London, 29 January 2019 – M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has completed six new lettings totalling circa 25,000 sq ft at Colvilles Park in East Kilbride, Glasgow, on behalf of a major institutional fund, the most recent of which has set a record rent of £8.00 psf for multi-let industrial in East Kilbride. This has resulted in increased occupancy of the asset to 91%.
The property, which comprises a total of 70,799 sq ft, was acquired in late 2017 when M7 identified an opportunity to capitalise on the strong demand for trade-counter units by repositioning the asset as the prominent trade park in the area. A pro-active asset management strategy was implemented including the sub-division and refurbishment of vacant units to meet this occupier demand. This has led to the recent lettings attracting household names such as Howdens Joinery, City Plumbing Supplies, Toolstation and the Paint Shed, complementing the existing tenants: Screwfix, CEF Electrical, Grahams Plumber Merchants and the Electric Centre.
The property comprises 26 industrial units across three terraces, focused around a central car park and loading area. The units range in size from 1,500 sq ft to 6,500 sq ft and are predominantly used by trade or light industrial occupiers.
East Kilbride is Scotland's most successful new town and is located approximately 10 miles south east of Glasgow city centre. Colvilles Park offers excellent connections to the national motorway network via the A725, which connects to Junction 5 of the M74, or the Glasgow Southern Orbital, which connects with the M77. The asset not only provides two routes to Glasgow city centre, but also offers easy access to the M8, M80 and M74 providing access to the east, north and south of Scotland respectively with the M74 also the main route to England.
Andrew Brass, Asset Manager at M7 Real Estate, commented: “The rapid take up of space seen at Colvilles Park demonstrates the continued strength of the East Kilbride market. By refurbishing the vacant accommodation speculatively, we have supplied the market with much needed good quality trade counter accommodation, which has been extremely well received.
The lack of good quality modern industrial accommodation in the region is continuing to drive rents upwards, particularly in the case of prime estates where the demand from national trade counter operators is particularly high and, as a result, a record headline rent has been achieved.”
M7 was advised by Gerald Eve and Colliers International.