Joint venture to begin work on commercial development at former Gartcosh steelworks
Fusion Assets, the arms length regeneration company of North Lanarkshire Council, and Edinburgh-based J. Smart & Co. (Contractors) PLC have announced the creation of a new joint venture company to take forward the first phase of development at Gartcosh Industrial Park.
The joint venture – Gartcosh Estates LLP, will build three new speculative industrial units totalling 60,000 sq. ft with construction of the first unit beginning immediately and the remaining two units following on as a second phase of development. Colliers International has been appointed as the letting agent.
David Smart, chairman and joint managing director of J. Smart & Co. (Contractors) PLC, said: “We are pleased to be involved in this project with Fusion Assets and look forward to delivering a modern, flexible industrial unit with the specification and build quality that we are well known for.”
Fusion Assets purchased the land from Scottish Enterprise in 2015 and has spent the last two years undertaking a programme of enabling works, including construction of a new access road and ground consolidation, financed through the Scottish Government’s Vacant and Derelict Land Fund. Fusion Assets has drawn up plans for further phases of commercial development on the site totalling 160,000 sq. ft.
Murray Collins, managing director of Fusion Assets, said: “There is currently strong demand for industrial premises across Lanarkshire coupled with a lack of modern premises. Following the Scottish Government’s introduction of the new business growth accelerator rates scheme, we felt the time was right to push the button and press ahead with the first speculative unit. The intention is that this will kick start the redevelopment of the rest of the site and I look forward to Gartcosh fulfilling its potential as a strategic business and employment location.”
The former Gartcosh Steelworks closed in 1985 and initial remediation works on the 50 hectare site were undertaken some 15 -20 years ago by Scottish Enterprise and North Lanarkshire Council including construction of a new railway station and spine road. The site is currently home to the Scottish Crime Campus.