16th Feb 2012 - Eddie Stobart Eurocentral deal boosts Scottish commercial property sector
The Scottish commercial property sector received a significant boost this week with the news that Eddie Stobart Ltd., has agreed a deal with Muse Developments to take occupation of the 67,689 ft² ‘Pinnacle’ building at Eurocentral.
In what is understood to be the first major industrial property deal north of the Border for six months, the iconic multimodal logistics business will establish a new distribution facility on the highly successful business park and create around 40 jobs at the site.
Eddie Stobart will take occupation of ‘Pinnacle’ in, with the facility including refrigeration and office accommodation to allow the company to meet growing business demand from central Scotland.
The company felt Eurocentral’s prime Lanarkshire location on the A8/M8 road network between Glasgow and Edinburgh was key to the development plans and the facility would fit well with the 40 other Stobart sites located around the UK and Europe.
Muse Developments sanctioned a £21.2 million speculative build commitment in April 2010 to construct the ‘Pinnacle’ and ‘Zenith’ buildings on the 17.4 acre site known as ‘Plot F’ at Eurocentral. This was followed by an additional £33 million speculative investment in March, 2011 which delivered two further buildings ‘Apex’ and ‘Vertex’ on ‘Plot F’ and three smaller units on ‘Plot B’, all of which were completed in December last year.
Muse Developments regional director, Scotland, Steve Turner, said the deal with Eddie Stobart Ltd had endorsed the company’s ongoing belief in both Eurocentral and Scotland as a place to do business.
“At the time we made the investment, few in the commercial property sector were making similar commitments, but we still felt the mix of location, Enterprise Zone benefits, energy efficiency and our track record of working with clients in terms of flexibility and deals would deliver results.”
More than 3,000 people are currently employed at Eurocentral, which has over 3.5 million ft² of developed space and hosts operations for businesses including Morrison, Hovis, Argos, Warburtons and Norbert Dentressangle.