple with rising inflation, the cost of money, and an increase in returns from other investment asset classes, it is true that almost all elements of the real estate market will be impacted in one way or another, but it is vital to bring some perspective to bear. We only need to look back at recent history, such as the bursting of the dot.com bubble and the global financial crisis that bookended the 2000s, the Scottish Independence Referendum in 2016, and much more recently Brexit and Covid-19 to appreciate the cyclical nature of our markets. Many of us will have navigated through every one of these disruptors, while those new to the real estate market can find comfort in this fact and know that there is always light at the end of the tunnel.
It is unlikely that we will ever witness the ultra-low interest rates and returns seen over the past ten years in the short, medium, or even long term. As a result, property markets are adjusting to this new economic landscape. This is simply part of the continual evolution of the sector, where the role that property plays and how it adapts drives us to continually expand our knowledge, align it with our experience, and offer advice while identifying opportunities. Consequently, the real estate market has proven itself to be highly resilient over time. What’s clear is that innovation and disruption undoubtedly come hand in hand, with serious thought going into how we can change our cities for the better. There are also parts of the market we had never even focused on five years ago, such as the space race, natural capital, ScotWind and ecotourism, to name but a few, which have come to the fore and are here to stay.
To Shetland & Beyond!
The new race for space
The Winds of Change
Powering Scotland's future
In Full Bloom
How Ecotourism is Supporting Scotland's Land & Businesses
In Search of the High Life
The enduring allure of Scotland’s historic properties
Real Estate Expert Insights
Dr Rachel Ann Malcolm & Trish Mujati
Author
Nick Penny
Head of Scotland, UK Investment, Edinburgh
Ultimately, how we embrace these challenges and continue to learn from them will only make us stronger. The real estate opportunities for Scotland remain immense and we look forward to seeing what’s next.
Foreword
Contact
Designing Offices for Social Value
Enhancing the Economic & Cultural Fabric of Scottish Cities
savills scotland
residential
commercial
Rural
EXPLORE THE LATEST EDITION OF ALBA 2025
In Perspective
01
Explore this issue
How Can We Innovate Glasgow’s Real Estate?
Glasgow's dynamic growth is driving new demands for its places and spaces. Our experts share their insights on redefining urban living to meet the city's evolving needs.
02
The Enduring Allure of Scotland's Castles
03
Food for Thought
Eating Out Resilience in Glasgow
The number of new eateries in Glasgow has surprised even seasoned property professionals. John Menzies explores the city's thriving food scene and interviews Teddy Lee, the founder of Maki & Ramen, to uncover the reason behind the chain's success.
04
Green Light
The Eco Trends Shaping Scotland's New Builds
From tree-filled campuses in California to plant-clad skyscrapers in Milan, biophilic design is on the rise. It's no wonder that the same elements are flourishing across Scotland's residential developments.
05
expert insights
with Rachel Malcolm & Trish Mujati
Red Sky Management helps people in both the business and sporting worlds to meet their potential. Here, they bring together two women at different stages in their careers but who share a burning passion for what they do.
06
How ecotourism is supporting Scotland’s land & businesses
Across Scotland, a transformation is underway. Adam Davies explores three businesses that have sustainability in the heart of everything they do.
09
Perfect Day
Things to See and Do in Dumfries & Galloway
Join Alice McPherson on a journey through Dumfries and Galloway, from mountain biking in Ae Forest to exploring historic castles and savouring local cuisine. Discover the beauty and charm of this Scottish region in a day.
08
Moving on Up
The Bank of Mum and Dad
For many first-time buyers, the Bank of Mum and Dad is the only way to get a foot on the property ladder. So, what options and properties are there in Scotland for parents trying to help their children?
11
The New Race for Space
Far away in the isle of Unst, a giant leap for Scotland is underway. When launched, the SaxaVord spaceport will launch satellites into orbit and Scotland towards being a leading space nation.
12
Valuing Scotland
Investing Responsibly in Natural Capital
Can you put a price on Scotland’s natural assets? That is the question facing the Scottish Government, landowners, and potential investors. We consider where the opportunities are across Scotland and how they can be harnessed.
07
enhancing the Economic & Cultural Fabric of Scottish Cities
As Billy Bragg once sang, “Not everything that counts can be counted. Not everything that can be counted counts." Claire Bailey explores the importance of offices in enhancing social value, and how cities can leverage their full potential.
10
Powering Scotland's Future
Fifty years ago, oil was discovered in the North Sea, transforming Aberdeen into the energy capital of Europe. Now, the city faces a new chapter: leading the energy transition through ambitious offshore wind projects.
From rich history to commercial potential, explore why these iconic properties captivate international buyers, investors, and those seeking a taste of Scotland's magic.
Next
Copyright © 2024 — Savills
How Can We Innovate Glasgow's Real Estate?
At last year’s Scottish Property Outlook event in Glasgow, Savills thought leaders shared their insights on redefining urban living to meet the evolving needs of Scotland’s largest city. So, what is driving demand for Glasgow’s places and spaces?
John Menzies
Retail Director, Savills Glasgow
The St Enoch Centre is one of the best examples of innovation in Glasgow.
The shopping and leisure centre, which is one of Savills biggest retail projects in Scotland, has been on a journey of transformation over the last five years. We’ve responded to changing consumer habits to transform what was a failing mall into a thriving destination, which feels relevant once again. We did this by creating a mixed-use focal point in the heart of Glasgow. Now thirteen percent (140,000 sqft) of the total floorspace is dedicated to leisure, entertainment, and food and drink. Introducing major leisure operators Vue, a multinational cinema holding company, and Level X, an immersive entertainment venue, has helped attract over twenty new brands to the centre; all offering customers a chance to shop, eat, and play. This is a visible and leading example .of leasing innovation in retail real estate.
Clare Bailey
Commercial Research Director, Savills
Innovating Glasgow's real estate involves creating urban spaces that align with the city's vibrant cultural identity.
Events like Mela Festival and LGBTQ+ Pride underline Glasgow's commitment to inclusivity. This inclusive atmosphere entices diverse talent, enriching the city's workforce. With iconic museums, street art and music, Glasgow provides a well-rounded lifestyle for professionals who seek cultural immersion alongside their careers. Institutions like Glasgow School of Art and the Royal Conservatoire foster collaboration and innovation. The intertwining of cultural institutions with academia, exemplified by participation in UNESCO City of Music, creates a hub of knowledge exchange. This cultural richness and emphasis on quality of life distinguishes Glasgow, attracting talent and establishing it as a city where harnessing culture drives economic and social growth.
David Cobban
Business Space Director, Savills Glasgow
Two factors have driven innovation in offices: the Covid-19 pandemic and environmental, social and corporate governance (ESG).
What occupiers need and want has changed, they want spaces that support employee productivity and wellbeing. Spaces they want to work in. In sustainable offices, landlords curate spaces for enhanced social interactions among occupants and the wider community. Unique amenities now include cafes, free meeting spaces, podcast studios, gyms, and more. These innovations stem from smart technology, subdivided into human centric, operational focus, management enterprise, and owner investor applications. Smart tech can ensure employee well-being, efficient operations, data-driven carbon reporting, and increased investment value by diversifying income streams and precise ESG reporting.
Emma McDaid
Business Space Associate, Savills Glasgow
Innovation is driving innovation. As Glasgow continues to attract world-class talent and businesses, we need to deliver the spaces they need.
Whether they need lab spaces, manufacturing space, or office-style ‘write-up’ space to perform desk-based analysis, there is currently next to no supply. We need to embrace the fact that innovative sectors such as technology and life sciences will drive the city forwards, and real estate needs to work hard to deliver the facilities they need to support new and growing businesses. But we also need to understand that employees in these fields want many of the same amenities that office workers are now getting. Therefore, we need to consider innovation sectors and businesses when creating Glasgow’s future mixed-use developments.
Alastair Wood
Planning Director, Savills Glasgow
Glasgow has a lot of strategies in place that seek to create an innovative city.
Faisal Choudhry
Research Director, Savills Glasgow
Placemaking and infrastructure lie at the heart of what I consider as innovating Glasgow’s real estate from a housing market perspective.
Most people aspire to live in a place they are proud to call home and that they can afford to maintain. They want to live in a safe and secure community, close to their friends and families, with easy access to places of work, education, shopping, leisure and green spaces. A robust and widespread transport and telecommunications network is a fundamental requirement for innovation and a consideration for Glasgow’s position within Greater Glasgow and eight competing local authorities. Both are key to making not just this city, but the wider conurbation an attractive place to live and work.
Carole Mackie
New Homes Director, Savills Glasgow
New homes are already more energy efficient: on average buyers enjoy a 27% saving on core energy costs in Scotland compared to second hand properties.
