A new £6million commercial development on one of Scotland’s largest business parks has been announced.
The 85,477 sqft scheme, a joint venture between Oaktree Capital Management and Patrizia ag, known as Evolution Court, will be made up by four separate units ranging in size from 17,728 sq ft to 23,530 sq ft and is expected to appeal to the manufacturing, logistics and distribution industry due to its close proximity and highly visible positon facing the busy M8 motorway.
The Evolution Court announcement follows closely on the announcement that motorcycle brands Ducati, Triumph and Harley-Davidson would be moving onto the Park in early 2017 when Ducati Glasgow and West Coast Harley-Davidson open two new purpose built showrooms and service centres.
A report by consultants EKOS Limited into the economic impact of the new Evolution Court development showed that overall, the proposed development is anticipated to support 120 full time jobs and help generate £6.3m annual GVA at the Renfrewshire/Glasgow level, and 150 jobs and £10.9m GVA at the Scottish level.
Jamie Cumming, commercial director at Hillington Park said: “Evolution Court is in a prime position on the Park. When complete it will be highly visible to the thousands of vehicles that pass along the M8 every day and just minutes from impressive transport links to the rest of Scotland and, with the M74 extension, south of the border.
“This significant investment reinforces the commercial opportunities at Hillington Park for businesses looking to relocate into first class, modern premises or for businesses already based here and who are looking to expand. There are very few new commercial property investments of this scale and type anywhere in Scotland and we’re very excited about it.”
Bob Grant, Chief Executive of Renfrewshire Chamber of Commerce said: “Hillington Park have demonstrated clear ambition with this significant commercial development, signalling their continued commitment to the area with a key investment. Few locations can match the connectivity and infrastructure Hillington Park enjoys with world class organisations already well represented. Evolution Court is a hugely welcomed addition to the Hillington portfolio and will offer excellent opportunities for companies wishing to relocate or expand their current operations.”
Stuart Patrick, Chief Executive of Glasgow Chamber of Commerce said: “Evolution Court will be an excellent addition to what is already a leading Scottish business park. Commercial investment of this size demonstrates the continued confidence in Glasgow’s economy, especially the manufacturing and distribution sectors. The ongoing development of this scheme is expected to support 120 jobs, and will have a hugely positive impact on the city its surrounding region.”
Located on the side of the Park nearest Glasgow Airport, the new build development is the latest major project by Hillington Park’s majority owners Patrizia UK using the Park’s Simplified Planning Zone (SPZ). It is expected to be completed by the end of 2016.
The SPZ is effectively a pre-agreed planning permission, jointly approved by Renfrewshire and Glasgow City Councils, for the entire Park underpinned with a set of simple development parameters.