| scotland
JOHNSTONE’S FORMER SHOE LACE MILL SITE 4
th Developments, owners of the former Paton’s Mill site in Johnstone, has secured three new tenants, as interest increases in the regeneration of the site. Phase 1 of Paton’s Mill Retail Park includes Aldi, Starbucks and Home Bargains who have each signed up in recent months to create a supermarket, drive thru restaurant and retail offering respectively. Starbucks has signed a lease for a 2,300
sq. ft. drive thru restaurant located at the High Street entrance to the development, Aldi will occupy Unit A, a 17,000 sq ft. retail unit and Home Bargains will be in the second retail unit comprising 15,000 sq.ft. Bell Building Projects Limited, the main contractor has been on site since mid- December and is working towards
LARGE WAREHOUSE SALE
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completion of Phase 1 of the development masterplan in Summer 2018.
Announcing the new tenants, Claire Donaldson of 4th Consulting, also Project and Asset Managers for the development, said:
“The redevelopment of the Paton’s Mill site offers an exciting new gateway for Johnstone’s high street and as such will offer a prime location for shoppers. “We’re delighted to announce Starbucks, Aldi and Home Bargains as the initial tenants. We are now focusing on securing an occupier for Phase 2 which could be suited to a family pub operator on our adjacent riverside site.” JJ O’Hara of OCO Westend, the Starbucks franchise moving into Paton’s Mill, added: “We are very excited about our move to Johnstone, we have already opened five stores to date and 2018 will see a further five new store openings including Paton’s Mill”.
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olliers International’s Industrial & Logistics team has logged its first major sale of 2018 in Scotland, with the sale of a massive 264,000 sq.ft warehouse in Cumbernauld. The commercial property firm has
sold 5 Wardpark Road, Wardpark South Industrial Estate, Cumbernauld G67 3HW on behalf of its client Premier Pan European. It is the second time in less than four years that Colliers has sold the site, as it also acted for former owner Co- operative Estates when Premier purchased the property in 2014. Iain Davidson, director of Industrial &
Logistics with Colliers International, said: “This sale represents a great start to the year for all concerned. Naturally, we’re happy to have closed our first major deal of 2018, but it’s also good news for our client and the buyer, as warehouses of this size and specification are in short supply in Scotland.
The property, which is adjacent to
the M80 motorway, extends to 263,905 sq.ft (24,517 sq.m) on a site totalling 12.6 acres. It was built in 1976 and further developed in 1985 and 1986. It has been sold to new owner
occupier, John G Russell Transport Ltd. ROYAL MAIL HUB DEAL
oyal Mail’s only distribution centre in Scotland has changed hands in an £8.76-million deal, brokered by Knight Frank. The unit, located on Netherton Industrial Estate in Wishaw, has been purchased by a UK-based private investor. Its previous owner was another private investor and the transaction represents a net initial yield of 5.75%. Consisting of 112,127 sq.ft., the Royal Mail distribution centre has a dedicated loading dock rail platform connected to the west coast express line. The modern industrial shed also features 12 dock loading doors and was built with a steel frame. Scotland’s industrial investment market has seen strong levels
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of interest in the past 18 months, driven by a shortage of supply, tenant demand, and a lack of new development in recent years. Knight Frank’s Logistics and Industrial Commentary (LOGIC)
report for the first half of 2017 found that investment had increased by 54% on the previous six months, up to £88 million from £57 million. Douglas Binnie, Associate at Knight Frank, said: “There’s an insatiable appetite from investors for industrial property in Scotland. The growth of online shopping and the lack of new industrial space is combining to create a booming market – yields continue to sharpen and valuations are rising. While returns in Scotland are catching up with England it still offers a relative discount, which is attracting investment. “Interest is also extending beyond the traditional prime locations in the West of Scotland, Eurocentral and Cambuslang, to areas that would usually be considered secondary. The Royal Mail distribution hub in Wishaw is a great example of this trend in action, selling for more than £1 million above its asking price and at a yield 100 basis points lower – testament to the current strength of the market.”
56 DUNDYVAN ENTERPRISE PARK A
cting on behalf of
Dundyvan LLP, Ryden has sold Dundyvan Enterprise Park, a multi-let
industrial scheme in Coatbridge, North
Lanarkshire, to clients of IO Asset
Management in a
deal reflecting a net initial yield of 7.69%. The investment was brought to the market at a quoting price of £2.75m. The estate was completed in 2013 and comprises 15 units totalling 40,612 sq ft, with a range of both local and national tenants including Network Rail, King Communications, Eric Wright Water and ALS Environmental. There are now some 125 people employed on what was previously a derelict site. Dundyvan LLP is a joint venture between Glasgow based CBC
and Fusion Assets, the arms length development company of North Lanarkshire Council. The Dundyvan scheme was the first in Scotland to be financed through the European Investment Bank and Scottish Government backed SPRUCE urban regeneration loan fund. Murray Collins, Managing Director of Fusion Assets, said: “We are delighted at the successful sale of the completed and let scheme. Our share of the proceeds from the investment sale will now be reinvested by the company in further regeneration projects in North Lanarkshire to create additional jobs and lever in further investment to the area.”
COMMERCIAL PROPERTY MONTHLY 2018
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