We’re now also seeing a greater expectation of EV charging points, solar panels and air source heat pumps, with buyers often choosing car-free developments with cycle storage. Some of the best developments encompass biophilic design, connecting living space with the natural environment through beautifully landscaped spaces. In line with Scottish Government’s ‘brownfield first’ approach, we’re seeing repurposing of the city’s redundant buildings like New Steiner at Yorkhill, which has breathed new life into a former school, and Cottonyards, a refurbished former redundant factory building at New Gorbals. Meanwhile, the Scottish Government’s twenty-minute neighbourhood policy is becoming a reality, with new homes being built no more than a short walk or cycle from local amenities, reducing car dependency. The demands being placed on the sector are not insubstantial, but the result is a swathe of new beautifully designed, cutting-edge developments, making Scotland’s largest city a greener place where people want to live and work.
Bruce Patrick
director mixed use development
Glasgow now has over 92,000 students in Higher Education, the third highest population in the UK.
This fundamental, basic platform from which innovation can then flourish provides a significant stimulus to Glasgow as it continues the journey from post-industrial to knowledge city. The desire by young people for experience over ownership, coinciding with rapidly changing market dynamics, requires developers to learn a “new language of development”. This is particularly true for the residential component of large-scale mixed-use schemes where development funding is currently available to help deliver purpose-built student accommodation and new residential typologies such as Private Rented Sector Built to Rent (PRS btR), and co-living. The student accommodation market is significantly undersupplied, and thousands of new bedrooms are required to address current demand and future student population growth. The success of Solasta, which created a new residential population of over 400 people in only five months and is one of the best performing PRS BtR schemes in the UK, demonstrates that the large-scale rental model works here. A further c. 2,000 beds are due to be completed in the next 12 months and there is demand from operators and investors for more. Co-living schemes will be next, helping to retain young graduates and attract new talent to the city from across the globe.
The challenge is how to get new development built that delivers on the level of ambition we all share for this great city. Innovation here will require the development industry to work in partnership with the council to overcome technical deficiencies that they are facing in dealing with significant additional tasks imposed by National Planning Framework 4 (NPF4), the Government’s latest national spatial strategy, and present information in easily accessible and interpretable ways. Innovation from the public sector will require better understanding of development viability and implementing public and private funding models to get new development, which would otherwise not be deliverable, built —especially across the housing sector. In doubling the size of the city centre residential population to 400,000 by 2035, Glasgow City Council should be trying to replicate demographics that currently exist across the whole council area. Perhaps not innovation, but more realisation—an innovative city will only be created if regular face-to-face collaboration takes place between all those involved in Glasgow’s development sector.
Prev
Food for thought
in perspective
The romanticism, rich history and rarity of Scottish castles mean they attract enormous levels of interest from across the globe when offered to the market for sale.
There are around 2,000 castles standing in Scotland and only around ten change hands each year, with buyers driven by a whole range of reasons. Some are looking to invest with an eye on generating revenue by capitalising on new tourism trends; some are looking for a luxurious, quintessentially Scottish trophy home; and others are driven by the desire to restore these rarefied buildings to their former glory. Indeed Scottish castles are the most visited properties for sale on Savills UK website, with searches having risen 42% since pre-pandemic levels and by a further 3% this year, despite the prevailing economic uncertainty.
It is perhaps unsurprising that buyers from the US and Canada are most prolific after those from the UK, many motivated by a desire to water their Scottish roots. But in addition, some more topical factors have been impacting demand. The favourable exchange rate earlier this year helped to drive sales, whilst our cooler climate has appealed to international buyers experiencing record-breaking temperatures at home. The top-end of Scotland’s property market saw a record number of homes sold for £1 million and above in 2022. Two of these, Seton Castle in East Lothian and Duncraig in Ross-shire, were the two highest prices ever paid for residential properties in Scotland.
There have already been a been a series of high-profile sales to international buyers and returning expats this year, including Myres Castle in Auchtermuchty, Fife. This perfect lifestyle property, set in glorious grounds including a formal Vatican walled garden, maze, pond and helicopter pad, offered numerous commercial tourism opportunities. Meanwhile the more modestly proportioned Tower Barclay in Aberdeenshire, the original seat of the Barclay clan, is an exceptional example of restoration work and has provided the new owners with a wonderful ‘once in a generation’ opportunity to purchase.
Dunbeath Castle
Caithness
There are a few options currently on the market including Dunbeath Castle, on the east coast of Caithness. On sale at offers over £25m this 15th century property, set in 28,500 acres of rugged coastline, riverside and moorland, has a rich environment offering plenty of sport. The houses and cottages throughout the low ground of the estate, twenty in total, provide accommodation for employees, or the opportunity for holiday cottages or long term lets.
Commercial investors are equally drawn to the market: Scotland’s historic castles can make unique boutique hotels, where guests can feel like royalty for a night or a week. “Post pandemic, people are seeking the luxury of a hotel stay with a personal touch”, says Steven Fyfe, hotel capital markets director at Savills Scotland: “Boutique hotels offer the authentic experience of Scotland’s rich cultural heritage that can’t be replicated anywhere else.” In fact, the first half of 2023 saw transactions for boutique hotels reach £71 million, accounting for 43% of all hotel deals across Scotland.
Eco-tourism is also very much on the rise. Indeed, some of the most successful castle operators have incorporated outdoor experiences offering a sense of escape and being in touch with nature by incorporating glamping pods or wildlife tours. And of course a photogenic Scottish castle appeals to tourists looking for Instagramable moments.
Steven Fyfe hotel capital markets director at Savills Scotland
Number of castles in Scotland
scottish castles
c.2000
Increase in searches on Savills UK Website
42%
Price ever paid for a residential property in Scotland
#1
Across Scotland's captivating landscape, the allure of castles and stately homes remains unchanged, drawing international buyers and investors alike. For those in search of the high life, from the echoes of ancient history to the revival of boutique hotels, these properties are a testament to Scotland's enduring magic.
food for thought
From noodles to nachos, the number of new food outlets springing up in Glasgow city centre has surprised even seasoned property professionals, proving that the indomitable spirit of Scotland’s biggest city is very much alive and kicking.
Glasgow is a story of resilience. Following the dramatic impact of the pandemic, the food and beverage (F&B) market has shown promising signs of recovery, with 23 openings in 2022 alone marking the strongest activity for the sector in Glasgow since 2017. That forward motion continues to propel transactions along this year; well-financed occupiers retain their appetite for the best-located properties, helped perhaps by the much-welcomed evolution of the city’s outdated planning regulations allowing for a tad more flexibility. Historically, it’s been nigh on impossible for F&B and leisure businesses to acquire shop space on the busiest thoroughfares, but now the concept of mixed-use clusters—where retail, F&B and leisure sit alongside, and even merge together—is becoming a vibrant reality.
Director of In Town Retail, Savills Glasgow
Yet, Glasgow’s F&B sector is facing a new set of challenges. Businesses continue to grapple with high utility bills—when you factor in a large restaurant unit now paying an eye watering £100,000 annually for gas and electricity compared to half that figure three years ago, you get a sense of the pressure on many businesses. Add to the mix the cost of living crisis and resultant squeeze on discretionary spending and it is easy to wonder why anyone would choose 2023 to open a new eatery in the city. New names do however keep on coming, and demand remains strong for the best sites: the last prime F&B unit transacted in the summer at 35 St Vincent Place received five offers at closing date. This is a trend being mirrored across the UK in our biggest cities, which are still viewed as the most resilient and profitable markets for operators to open in.
2023 has seen a flurry of national and independent F&B brands open or set to open new restaurants before the end of the year, including Wingstop, Wagamama, Pho, Flight Club, Rosa’s Thai, Maki & Ramen, Afrikana, Banca di Roma, Yaya’s and Jojo Mac’s. Historic buildings have also seen re-occupation post-pandemic and none more so than a property leased by Savills for the National Trust at 158 Ingram Street. This iconic category A listed building was secured by entrepreneur Marco Lazzurri for a new cocktail bar and restaurant trading as 1802 at Hutchesons Hall and is a fantastic example of an F&B operator breathing new life into a landmark building.
It’s exciting to see local entrepreneurs securing sites in the heart of Glasgow, sitting side by side with household names. Increasingly, landlords are leaning towards strong independent brands with on-trend values and vision. Why this shift? Because they tend to have an agility and flexibility that often the bigger chains just can’t compete with, nimbly turning round a refurb or refit, and that’s a win-win for a landlord. Ultimately, this is what city centres everywhere should aspire to: a healthy mix of start-ups and stalwarts breathing life into our streets, day and night.
Spotlight on Maki & Ramen
My top five predictions for Glasgow’s Food & Beverage market
Founder of the Maki & Ramen Japanese restaurant chain, Teddy Lee, has been working with John Menzies of Savills Glasgow on identifying and securing sites for his burgeoning collection of restaurants. We spoke to Teddy about his journey from chef to CEO.
new on the menu
Rents have also risen as a result of the demand for the best sites, and are now back to pre-pandemic levels of £45 psf for prime properties.
