Warehouse REIT has secured planning permission for change of use on 16 acres at Glasgow’s Queenslie Park industrial estate to deliver up to 250,000 sq ft of mixed-use space.
The proposed development will be a combination of distribution/logistics, industrial, commercial, storage, retail and hospitality space at the site near the M8 motorway.
Warehouse REIT owns 56 acres at Queenslie Park, including 350,000 sq ft of existing floorspace. Since its IPO last year, vacancy levels at its holdings in the industrial park have fallen from 11% to 6%, while rents have risen by 4%.
Andrew Bird, managing director of Tilstone Partners, the manager of Warehouse REIT, said; “Securing this permission marks the culmination of more than 24 months of working closely with a number of stakeholders, ranging from the city council and local elected members through to existing occupiers and local residents, as well as providing a further example of how the management team continues to extract value from the original portfolio acquired at IPO.
“Considering the more than 30m vehicle movements each year on the adjacent M8 motorway, Queenslie Park is ideally located for logistics and delivery companies serving the conurbations of both Glasgow and Edinburgh, as well as the wider area.”
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette
