New commercial units are to be built in North Lanarkshire thanks to a £3.1 million funding package from the Scottish Government and private sponsors.
Social justice secretary Alex Neil announced this morning that the development on a brownfield site at Strathclyde Business Park will create space for 15 companies and employment for over 130 people.
The site initially received support through the Scottish Government’s Vacant and Derelict Land Fund, which provided a grant for assessing the ground conditions and ensuring works could be taken forward.
The project will receive £1.9m from the SPRUCE (Scottish Partnership for Regeneration in Urban Centres) Fund, as well as £1.2m from project sponsors Fusion Assets and CBC Glasgow Ltd.
SPRUCE is a £50m fund established with Scottish Government and European Regional Development Fund money. It offers loans and equity investments to revenue generating infrastructure and energy efficiency projects to support regeneration.
Mr Neil said: “Significant investments like today’s £3.1m boost for Bellshill are central to stimulating economic growth across Scotland. Not only do they provide opportunities for new business and encourage entrepreneurs, they create new jobs.
“This investment will transform a disused brownfield site into modern business units, which we believe will become a thriving home for local companies. I am particularly pleased to see that our initial investment by way of the Vacant and Derelict Land Fund has paved the way for this exciting new development.
“Regeneration projects like these are absolutely fundamental when it comes to transforming our communities for the better.”
Murray Collins, managing director of Fusion Assets, said: “The announcement of further SPRUCE funding for a second Fusion Assets project is a great achievement and something we are grateful for. This reflects our entrepreneurial approach to regeneration which successfully brings together public and private investment to create new employment opportunities.”
CBC managing director, James McAlpine, added: “We are delighted to be once again working in partnership with North Lanarkshire Council through Fusion Assets and the Scottish Government’s SPRUCE fund. It demonstrates how innovative forward thinking organisations in both the public and private sectors can deliver deals which buck the trend.”
This will be the 6th investment by the SPRUCE fund taking the total invested so far to over £43m. Other projects to have received investment to date are the development of business units at Dundyvan in Coatbridge; Grade A office developments at Glasgow’s Queen Street and St Vincent Plaza; remedial work at Haymarket, Edinburgh and a project to create a Low Carbon Innovation Centre in Guardbridge, Fife.