Demand from bar operators is at a level not seen for over fifteen years. With lower running costs than restaurants and higher margin from alcohol sales, major operators are circling the city. Manahatta, BOX, Turtle Bay, and Albert Schloss are among the major brands with live requirements.
The bar revival
Licensing policy needs to change
Obtaining a new liquor licence in Glasgow beyond midnight is close to impossible and well-run national operators are being deterred from investing in the city due to the current policy. Glasgow is entering a period of pronounced change as a city and the night time economy will play an important role. We must be “open for business” and not be seen as a difficult market to invest in.
Repurposing spaces
Currently, there’s a dearth of rooftop bars and restaurants in Glasgow’s city centre. Over the next few years, I predict we’ll see increased demand for vacant office space to meet demand, but the challenge for landlords is how these spaces can be accessed to meet operators’ requirements.
Mixing retail with leisure
The success of Level X in the St Enoch Centre has shown there’s strong demand for immersive entertainment venues in Glasgow’s retail centres. Demand is still a feature but the trouble is finding the floor space, with operators often requiring 20,000 sq ft or more.
Big brands are back
Independents have outpaced the national brands in terms of openings over the last two years. While some mid-market chains have struggled after Covid and the cost-of-living crisis, others have emerged more bullish. The American chain Wingstop is opening two more restaurants in Scotland, with sites opening in Edinburgh and Glasgow in December 2023. The number of national brand requirements are rising once again and Glasgow is in their sights.
How did the idea for Maki & Ramen come about?
I was living in Edinburgh, working as a chef and searching for a really good bowl of ramen. This was about 18 years ago, way before Japanese food became mainstream, and I just couldn’t find what I was looking for. So the seed of the dream was sown, but it wasn’t until 2015 that I finally got to open an outlet myself. It all began with a very modest little place on West Richmond Street in Edinburgh, but I always had big ambitions. The Maki & Ramen concept stems from wanting to bring together the simplicity of classic Japanese food, broth, noodles and sushi, with cool and contemporary surroundings.
The concept certainly seems to be working! You now have five restaurants in Edinburgh, two in Glasgow, one just opened in Manchester and Leeds coming soon. How important is it to get the right site, and who are your target clientele?
Our key audience are young professionals probably aged between 21 and 45. Site and location are critical and John has been really helpful in opening doors (literally!) and enabling us to land exactly where we wanted to be. Our St James Quarter restaurant in Edinburgh strikes exactly the right balance in terms of style, target market, and brand, and it’s working brilliantly for us. My favourite position is a corner site with windows on all sides, within walking distance of a train station and university. I use a bit of gut instinct when selecting a site and John brings science to the decision, with intel on trading and turnover of former and neighbouring tenants.
How has the concept evolved as you’ve opened new restaurants?
While the basic philosophy hasn’t changed, we’ve definitely become more sophisticated in terms of surroundings and what we offer. Originally, a diner might spend £10 on some food and stay for fifteen minutes. Now we have a cocktail menu, DJ nights, and put a lot of thought into the design of our interiors, so that people want to stay and make an evening of it. Our vibe is stylish Japanese but also quite playful—think blossom trees and neon signs. Also, although 40% of covers are advance bookings, we reserve 60% for walk-ins, which is important to me—it keeps things fresh and fun.
How do you go about launching a new restaurant?
Bearing in mind our target audience, I harness the power of social media right from the start. I think this has been a total game-changer for entrepreneurs. The power of Instagram can’t be underestimated. Also, I like to do a mystery pop-up in a new or proposed location to gauge the demographic of that area and get a feel for the market. We ran a dark kitchen (a delivery-only restaurant) in Manchester, which relied entirely on social media to get people to order online and pick up from an anonymous building. This worked really well to create intrigue and attract media and consumer interest, and also gave me confidence to invest in opening the new restaurant. I also like to throw a huge opening party and invite every influencer and celebrity I can. It’s an expensive task, but the knock on effect in terms of tags and posts is worth its weight in gold.
Where next for the business?
We plan to open Leeds in early 2024, then there is scope for another restaurant in Manchester given the success of our new restaurant and size of the city. After that I would like to see Maki & Ramen in other big markets including Newcastle and Birmingham.
Sushi
Teddy Lee
Maki Rolls
Finally, what is your all-time favourite dish on the Maki & Ramen menu?
It’s got to be the steak tataki, every time. It’s a creamy, hearty curry-based broth paired with rare steak. Drop into one of our branches and try it!
Edinburgh Restaurant
Message Wall
Udon Noodle
Gyoza
opening party
Every day, workers at Apple Park in California arrive to the sound of birdsong. Over 80 percent of the Norman Foster-designed headquarters is planted with indigenous trees, including oak, cherry and persimmon.
While this might be one of the world’s most famous examples of ‘biophilic’ design—that is, design informed and inspired by the natural world: plants, water, landscape, and wildlife—architects are increasingly looking to incorporate nature into their buildings, with scientific research now proving that exposure to light and living things promotes well-being and better mental health. From the Rolls Royce factory in Chichester with its eight-acre curved living roof and lily ponds, to the plant-clad Bosco Verticale skyscrapers of Milan, and even our green wall of indoor plants in the Savills Edinburgh office, making nature centre stage is quite literally a growing trend.
So, it’s perhaps unsurprising that we’re seeing the same flourishing elements across Scotland’s residential developments. Developers and architects are introducing biophilic design to even the smallest of outdoor spaces, such as courtyards, balconies, and terraces, as well as rooftops and larger communal areas. Internally, indoor planting, large, openable glazing panels, and natural materials are making all the difference. Following the rise of home-working, buyers are searching for outdoor space and proximity to nature, even in city apartments, and forward-looking housebuilders are meeting their demands.
Take New Steiner in the Finnieston area of Glasgow. This restored B-listed former school combines traditional Victorian architecture with contemporary design and a large part of its charm is the hidden courtyard garden. The surrounding duplex apartments enjoy a private green oasis in one of the UK’s most populated cities. Further north in Kinross, Athron Hill is an exceptional development of 35 houses designed to blend into the landscape. Surrounded by 150 acres of diverse countryside, including woodland and orchards, the development uses natural-materials and looks onto the waters of Loch Leven.
There’s no doubt that new homes that capitalise on daylight, fresh air, and access to outside space carry a premium. While it’s not always practical for urban homes in dense neighbourhoods to have private gardens, imaginative design can introduce creative planting, water features, and curved lines to bring a feeling of the outside in. Good biophilic design does more than draw inspiration from nature, it aligns with sustainable practices. Using timber is an eco-friendlier form of construction than masonry, for example. Ultimately, the impact on the environment trumps everything else—particularly if Scotland is to meet its ambitious target for net zero emissions by 2045.
Designed with nature in mind
The Water of Leith apartments are a taste of things to come for Scotland. The developers have gone above and beyond what is currently expected for energy efficiency, The design shows a real sensitivity to the environment, and that’s what buyers are looking for in their homes. Even in the city, they want to make sustainable choices and be closer to nature, as much as possible.
Holly Malek Sales Manager, Residential Development Sales Edinburgh
Some developers are one step ahead. On the riverbank in Edinburgh, a new development flies the flag for energy efficiency. Penned as ‘luxury eco-friendly living’, the Water of Leith apartments incorporate solar panels, energy-efficient boilers with heat recovery units, and enhanced glazing. Every home enjoys the coveted A rating on its energy performance certificate, as well as beautiful views and cycle routes to the city centre. Clearly, there’s a growing appetite for new homes that are inspired by and kinder to nature. Are the reduced running costs and potential self-sufficiency worth the higher upfront investment? Affluent buyers seem to think so, as they’re willing to pay a premium for eco-friendly and energy-efficient homes.
To ensure genuinely affordable sustainable housing, decisive steps must be taken by house builders, property developers, governments, and local authorities, including initiatives like green mortgages and grants. That way, everyone can choose a home that’s been designed for the wellbeing of people and the planet.
So, how significant is the sustainability of new build properties?
The facts speak for themselves. Today, the residential sector accounts for nearly a sixth of Scotland’s total greenhouse gas emissions, largely due to the high use of fossil fuels for heating. To achieve net zero, Scotland must improve the energy efficiency of its homes. From December 2024, all new builds must be constructed to a “Scottish equivalent” of the Passivhaus standard. Developed in Germany in the 1990s, Passivhaus (or Passive House) is a science-based, quality standard that delivers ultra-low energy buildings that use 75% less than the average UK new build. While the Scottish government is still defining how the standard will look, it will likely borrow existing principles such as increased insulation, triple-glazed windows, airtight construction, and a heat recovery system. Once introduced, it will be the first national government to mandate such a standard.
