The Dundyvan Enterprise Park in Coatbridge is the country’s first development backed by the SPRUCE (Scottish Partnership for Regeneration in Urban Centres) fund, set up by the Scottish Government and European Investment Bank with the specific aim of financing regeneration projects across Scotland outside the major cities.
Work to revitalise the site was carried out by a joint venture between Fusion Assets, the arm’s length regeneration company of North Lanarkshire Council, and Glasgow based construction firm CBC.
The success of the scheme has been underlined by 17,000 sq. ft. of new lettings at Dundyvan to Eric Wright Water Plc, Direct Foods and King Communications being completed throughout 2016.
One of the park’s major tenant’s has also recently increased their occupation from 2,000 sq. ft. to approximately 5,000sq ft. as they continue to grow and establish their presence in Scotland.
Murray Collins of Fusion Assets said: “The high quality modern units coupled with the location and affordable rental levels has resulted in Dundyvan Enterprise Park successfully attracting a range of companies including start-ups, local businesses looking for room to expand and new companies to the area who have chosen Coatbridge to locate their Scottish operations.”
The deals were confirmed by commercial property advisories GVA and Ryden and mark the most successful year for the park since it opened in October 2013.
GVA’s industrial agent, Craig Semple, said: “New build, good quality industrial properties like Dundyvan are extremely limited in the market, and the park shows the value of a public-private partnership in bringing sites like this back into use. The imminent completion of motorway links to Coatbridge has made it an even more attractive proposition to potential tenants and shows that investing in upgraded infrastructure can make a major difference to generation schemes.
“These deals also reinforce the feel-good factor throughout the Scottish industrial market. Despite reports of uncertainty in wider commercial property across the country, the industrial sector has in fact enjoyed a good year and all the indicators point to this trend continuing next year.”