THE UPAC Group has secured the largest industrial letting in Scotland this year, signing a 15-year lease on a site in Cardonald on the outskirts of Glasgow.
The packaging firm has landed premises measuring 120,000 sq. ft and ends a two year quest for a new central hub for the business following substantial growth.
Chris Kelly, managing director of The UPAC Group explained, “After growth of almost 25% year-on-year for the past four years, we had been searching for a new central hub for two years. Our list of demands was sizeable to meet our current needs but accommodate for our projected future growth.
“Part of the appeal of this site was the creation of the large yard space that offers room for future build projects.”
Commercial property advisory GVA acted on behalf of the landlord John R Adam & Sons Ltd. Craig Semple of GVA said, “This is not only Scotland’s largest industrial letting of 2017, it’s also one of the most significant in what has been a strong year for the market across all size ranges.”
The site was originally a 200,000 sq. ft. facility but GVA anticipated it would be difficult to market due to a “lack of yard space and tight boundary”. To create a yard space GVA advised the landlord to demolish the west side of the complex, which was in poor condition. This allowed a large yard space to be created as well as a 120,000 sq. ft. unit featuring a two-storey office and car park.
Mr. Semple added, “Not many agents would recommend the demolition of almost 100,000 sq. ft. and the landlord deserves a lot of credit for taking our advice and adopting what could be viewed as a high-risk strategy. The landlord further invested in redesigning the unit, but in this instance, it significantly enhanced the viability of the site and thus the letting prospects. UPAC were the first party to view this site and the long-term lease shows they feel it will serve as an excellent base for their business to grow.”