New Steiner
Finnieston glasgow
Water of Leith
Edinburgh
Greenhouse emissions by sector
Expert Insights
with Dr Rachel Ann Malcolm & Trish Mujati
Red Sky Management helps people in both the business and sporting worlds to convert their potential into continual, exceptional development. They have introduced two women to each other who are at different stages of their careers. They may have quite different backgrounds, but both are passionate about their chosen fields and are driven to achieve success both for themselves and for their high-performance teams.
Rachel Ann Malcolm
Trish Mujati
graduate renewable energy consultant with savills earth
Scotland Rugby Captain
At the age of nine, I left my grandparents’ home in Zimbabwe to join my strong, very traditional African mother in Leicester. She had big ambitions for me, but for her, success was only really about becoming a doctor or a lawyer. So my decision to study engineering as my first degree, and then specialise in sustainability with a Master of Science in renewable energy systems – in faraway Glasgow - was not particularly supported. But it can’t have come as a big surprise: from the age of 16, when I first learned about the impacts of oil spills on habitats and communities, it struck a nerve and I’ve been driven by an aspiration for a cleaner, greener world ever since. Mum is fully on board now by the way! What about you, did your parents support your decision to choose rugby over a more conventional career?
Trish:
Rachel:
I really do believe rugby chose me, but yes it has it has been an unconventional route in. I was incredibly lucky as my dad was a district player himself; both of my brothers played rugby at a high level; and my sister was a competitive hockey player – in fact, at one point hockey was becoming my life as I represented Scotland at U17, U18 and U21 level. So, although I was quite academic, you could say sport is in my family’s DNA. I only got involved in a women’s touch rugby session because I was dragged along by a friend. I didn’t fully transfer to rugby until I was 25 but with its focus on teamwork, communication and strategy, I loved rugby from the first minute of play. So my choice of degree – a bachelor’s in sports and exercise science, and a masters in exercise physiology - was fully supported at home. A PhD in environmental physiology followed and I still work as an Applied Sports Science lecturer at Nottingham Trent University. Like you I found science as an academic subject fascinating, and I feel incredibly lucky that I’ve been able to make it my vocation too by applying it to rugby.
rachel:
I am on board with that. We regularly break through metaphorical brick walls for each other, so building strong, trusted relationships across the whole team is vital and involves not being afraid of having those difficult conversations. That way you can depersonalise the problem area and deal with that, without damaging the relationship. We are only as strong as our weakest player so if you want a strong team, whether on the pitch or at work, it has to be about supporting everyone to perform to their best, and that can only happen in an open and positive environment. I can remember being thrown in at the deep end too, I was awarded leadership positions fairly early in my career and was inexperienced when I was asked to captain my club side. But I also had an incredible mentor as the current England Captain Sarah Hunter was player/coach for the team. She helped me learn not to make snap decision in the moment in stressful situations but to take a breath first, and not to be afraid to lean on those around me who had more knowledge in specific areas. Talking things through with my lieutenants, as I refer to them, is a sign of strength and not a weakness and I hope demonstrates the respect I have for the wider team.
I had two criteria when I was looking for my first job as a grad. I wanted to stay in the field of sustainability, which I felt would be more than just a job. But I also wanted to work where I could feel part of a team, and be able to contribute from the off. I’m already given huge responsibility whilst being supported by mentors and managers. I’m not afraid to ask questions and to learn from any criticism, but also to challenge – I think I get that straight-talking gene from my mother! The Savills culture is all about open communication and it works: I’m learning fast!
Sustainability services are one of our most quickly expanding lines of business at Savills. We have an increasing number of clients, with multiple questions that demand immediate responses. But you are constantly in a fast-moving environment on the pitch - how on earth do you have a chance to react to dynamic situations in stressful situations?
Those early, formative years spent with my grandparents were crucial in forming my character too. I am driven like my mum, but hopefully have the warmer, fun loving side my grandad showed when he spent time with my cousins and me in Zimbabwe when we were little kids. He is no longer with us, but it sounds like you and I are both lucky enough to have had unconditional love and support from our families. I have a much younger brother back home in Leicester and I spend as much quality time with him as I can – I love that he phones me whenever he has a problem at school or with his friends. My grandad valued integrity and honesty above everything and I think that is why I do too. What behaviours do you value and what have you found to be most vital to achieving success?
I agree, honesty is a great one, along with hard work and commitment. And that comes back to not being afraid to give feedback in a constructive way, and equally not taking it personally. Conversely a lack of vulnerability or openness to feedback is one of the biggest downfalls I have seen on the rugby pitch. So in what sounds like a very demanding first job how do you separate life from work. What do you do to make sure you relax?
We know what our objective is and we know what our strategy is. We also plan for when things go wrong. That’s when excellent communication is key and the work we have put in to strengthen those bonds between us really comes in to its own. It can get stressful, but not only do I have work mentors, I also have an incredible mentor outside rugby in my dad. He is removed from the job at hand, but he understands it and I really admire how he lives his life, and supports people around him. I guess I have modelled my behaviours on him without really knowing it.
Funnily enough I also played women’s rugby for a local club in Oadby when I was 16. I wasn’t brilliant at it but absolutely loved playing with my team. I still love watching team sports, but am obsessed with football these days. Getting immersed in a game is a brilliant way to switch off. But relaxing for me is all about socialising and I make time to see friends. I originally found myself on the wrong uni course and was pretty down for a bit, but friends got me through and I got to a place where I realised I could change things and get back on track. I am aware I am my own worst enemy, I have so many goals and have set deadlines about where I want to be in life, and I want to squeeze as much knowledge and work experiences in as I can. That can be stressful.
It sounds as if you are doing a lot right already, and your passion for what you do shines through. But opportunities will come up for you to work hard and step up, just as they do in rugby. At those points, preparation is everything so you don’t need to get caught up in the opportunity. Take confidence that if you do all you can, not just for you but for the collective team, you can do it in the moment too. Play the game and not the occasion! From my own experience I would say don’t compare yourself to anyone else, and recognise that your journey is unique. Don’t be too cautious or too afraid to make a decision.
I agree, it is important to lean on your support systems and recognise what works for your mental health. Scotland hadn’t been to a World Cup for 12 years when I took over as Captain. However, we were training together really well, and working our way up through qualifiers. And then Covid stopped everything. I had gone through a period of sustaining injuries too. I really began to overthink, doubt myself and become withdrawn, which is not like me. However I sought help, my partner and I got a dog and loved being outside walking, and I began prioritising friends and family again. I now recognise the derailers from a mental health point of view. It is difficult to deal with today’s problems when you are fully immersed in them. I take confidence from the fact I was able to help keep the team on track through that incredibly uncertain time, and that we came through stronger. It has undoubtedly built my resilience.
Yes, I think having been on the wrong course and not in such a great place ultimately helped me. I appreciate that I am in the really privileged position of being in a sector I love, with a supportive team around me, so I do the best I can every day to get involved and learn more. There are times when I have felt overwhelmed, unsure - and that I could have done better. But I’m trying to get better at taking a step back and seeing it as one bad day at the start of an exciting journey. I’d love to know if there are any other pieces of advice you can share with me at this early stage of my career.
Above all, remember why you are doing it - have fun and enjoy the game!
IN FULL BLOOM
How Ecotourism is Supporting Scotland’s Land & Businesses
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Across Scotland, a transformation is underway. Industry groups, businesses, and government organisations are recognising the value of Scotland’s natural beauty and heritage.
The landscapes, outdoor activities and wildlife are among the top reasons tourists visit our country, contributing about 40% of the £4 billion that tourism brings to the economy, and supporting around 39,000 jobs. Now, from the lowlands heaths to the ancient forests of Caledonia, the growth of rewilding and conservation projects to protect and restore our natural heritage is attracting a new breed of tourist. Promoting a light footprint is key. The impact from tourism can damage the very thing that draws tourists to our shores. Choosing ecotourism, or sustainable travel, helps protect the landscape, boost the economy, and provide funding for innovative conservation projects. There are simple ways for tourists to do this, such as exploring off the beaten track, away from well-trodden landmarks, and during quieter seasons.
Rory Fyfe’s family have farmed at Kinkell, just outside St Andrews in Fife, since 1950, and with the launch of Kinkell Byre as an exclusive wedding and events venue, Rory has brought the farm firmly into the 21st century. The barn is full of rustic character and ideal for the eco-weddings promoted at Kinkell, which support local food and drink suppliers and a ‘plant a tree’ scheme, and with ten on-site cabins, the need for transportation is kept to a minimum. Rory passionately believes that rewilding is the best nature-based solution to the twin crises of biodiversity loss and climate change. He has embraced simple but effective methods to achieve this, from investing in renewable energy to acquiring a pair of highland cows to encourage natural regeneration with conservation grazing. A seven-and-a-half-acre wildflower meadow is thriving and, since 2021, Kinkell Farm has planted more than 13,000 trees, two kilometres of hedgerow, and dug eight ponds to support wildlife. As Rory said, “Our wedding business allows us to create more biodiversity on the farm and in turn, a landscape rich in nature generates more interest in our wedding venue. It’s a virtuous circle.”
designing offices for social value
Expert insights
Adam Davies
Savills Tourism & Leisure Specialist
Preserving what makes Scotland special benefits everyone, and landowners must play their part to protect and enhance the land’s wild beauty. Thankfully, ecotourism can be hugely profitable, making it good for the planet and for businesses. Consumers are increasingly concerned about the environmental impact of their choices, and research shows they are willing to pay more for greener goods and services. There is enormous support from public bodies too, with VisitScotland, the national tourism board, and membership organisations like Wild Scotland committed to supporting and promoting businesses that offer nature-based tourism, helping further Scotland's position as one of the world’s top outdoor destinations.
The experience of the pandemic has also driven an increased appreciation for the natural world and outdoor spaces. We’re seeing a growing number of visitors from cities who want to escape the hustle and bustle of urban life, even if just for a week or so. Their search for peace and tranquillity leads them to some of Scotland’s wildest and most remote places, but they don’t want to give up the trappings of home.
Kinkell byre Farm
Wild and rugged, Alladale’s 23,000 acres stretch across a huge expanse of Sutherland – an hour or so north of Inverness – and encompass dramatic peaks and glens, fast-flowing rivers and glacial mountain lochs, and ancient Caledonian pine forest. Rewilding this extraordinary wilderness has become the life’s work of Paul Lister, philanthropist and founder of the European Nature Trust, who acquired the estate two decades ago. Initiatives include reforestation, peatland restoration, a captive wildcat breeding programme, and red squirrel revival. Above all, the aim is always to give back to nature and the community – often by collaborating with regional conservation groups and local communities) – while still offering exceptional stays and experiences to guests. Accommodation options span the Victorian Alladale Lodge, picturesque Eagle’s Crag Cottage, and former bothy Ghillie’s Rest, all offer fully catered stays. Nature-led tourism supports the wider conservation projects at Alladale, creating a wonderful symbiosis and a lasting legacy from Alladale’s laird.
Alladale Wilderness Reserve
We’re not talking about roughing it —they want to stay in beautiful, sustainable places surrounded by rich and rugged landscapes, run by people who are deeply passionate about preserving and sharing them. When done right, bringing these elements together is a winning combination; creating successful businesses and further job opportunities in hospitality and events, food production, research and education.
Below, we explore three businesses that have ecotourism and sustainability at the heart of everything they do.
40%
of tourists come to Scotland for the landscapes, outdoor activities, & wildlife
39,000
of jobs are supported through tourism
£4bn
brought to the economy by tourism
Savills provides comprehensive advice and hands-on support to help land owners, managers and trustees establish new enterprises and develop existing businesses. These range across tourism, events and leisure enterprises across the country. Contact Adam Davies and Lucy Stanfield-Jenner to find out more.
Photo credit: Solasta Creative
Brucefield Estate sits between three counties, Clackmannanshire, Perthshire, and Fife, and is run by former biologist Victoria Bruce-Winkler who inherited the thousand-acre estate in 2012. Today it is a flagship for regeneration, with a focus on eco-tourism and a ten-year wildlife plan made by Caledonian Conservation, as well as restoring and renovating some of the estate’s historic buildings. Wildlife species resident at Brucefield include red squirrels, badgers, pine martens, roe deer, bats, and owls. They live in a wonderful mix of habitats from peatland, wetland, woodland, and lowland heather heath to semi-ancient oak woods, arable and pasture farmland, and mossy old drystane dyke walls. Slackbrae, an old forester’s cottage, has been transformed into beautiful, accessible self-catering accommodation (rated five stars by VisitScotland) using age-old building techniques and materials on the exterior, such as lime render and clay pantiles, with a contemporary interior showcasing a mix of Scots designers. More recently launched are three tiny homes, known as Schenbothies. A true Scots-Scandi designer fusion, these are fully insulated for the winter and have bespoke historic tiles and especially commissioned furniture. It’s no wonder that Brucefield made The Sunday Times Top Ten Glamping Sites list – this is outdoor living at its most comfortable, with sustainability and energy-efficiency at its heart.
Brucefield Estate
www.alladale.com
www.kinkellbyre.com
www.brucefieldestate.scot
Photo credit: Jacob Dykes
Photo credit: Philip Du Toit
moving on up
Billy Bragg once sang, “Not everything that counts can be counted. Not everything that can be counted counts.” As we think more progressively about the value that the built environment brings to society this sentiment rings increasingly true.
Its importance has often been measured by tangible metrics like productivity levels, efficiency, and cost-effectiveness. However, we are starting to consider the value and impact the built environment has beyond what can be easily quantified. Offices, when designed with social value in mind, play a significant role in shaping the economic and cultural fabric of our Scottish cities. They achieve this by creating jobs, stimulating local economies, attracting investment, and in the process, creating value that’s shared across the community.
Through accessible and collaborative spaces, offices foster innovation and knowledge exchange, enriching a city’s intellectual capital. They can help to actively engage with communities by strengthening social bonds and making a positive impact on the local area, and—if sustainable design practices are incorporated—demonstrate environmental responsibility to support Scotland's sustainability efforts. By recognising the importance of offices in enhancing social value, cities can leverage their full potential.
Director, Savills Research
Putting it into practice
From the outset, the award-winning Barclays Glasgow campus showed a clear mission to make a positive difference for both its workforce and the city. Featuring 400,000 sq ft of office space for five thousand staff within three acres of re-greened public realm, the project is truly transformative in repairing the fabric of the area, whilst offering a best-in-class environment for its people. The new campus is an excellent example of public and private co-operation and a prime example of a developer and occupier working together to achieve a more efficient outcome. The three buildings significantly regenerate the surrounding area of Tradeston and the internal public squares and streets create engaging public spaces for the benefit of the wider community.
Offices serve as economic catalysts and can be a driving force for social value by creating job opportunities and stimulating local economies, especially if companies hire local talent. This job creation not only provides economic stability for individuals, but also fuels the growth of supporting industries, such as retail, hospitality and professional services. Further still, more economic activity results in increased local spending, leading to a multiplier effect that benefits local businesses and the broader city economy. This should be relevant to social value and requires thought at the earliest stage of a project to ensure any design considerations that can create social value are incorporated.
Creating community spaces
The design of offices has evolved beyond functional considerations to incorporate social value. Open-plan layouts and flexible workspaces promote interaction and teamwork, encouraging the exchange of ideas and expertise. Dedicated collaborative spaces further encourage creative problem-solving and interdisciplinary team work. This culture of collaboration extends beyond office walls, as employees engage with local universities, research institutions and start-up ecosystems. The resulting knowledge sharing and innovation contribute to cities' reputation as centres of excellence: attracting investment, talent and fostering economic growth. Going further, offices can provide shared spaces that can be utilised for events, workshops and community initiatives—becoming platforms for collaboration, cultural exchanges and knowledge dissemination. Partnerships with local organisations and charities can contribute resources, expertise and volunteering efforts. This can foster a sense of belonging, strengthen social connections and contribute to the social fabric of cities, as well as increase civic pride, improve social cohesion and enhance the quality of life for residents.
Offices can also improve social equity. By offering a percentage of affordable workspaces, offices can reduce barriers to entry and provide opportunities for businesses and entrepreneurs from diverse backgrounds . These offices enable individuals who may have limited resources to access prime locations, resources and networks that were previously inaccessible, thereby reducing inequality and promoting upward mobility. The Government is starting to encourage local authorities and property owners to make spaces available for such activities. For example, The Whisky Bond includes office spaces for creative professionals. It encourages collaboration, networking and community involvement among artists, designers and other creative individuals. Similarly, Techscaler is a programme for creating, developing and scaling tech startups. Across seven hubs in Scotland, members benefit from flexible hotdesking, coworking, dedicated offices, meeting rooms and event spaces.
Value for the future
Through thoughtful design, modern offices contribute to a city’s efforts to mitigate climate change, reduce their ecological footprint and improve their sustainability credentials. Green building practices, energy-efficient systems, and renewable energy sources may be incorporated, including features such as LED lighting, smart heating and cooling systems, and waste management strategies. Sustainable transportation options, such as bike racks and electric vehicle charging stations encourage eco-friendly commuting. By setting an example of environmental stewardship, offices can inspire other businesses and individuals to adopt sustainable practices.
Overall, offices are indispensable for social value in cities. They serve as hubs for social interactions, collaboration and community-building. Offices drive economic growth, job creation, and innovation while contributing to the cultural fabric and liveability of urban areas. As cities across Scotland adapt to evolving work trends, a balanced approach that recognises the enduring social benefits of offices while embracing new work models will be crucial for creating inclusive and thriving urban environments.
