Fusion Assets Limited is seeking a joint venture partner to develop a speculative industrial scheme at Condor Park, Eurocentral. It follows the completion of advanced infrastructure works by the arm’s length property development and regeneration company of North Lanarkshire Council, to create a development-ready site. Fusion Assets acquired the three acre site from Scottish Enterprise in 2013.
Colliers International has been appointed property marketing agent for Condor Park, situated in the heart of Eurocentral, North Lanarkshire.
Murray Collins, Managing Director of Fusion Assets, said: “Significant progress has been made in transforming this very attractive development proposition at Condor Park. Detailed planning permission has been secured and the site is fully remediated and serviced, with two new access points created. We are now committed to identifying a partner with the right credentials to help us take this project forward.”
Detailed planning approval has been obtained, which consists of 38,000 sq ft of new build Class 4, 5 and 6 business and industrial floor space. The current proposed site layout identifies four separate blocks forming a terrace-style development. Within each block, individual units can be combined or subdivided to offer a flexible range of accommodation, available for lease on institutional terms. A number of the units also have dedicated yard space.
Iain Davidson, Director of Industrial & Logistics at Colliers International in Glasgow, said: “Eurocentral is one of the best industrial locations in Scotland and is a well-known brand across the UK. Not only does Eurocentral benefit from a dedicated four-way motorway junction on to the M8 but it provides immediate access to Scotland’s main Eurofreight terminal, providing rail services throughout the UK and Europe. Condor Park represents an excellent opportunity for developers to tap into a strategically important area, with a joint venture partner that has a clear commitment to making this area of North Lanarkshire a success. While Eurocentral has historically focused on ‘big box’ warehousing, a recent smaller unit development has been well received by the market and is now fully let. We, therefore, expect strong tenant demand for the proposed development.”
Fusion Assets was established in 2006 following the closure of the Boots manufacturing plant in Airdrie. Originally a joint venture between Scottish Enterprise and North Lanarkshire Council, the company is now a wholly-owned subsidiary of North Lanarkshire Council and tasked with attracting investment into the area and creating employment opportunities.
Fusion Assets works with private sector partners through establishing joint ventures to deliver property development and land reclamation initiatives. While the company can operate across any sector within North Lanarkshire, its current focus is on industrial and commercial schemes.
The company is making significant progress in bringing forward commercial developments throughout North Lanarkshire. In addition to Eurocentral, Fusion Assets has on-going projects in Cumbernauld, Coatbridge, Chapelhall, Newhouse and Bellshill. At Strathclyde Business Park in Bellshill, Fusion Assets has just announced that Glasgow-based contractors CBC has been selected as development partner to bring forward the construction of 43,000 sq ft of new build commercial units, due to be completed in 2015. This appointment follows the successful joint venture between CBC and Fusion Assets at Dundyvan Enterprise Park in Coatbridge, which is now complete. This was the first development in Scotland to be financed by SPRUCE – the Scottish Government and European Investment Bank backed loan fund.