The £14m development by Frasers Property UK – the biggest speculative new build scheme on the estate in over 25 years – brought 132,774 sq ft of modern industrial and logistics accommodation to the market when it was completed in March 2022. It has since proved to be a huge success by bringing new companies to the estate and providing existing occupiers with new space to help them build their businesses.
The three latest lettings, which span a total gross floor area of 38,334 sq ft, are with businesses working in popular sectors on the estate – on-line retail & logistics, trade counter and construction products, and specialist technical services.
Primaflow, a national trade counter & distributor of plumbing, heating and associated products has relocated its long-established Scope Bathroom Interiors distribution facility to the 12,610 sq ft West 102 unit on a 10 year lease as part of its strategy to trade up to better modern accommodation. Scope will retain a showroom on Colquhoun Avenue.
Specialist lighting suppliers to the film & television industry sector, Quaylight, has doubled the size of its original Kelvin Gate unit with its move to the 6,840 sq ft West 207 unit on a five-year lease to accommodate its impressive and rapid expansion.
Glenkeir, an on-line retail & logistics business, has taken both West 203 and 204 to create an 18,884 sq ft space on a 10-year lease. Its growth and ambition required larger modern premises and brought about a move to Hillington Park for the first time relocating from elsewhere in Glasgow.
Ryden and Colliers acted as letting agents and Brodies as solicitors for Frasers Property UK on all three transactions.
Grant Edmondson, Commercial Director at Hillington Park said: “The decision to start a large speculative development during the pandemic was bold but has proven the right one. Not only did we lock in a construction cost in advance of substantial post-pandemic construction inflation but delivering new build space into a market seeing strong demand for new-build industrial space has enabled us to achieve higher rents too. West 100 & 200 is now a core part of the Hillington Park investment portfolio and has increased our weighting of modern industrial stock where greater returns are expected over the long term.
“ Our plans for the next phase, West 300 & 400, are on hold given the dual impact of construction inflation and rapidly rising interest rates on real estate values. Therefore, our focus is to continue with a programme of refurbishing and upgrading existing stock to modern sustainable standards, and on more pre-let opportunities, like the bespoke £6m, 29,000 sq ft scheme, for TrustFord which is expected to complete towards the end of 2023.”