The discussion surrounding the use of offices often overlooks a crucial question: how do those beyond their walls benefit from their existence?
The transformation of Haymarket in Edinburgh exemplifies the potential of urban development to create social value. Through its transportation hub, economic opportunities, community spaces, mixed-use developments, cultural enrichment, and sustainability efforts, Haymarket has contributed significantly to the well-being and vibrancy of the city. One of the remarkable features of the Haymarket transformation has been the emphasis on creating vibrant community spaces. These communal spaces play a crucial role in fostering a sense of belonging and social cohesion. They provide settings for cultural events, performances and gatherings that celebrate the diversity of Edinburgh's population; further enriching the social fabric of the city. This case underscores the importance of thoughtful urban planning that takes into account the diverse needs and aspirations of a community, ultimately creating spaces that not only accommodate but also enhance the lives of those who inhabit them.
The Bank of Mum & Dad
DUMFRIES & GALLOWAY
Once upon a time, you’d be forgiven for thinking your parental duties ended when your children graduated from university...
Times have changed. Soaring rents and the cost of living means that your adult children are more likely to be living with you then owning their own home. In 2021, there were 4.9 million so-called ‘non-dependent’ adult children living in their parents’ home, up 12% from a decade ago.
For many people in their twenties, thirties, and even forties, buying a home can seem like an impossible dream, particularly if they live in a city. For tenants, as rents increase and salary growth stagnates, saving for a deposit becomes even harder, as does meeting lenders’ affordability criteria. Many would-be buyers have the added frustration of knowing that they could be spending the same amount, or even less, on mortgage payments for their own property.
Now, for many first-time buyers, the Bank of Mum and Dad is the only way to get a foot on the property ladder. Helping children with this rite of passage is nothing new. But today, the Bank of Mum and Dad has become the ninth biggest lender in the UK. Last year, almost half of first-time (46%) buyers who secured a mortgage were helped financially by their parents, contributing a total of £8.8 billion. This dependence is unlikely to change anytime soon and, according to Savills latest analysis, the proportion of first-time buyers turning to their families for support will increase to nearer two-thirds (61%) by the end of 2023.
Across Scotland, this year we’ve seen quite a few examples of parents helping their children onto the ladder. However, many first-time buyers are also taking advantage of generous housebuilder incentives, which can include cash towards a deposit, mortgage payments or furnishings. Many young professionals also managed to save sizable deposits during lockdowns.
Carole Mackie head of residential development sales for Savills Scotland
So, what options are there for parents trying to help their children onto the ladder?
In today’s tougher economic climate, many parents are choosing to help their children buy a new build home. Firstly, there's the simplicity of the actual purchase. There’s no chain, no survey, and the House Builders Code of Conduct adds a level of reassurance. Secondly, new builds are often more energy efficient. The good news for buyers of new build homes is that annual ‘core’ energy costs (lighting, heating and hot water) are, on average, a quarter or less than those of second-hand properties in Scotland. “This can really help first-time buyers who are often on entry-level salaries and those who want to live more sustainably.” For example, OneMax at Cottonyards, a recently launched development in Glasgow, will have solar panels on the roof to help reduce the electrical running cost of communal elements. Situated in the popular area of New Gorbals, these one-to-two-bedroom apartments start at £231,000. With everything turn-key ready, owners are unlikely to contend with the maintenance and repairs issues that can crop up with older second-hand homes, no matter how thorough the survey. The ten-year warranty and insurance protection that most new-builds come with gives additional peace of mind to young home owners and parental investors.
What should you buy?
Buying for your children at university is another option. With competition for decent accommodation fiercer than ever, buying a student flat can be a shrewd move and a great way to help them onto the property ladder. Taking in other students as lodgers, too, can provide your children with an additional revenue stream that they can use to later launch themselves into graduate life. Undergraduate degrees at Glasgow, for example, are usually full-time over four years, meaning you’ll get even more use out of a privately owned home. Situated in the city’s vibrant West End, Quarter West is a stylish development of one, two and three bedroom apartments, with prices starting at £307,000. Further along the River Clyde, Southview Apartments is another attractive development for students and first-time buyers. Here, a one-bedroom apartment starts at just £145,000.
A foot on the ladder
The Bank of Mum and Dad is one of the biggest lenders in the UK. When available, it can be the key to unlocking home ownership for young people. And it can be a sensible step for parents too, whether buying student accommodation or giving cash for a deposit. Both strike a balance between sound financial sense and unwavering family loyalty and support, and isn’t that what parenting is all about?
"Gifting a deposit is probably the most straightforward way that parents can help. You might think of it as a living legacy, where you can witness the positive impact of their financial support," said Mackie. “We helped some first-time buyers find a property in Colinton, one of Edinburgh's most sought-after residential areas sitting in the shadows of the Pentland Hills. They’d received an early inheritance and wanted to get onto the property ladder.” Affordability and financial security are priorities too: with the deposit covered younger buyers can focus on securing lower mortgage payments, helping balance rising interest rates.
Gifting money
If you don't have a large sum to give or don't want to simply give your child a home, there are different mortgage options to consider. Family mortgages are tailored for those who can't afford a deposit; instead, parents temporarily hand over a portion of their savings. For these home loans, you'll need to keep 10 percent of the property's price in a savings account for three years, and if all mortgage payments are made on time, you'll get the savings back. Guarantor mortgages are another choice, where you use your property or savings as security, but you aren't required to be on the mortgage or title deeds; however, you'd need to help with repayments if necessary. Joint mortgages allow first-time buyers to share a mortgage with their parents, but you'd be responsible for payments your child can't make, potentially risking home repossession if payments are missed. Remember that if you own another property, there could be capital gains tax implications, and a stamp duty surcharge starting at 3 percent might apply when purchasing a second home.
Helping with the mortgage
Many parents won’t have a large lump-sum to help their children get onto the property ladder. For these parents, releasing equity from their own property is one avenue. The most popular type of equity release product is a lifetime mortgage, which allows you to release equity from your home as a tax-free cash sum. The interest rolls up over time and is only repaid along with the amount released when you, and your partner if it’s a joint mortgage, pass away or go into long-term care. You can choose to pay interest each month or to make voluntary capital repayments.
Equity release
Downsizing is one way to raise funds. For equity-rich parents who are planning for retirement and later years, selling the family home and buying a smaller and cheaper property can be a smart decision. Moving into a smaller home, say a bungalow or apartment, might be more manageable in old age to ensure the best standard of living. The remaining gains can be divided between personal savings and towards purchasing first-homes for children. This is, naturally, a big step, and one that needs to be thoughtfully considered and discussed as a family.
Downsizing
Option 01
Option 02
Option 03
Option 04
Cottonyards
Quarter West
Southview Apartments
46% of first-time buyers used family assistance in 2022
Now, half a century later, all eyes are on Aberdeen and the North Sea once again. The invasion of Ukraine has emphasised the importance of securing domestic oil and gas supplies, and the Government is set to grant hundreds of licences to boost production. At the same time, Aberdeen and the North Sea have been tasked with leading the energy transition. Offshore wind power is rapidly becoming one of the cheapest forms of electricity, reducing Britain’s dependence on imported oil and gas, and the impact of fluctuations in global energy markets. Offshore wind will also play a pivotal role in Scotland’s ambitious plans to achieve net zero by 2045. ScotWind is a landmark commitment to offshore wind power, with £28 billion of investment promised for 2000 new wind turbines shared amongst 20 offshore wind farms. The turbines will use 6,000 blades which, if laid end-to-end, would stretch from Edinburgh to London. A remarkable leasing process in 2022 saw developers bidding in an auction of seabed plots to secure wind farm rights, with energy companies including Scottish Power, Shell, BP, and SSE all vying for their share of ocean space. Incredibly, the ScotWind projects alone will provide enough renewable power for every home in the UK.
the winds of change
To celebrate the opening of the new Savills Dumfries office, rural surveyor Alice McPherson takes us on a whistle-stop tour of Dumfries and Galloway.
We’re also going through changes. Our office has been located on Castle Street in the town centre for more than 40 years. We’ve taken the opportunity to move to a more modern premises on the Crichton Estate, with 85 acres of parkland on our doorstep and over 100 other businesses. It’s great to make new connections and be in such a beautiful setting. I have well and truly fallen for Dumfries and Galloway. Let me show you how to spend a day here…
Alice McPherson
Surveyor, Rural Management, Dumfries
After a busy day, you might feel ready to put your feet up. However, if the night is still young you could join Mostly Ghostly for a tour of The Crichton Campus, including the church and crypt. This is an unusual and spooky way to explore the grounds and learn about its rich history. Hopefully, you won’t be too scared to come back and pay our office a visit…
Mostly Ghostly
Crichton Church
After all that walking, it’s definitely time for dinner. A short stroll along the River Nith takes you to the aptly named Home. This family-owned restaurant, run by Louisa and Thomas Thorne, cooks with the very best produce Dumfries and Galloway has to offer, including dairy from Rainton Farm and fruit and vegetables grown by the Loch Arthur working community. Once a hidden gem, food critic Grace Dent shone a well-deserved spotlight on Home in her recent glowing review in The Guardian. I’ll forgive her for making it harder to get a seat, as it deserves all the praise that comes its way. Delicious, unpretentious, reasonably-priced—dining doesn’t get better than this.
