12th Dec 2011 - Muse £33m development brings enterprise zone opportunity to market
Muse Developments has completed its latest phase of speculative development at the highly successful Eurocentral Business Park in Lanarkshire.
The completion marks one of the last deals in the UK offering potential occupiers the opportunity to take advantage of Enterprise Zone status. As a result, the new units are already generating high levels of interest from companies seeking viable, cost-effective options to enable them to consolidate, relocate or diversify their business in Scotland.
This latest phase comprises two larger units, ‘Vertex’ and ‘Apex’, built on the remaining ‘Plot F’ site. Eurocentral is strategically located on the M8 motoraway and the new buildings have been designed to meet the demands of modern distributors, offering maximum flexibility and energy efficiency. ‘Vertex’ is the larger of the two, measuring 129,183 sq ft whilst ‘Apex’ is 71,576 sq ft.
In addition, on Plot B, located at the heart of Eurocentral, Muse has delivered three smaller units ranging in size from 4,698 sq ft to 17,112 sq ft. They respond to both a growing gap and an increasing demand in the market for smaller industrial units that offer businesses the same quality and status enjoyed by larger occupiers.
Steve Turner, regional director Scotland for Muse, said: “Since construction commenced in March of this year, the market has shifted gear again and companies are more actively and purposefully looking at opportunities that will offer them competitive terms for a high specification unit with low and quantifiable running costs.
“We now have a number of heads of terms on the table and feel confident that we will be starting the New Year by agreeing terms with occupiers. We believe Eurocentral will continue to demonstrate its strength and reputation as a much sought after location for businesses operating in Scotland and further afield.”
Allan McQuade of Scottish Enterprise, Muse Developments’ long-term partner at Eurocentral, said: “It is vital that Scotland continues to invest in quality physical business infrastructure such as Eurocentral to ensure we have a globally competitive business environment that will attract further investment and allow our key industry sectors to flourish and create employment.
"Muse Developments should be commended on its ability to successfully navigate the changing market climate and deliver top quality units which appeal to a wide range of potential tenants. Eurocentral is clearly established as one of the most prestigious production and distribution parks in the UK and we are encouraged by the level of interest in this latest phase of development.”
The Eurocentral development, which comprises of five modern, energy efficient production / distribution units, was delivered through a major £33m investment deal funded by a tax syndicate formed and administered by Regent Capital and built by Miller Construction.
To date, Muse has invested almost £147m at Eurocentral since 1993, in facilities totalling over 1.5 million sq ft. Current occupiers include DHL; Wincanton; Warburtons; Hovis; TDG; Latham and SIG.