Fusion Assets and Edinburgh based J Smart & Co (Contractors) PLC have announced the creation of a new joint venture company to take forward the first phase of development at Gartcosh Industrial Park , situated at Junction 2a on the M73, The joint venture – Gartcosh Estates LLP, will construct three new speculative industrial units totalling 60,000 sqft. Construction of the first 18,000 sqft unit began in May 2018 with the remaining two units to follow on as a second phase. Colliers Internationals have been appointed as the letting agent.
Fusion Assets purchased the land from Scottish Enterprise in 2015 and have spent the last 2 years undertaking a programme of enabling works to bring the site up to a development ready condition. The works included construction of a new access road and ground consolidation and was financed through the Scottish Government’s Vacant and Derelict Land Fund. Fusion Assets has drawn up plans for further phases of development on the site totalling some 160,000 sqft.
Murray Collins, Managing Director of Fusion Assets said “there is currently strong demand for industrial premises across North Lanarkshire coupled with a lack of modern premises. Following the Scottish Government’s introduction of the new business growth accelerator rates scheme, we felt the time was right to push the button and press ahead with the first speculative unit. The intention is that this will kick start the redevelopment of the rest of the site and I look forward to Gartcosh fulfilling its potential as a strategic business and employment location.”