Dinner at Home
Fresh from the farm
Had your fill of pretending to be knights and dragons? It’s time to head to another place of legends; Dumfries itself, which is best known for its connection to Robert Burns. A quick walk- about reveals his strong presence in the town. From the Burns Statue in the centre, stroll down the high street to the Globe Inn, the poet’s favourite watering hole. After a quick half, continue your walk and you’ll find a life-sized bronze of Jean Armour, one of only twenty statues of women in Scotland. Just over the road is the poet’s final resting place, the Burns Mausoleum.
Robert Burns
The Globe Inn
Robert Burns Statue
While it would be easy to relax in The Boathouse all afternoon, I’d suggest you fit in a visit to Caerlaverock Castle just five minutes away. Once a mediaeval fortress caught up in the bloody border conflicts, this fine castle is now a popular filming location. With its tranquil moat, unique triangular structure, and imposing battlements, it looks straight out of a fairy-tale. If you’re lucky, there might even be a mediaeval jousting competition on!
Caerlaverock Castle
All that fresh air will certainly have worked up an appetite, so take a drive to The Boathouse in Glencaple. Situated just south of Dumfries, the café has panoramic views of the River Nith. It’s the perfect place to meet up with friends, either cosied inside or eating al fresco on the deck. All of the food is delicious, but I’d definitely recommend the brunch that is served until 4pm everyday—and after all that mountain biking, a cake or scone wouldn’t go amiss.
The Boathouse
View From The Boathouse
You can hire a bike at the shop and enjoy the trails at your own pace. There are routes for all abilities: beginners, families, and adrenaline enthusiasts. If mountain biking isn't your thing, you can enjoy horse riding or a gentle walk along the beautiful Water of Ae and watch for wildlife, including the local population of otters.
Get your bikes
Great company
Otters on the Water of Ae
The region is home to five of the seven world-class mountain biking centres that span the south of Scotland, known as the 7stanes. Ae Forest is one of the best places in the UK to enjoy the sport. But first, coffee. Head to the Ae Café for a fresh brew and a pastry to set you up for a busy day of exploring.
Ae forest
Ae Forest
Fresh brew
9am
8pm
6pm
4pm
2pm
12am
10am
Dumfries is a great place to live. When I moved here six years ago, fresh-faced from university, I didn’t know anyone or anything about the town. Since then, I’ve explored every inch of the beautiful surrounding countryside and I’m starting to think of myself as a local. There’s so much on the doorstep; the windswept coast, rugged hills and acres of forest. We’re really spoilt for choice. The town keeps me inspired too. Dumfries is home to a community-led project, the Midsteeple Quarter scheme, which is breathing life back into the high street by turning disused buildings into homes and businesses.
to shetland & beyond!
dumfries & galloway
1970 saw the release of The Beatles final album and the discovery of oil off the coast of Aberdeen, transforming the traditional fishing port into the energy capital of Europe.
Now, half a century later, all eyes are on Aberdeen and the North Sea once again. The invasion of Ukraine has emphasised the importance of securing domestic oil and gas supplies, and the Government is set to grant hundreds of licences to boost production. At the same time, Aberdeen and the North Sea have been tasked with leading the energy transition. Offshore wind power is rapidly becoming one of the cheapest forms of electricity, reducing Britain’s dependence on imported oil and gas, and the impact of fluctuations in global energy markets. Offshore wind will also play a pivotal role in Scotland’s ambitious plans to achieve net zero by 2045.
ScotWind is a landmark commitment to offshore wind power, with £28 billion of investment promised for 2000 new wind turbines shared amongst 20 offshore wind farms. The turbines will use 6,000 blades which, if laid end-to-end, would stretch from Edinburgh to London. A remarkable leasing process in 2022 saw developers bidding in an auction of seabed plots to secure wind farm rights, with energy companies including Scottish Power, Shell, BP, and SSE all vying for their share of ocean space. Incredibly, the ScotWind projects alone will provide enough renewable power for every home in the UK.
NEW WIND TURBINES
offshore farms
new blades
2000
20
6,000
Having advised Equinor on the world’s very first floating wind farm 30 kilometres off the Aberdeenshire coast in 2017, Savills has been at the forefront of this rapidly growing industry. With the advent of wind farms on such a scale, many other related industries and developments are beginning to follow. The manufacturing and supply chain requirements for these projects will require a level of industrialisation and investment not seen in Scotland for generations. The north of Scotland is at the heart of that investment, and our specialist teams within Savills Earth (comprising architects, engineers, marine and urban designers, planners and economists) are advising on site masterplanning and design; investment in new development; the upgrading of existing facilities; and planning within renewable energy and clean technology projects.
Elsewhere in Scotland, Cromarty Firth, an arm of the Moray Firth triangular inlet in the North Sea, is one example of the regeneration effect of wind power. A natural deep water harbour, Cromarty Firth has been designated a green freeport, and both geographically and logistically, is the ideal location for the final assembly of floating wind turbines. This end stage has to be taken as close to the shore as possible, because the sheer scale of the structures makes it impossible to transport them in their entirety. Add to this the manufacture of cabling, subsea structures and anchoring systems, and the positive knock-on effect in terms of Scotland’s economy becomes apparent.
Many of the highly skilled oil and gas operatives based in the northeast will find their talents can be transferred to the renewable projects, while port expansion and harbour regeneration can only be a positive step for the northeast region as a whole. Longer term, as innovative industrial centres are established, new residential neighbourhoods should follow, just as they did back in the ‘70s at the height of oil and gas exploration. And with new communities come infrastructure requirements for schools, housing, healthcare, retail and leisure facilities; all generating jobs and investment opportunities in themselves. Take the European Offshore Wind Deployment Centre run by Vattenfall: this hosts some of the most powerful wind turbines in the world and is Scotland's largest offshore wind test and demonstration facility. It’s set to create up to a thousand new supply chain and local jobs, including at the operations base at Aberdeen Harbour. £100 million is expected to be generated for the Aberdeenshire economy through this facility alone, with £150k to be invested annually in climate-friendly community benefit schemes across the region.
The surge in renewables is matched by pioneering research and activity around other clean energy projects including green hydrogen and carbon capture, usage, and storage (CCUS). These cutting edge sectors are also likely to play a part in Scotland’s transition to a greener economy, said Nick Green, Director, Savills Earth: “As we continue the transition toward net zero, it’s vital that we capture the opportunities presented by the green economy. Scotland and the North East in particular have unparalleled experience in delivering innovative energy infrastructure and, when combined with the passion that the next generation workforce has for the environment, we can enhance our position as global leaders in a low carbon economy.”
Projects like ScotWind, alongside the decision to grant new oil and gas licences, demonstrate the pivotal role that Aberdeen and the North East continue to play in the UK’s energy production and security. I believe that knowledge, products and services will continue to be developed in the North East of Scotland and exported globally. We’re proud to help ensure this vision becomes a reality.
Dan Smith Head of Savills Aberdeen
There’s no doubt which direction the wind is blowing for North Scotland, and although the shift towards renewables is not without its challenges, the region is firmly set on the road to climate recovery.
The ScotWind projects alone will provide enough renewable power for every home in the UK.
With new coastal industries comes quayside development and real estate investment opportunities, along with job creation and training schemes.
Winds of Change
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Natural capital is the stock of the world’s resources—the earth, air, water, forests, minerals and rivers to name just a few. These resources provide value to us, culturally, socially, for our mental and physical health, and financially too. Defining and understanding the value of natural capital can sometimes be a challenge, however, it’s increasingly becoming the currency of environmental policy on an individual, national and global level, with particular significance for rural businesses across Scotland. It’s of little surprise then that the Scottish Government are pushing for responsible stewardship of natural capital, governed by principles that emphasise environmental integrity, community benefits and productive land use. The ecosystem services provided by natural capital are as diverse as the landscapes themselves. Among the most in-demand are renewable energy generation, habitat enhancement, regenerative agriculture and carbon sequestration.
valuing scotland
The creation of the spaceport on Unst marks an exciting new phase for the small communities on the islands, with investment in both commercial and residential properties in the mix as time goes on. Gradually, new facilities and support services will be required as the spaceport takes off. It’s anticipated that around 200 employees will be needed once the launch facility becomes operational: a huge and welcome boost for a sparse population. Ultimately, the project will create around 140 jobs in Unst and inject at least £4.9m into the Shetland Islands economy each year. It will also provide a further 70 jobs throughout the Shetland Islands, adding a further £2.9m in gross value to the economy. Both existing and emerging companies in the Shetland Islands will contribute to the development of the space sector, making these exciting times for the whole of the region. Inspiring local primary school children is just one aspect of engaging local people, with the hope that in time the highly skilled workforce required, including specialist engineers, could be home-grown.
