Colliers International makes flying start to 2018 with large warehouse sale

The firm has sold the 264,000 sq ft former Co-op distribution warehouse in Cumbernauld for the second time in four years


Colliers 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.

“5 Wardpark Road is very well situated, with easy access to the motorway and other transport hubs, as well as Scotland’s major cities. It is also a very well appointed property.”

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 Limited. The purchase price has remained confidential albeit the quoting price was £3m.

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Iain Davidson

Director

Glasgow

Iain has a wealth of experience in the Scottish commercial property market, specialising in Industrial and Logistics real estate. He is in an expert in providing acquisition, disposal, development and general agency advice to a wide range of private and public sector clients ranging from developers, occupiers, institutional investors and private clients. During a career spanning over 20 years, Iain has and continues to be involved in most of highest profile industrial property deals in Scotland.

Representative clients and projects include: 

Frasers Property/Oaktree/Patrizia - Appointed in 2015 as Letting agents & development advisors on Scotland's largest and most established business estate, Hillington Park, totalling 2.5m sq ft and benefitting from Scotland’s first and only Simplified Planning Zone.

Canmoor - Letting agents on the 1.6m sq ft Westway Park, Renfrew, Scotland's largest fully enclosed industrial park.

Eurocentral - Advised on various lettings, sales and acquisitions on Scotland's premier distribution park. Brokered deals to a variety of well known organisations, including; Lidl, DPD, Hermes, Wm Morrison Supermarkets, ACS Clothing, Mentholatum, Nagel Group and DX.

Prologis - Provision of development and letting agency advice on 1m sq ft prime industrial scheme known as Prologis M8 in Lanarkshire.  504,000 sq ft and 175,000 sq ft pre-lets to the Co-operative and Brakes respectively.

The Co-operative - Successfully secured mandate to dispose of UK wide portfolio of surplus warehouses totalling 3m sq ft. Approx. 1 m sq ft transacted in Scotland.

Logicor - Letting of Scotland's largest ever speculatively built warehouse; 380,000 sq ft at J4M8 to Amazon. Neighbouring 240,000 sq ft building sold to Schuh.

Freescale Semiconductor Inc - Sale and partial leaseback of 800,000 sq ft manufacturing facility in East Kilbride, Glasgow.

Asda - Sale of 250,000 sq ft distribition warehouse facility in Grangemouth.

St Modwen Properties plc - Provision of acquisition advice for purchase of 32 acre former Rolls Royce facility at Hillington, Glasgow.  Retained to provide Agency advice on 750,000 sq ft estate, rebranded Pegasus Business Park subsequently sold whole site to MEPC. 

 

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