St James Business Park in Paisley, Scotland, is at 95% occupancy following two deals totalling a combined 17,000 sq ft.
Investor Squarestone Growth has kept its existing tenant Atos Origin on site, after agreeing a five-year lease for 16,000 sq ft at Pavillion 2. Rent has increased to £10 per sq ft.
The DVLA has also renewed its lease for 1,000 sq ft.
Other tenants at St James Business Park include Abbey Bookkeeping, which signed a 10-year lease in January for 2,600 sq ft at £10.50 per sq ft; Samsung, which recommitted to the park at £21.50 per sq ft for serviced accommodation in September last year; and GMB, which recommitted to more than 6,000 sq ft at an increased rent of £10 per sq ft for 10 years in August 2018.
The park consists of three office pavilions and was acquired by Squarestone in 2015 alongside the neighbouring St James Business Centre and some vacant land.
Squarestone merged the properties to create St James Business Park.
Squarestone Growth founding partner Paul Coulter said: “When we saw these competing assets individually on the market in 2015 we immediately saw the marriage value in creating a single dedicated office park with the ability to offer single occupancy rooms through a range of sizes up to a16000 sq ft self-contained unit.
“This flexibility is clearly what the market was looking for and we have been delighted to cater to small local businesses as well as attracting and retaining large occupiers such as DVLA, Atos Origin, GMB and Samsung.”
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