This isn’t the first time that Lamba Ness on the island of Unst has seen action. During World War II, the RAF identified it as an ideal location to form part of its Chain Home early warning radar network. The RAF’s ongoing presence was key to supporting the local economy for several decades after the War. Now it’s space flight that everyone’s talking about. The site will hold three launch pads and a ground station that will include assembly hangars, offices and research and development headquarters, and in the future a viewing platform and possible hotel (though a safety exclusion zone during launches and high levels of security will exist around the actual launch pads).
Plant is supporting Shetland Islands Council on the rocket launch site, acting as a vital link between work on the ground and Council officers. “Because most of Lamba Ness is a Scheduled Monument, we have been working very closely with archaeologists before the construction works begin in earnest,” says Plant. “So far they’ve unearthed the remains of an early Bronze Age cemetery and some 1940s Brylcreem jars—discoveries at both ends of the spectrum!”.
It’s four o’clock in the morning and Jo Plant, Savills Associate Director of Planning in Glasgow, is already up and getting ready to catch a dawn flight to Shetland...
If she’s lucky, she’ll be on the island of Unst by lunchtime. The journey involves a flight from Edinburgh, hiring a car, taking two ferries, and driving across two separate islands to get to her final destination. And that’s the fast route—there’s also an alternative involving a twelve-hour ferry from Aberdeen. It’s a trip Plant takes every two months in her role as Planning Monitoring Officer for a very special project; she reviews and checks all aspects of the site, liaising with the developer, contractor, ecologists, and archaeologists, before reporting back to Shetland Islands Council. It’s an important job, because this incredibly remote and northernmost inhabited place in Britain is home to Shetland’s SaxaVord spaceport. It’s from here that the UK Space Agency Pathfinder rocket will be taking off later in the year—the first ever vertical launch of a rocket from these shores.
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SCALLOWAY
SHETLAND
the shetlands islands is an archipelago in the North Sea of around 100 islands, 16 of them inhabited, with a total population of 22,920.
The impact of the SaxaVord Spaceport will blast through frontiers. “The significance of rockets and satellites launching from Shetland isn’t just about boosting the Scottish economy,” Plant points out. “The data, information-gathering, and communication possibilities will be extraordinarily impactful, worldwide.” The satellites attached to the rockets can observe the Earth in minute detail, helping the early detection of forest fires, or supplying intel to aid the planning of logistics routes. Scotland is leading the UK in the new race for space, from Glasgow, which makes more small satellites than anywhere else in Europe, to Edinburgh, which is pioneering the field of space data, to Sutherland, Cromarty Firth, and the Shetland Islands all preparing to launch into the stratosphere. While Unst might seem a far cry from Cape Canaveral, the SaxaVord Spaceport will be another step in Scotland becoming the ‘place for space’, which will drive distinct real estate requirements and opportunities.
Ecologists are also a significant presence on site. Due to some of the rare species in Unst, the team has to take care to leave nesting birds undisturbed: “SaxaVord are supporting both the archaeological and ornithological studies and neither will hamper progress. These factors have all been carefully considered in advance.”
So what makes the site so ideal for launching rockets? The low population, northerly geographical coordinates, and peninsula shape mean that a rocket can be fired straight up into orbit in one smooth line from Lamba Ness.
For investing in Scotland’s space industry, it’s all systems go.
Launches from other proposed UK sites involve a bit of a dog-leg before the rocket can head into the polar sun-synchronous orbit, meaning they will always be in the same fixed position relative to the sun. The rocket tracks the movement of the sun via its solar panels, and it can reach that altitude much more easily from Shetland than anywhere else on the UK mainland right now.
Jo Plant Savills Associate Director of Planning in Glasgow
valuing Scotland’s rugged beauty
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Can, or should, you put a price on Scotland’s natural assets? That is the question facing the Scottish Government, landowners and potential investors.
Peat potential
More than 20% of Scotland is covered by peatlands, home to internationally important habitats and species, vast carbon stores, and giant natural water filters
Other funding mechanisms for restoration include The Peatland Code (PC), which has been under development since 2013. It is a voluntary certification standard for UK peatland projects wishing to market the climate benefits of peatland restoration and provides assurances to voluntary carbon market buyers that the climate benefits being sold are real, quantifiable, additional and permanent. Funding obtained from the sale of climate benefit can sit alongside traditional public sources of funding, providing cost-effective peatland restoration and ensuring management and maintenance of restoration projects over the long term. This rapidly evolving market has already seen a 25% increase in peatland restoration projects between 2022 and 2023, but given the scale of restoration required across Scotland, there is still much to be done.
Peatland restoration currently forms part of one of the biggest natural capital projects of this kind in the UK, on Muckrach Estate in the Cairngorms National Park. Savills was appointed to audit over 2,000 hectares of moorland across the Estate, which was not fertile enough for agriculture or commercial forestry, but demonstrated considerable potential for the enhancement of natural capital. “We developed a landscape-scale scheme to focus on new, native woodland creation and peatland restoration, to deliver carbon capture, natural regeneration, biodiversity enhancement and wider community benefit,” explained Charlotte Gilfillan, associate director of rural energy and projects based in Inverness.
Out in the Western Isles, a nature restoration project is awaiting an investor to bring it to life. In 2000, Taransay Island became a household name as the location for the BBC series Castaway, featuring Ben Fogle. A decade later, Adam and Cathra Kelliher bought the island, attracted by its raw natural beauty and potential for long-term ecological and social restoration. Now, they’re looking for a partner to help them carry forward their ambitious plans. Upon review, Savills Scottish Natural Capital team found a number of exciting opportunities, largely habitat and wildlife enhancement, alongside potential for peatland restoration and some small-scale native woodland creation. There is also the potential for sustainable tourism.
Environmental tourism
While the ecological and climatic benefits are apparent, the economic value of Natural Capital remains complex. Many elements are not formally traded and seldom have an observable market price. Without standardised regulations, valuations are often speculative and buyer-driven. Carbon credits, via the Woodland Carbon Code (WCC) and Peatland Code (PC) are the most tangible form of currency, but these are traded on the voluntary market, meaning the trade price is agreed by the buyer and seller via an intermediary. There is no globally recognised and standardised code, though WCC and PC are the most advanced and widely used in the UK. As such, credits rarely share common features, being based on the individual value and attributes of each project, making finding the relevant buyer for the supplier a time-consuming task. While the market is still young, valuations will undoubtedly find improved certainty with time and experience. With rural properties, investors and landowners have the golden opportunity to create and enhance natural capital, unlocking new revenue streams while facilitating environmental targets.
Name a price
Taransay is a beautiful and wild place that has suffered from overgrazing in the past to the detriment of its natural ecosystems. The opportunity now is for a genuinely unique and cutting-edge restoration project.
Lucy Stanfield-Jenner Head of Natural Capital for Savills in Scotland
Payments for ecosystem services are made to the managers of such resources, which leads us to consider where the opportunities are across Scotland and how they can be harnessed.
It has been estimated that one million hectares are damaged and drying out, releasing CO2 back into the atmosphere
Restoring Scotland’s peatland is imperative to achieving the government’s net-zero by 2045 target
The scheme is being backed by £250 million of Scottish Government funding through Peatland ACTION
Scotland has long drawn tourists to enjoy its natural scenery, but increasing awareness of environmental issues is driving customer behaviour towards more eco-friendly trips. On Taransay Island, a programme of ecological restoration for tourists could unlock an additional revenue stream, demonstrating what responsible travel can look like, and promoting the intrinsic values of our natural world. In the summer of 2022, the Kellihers began boat trips for paying customers, which proved highly successful. After all, where else can you find basking sharks swimming near sandy beaches and eagles resting on gentle clifftops? How this continues into a far larger project, capitalising on environmental tourism, is next on their list.
Savills facilitated a partnership, involving Muckrach Estate, Cairngorms National Park Authority and Peatland ACTION to identify three phases of peatland restoration. The restoration aims to save the emission of around 30,000t of CO2 over the next 65 years, and provide vital homes and breeding grounds for a wide range of birds and other wildlife, as well as enhancing freshwater habitats that feed into the river Spey.
Scotland’s landscapes have an incredible amount of potential. The key will be embracing this evolving market, fostering collaboration and steering the country towards a more sustainable future where nature’s value is appreciated, preserved and harnessed for the long term.
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