Mixed-use development approved at Glasgow industrial site
Warehouse REIT plc said that it has gained approval for change of use on 16 acres of its land at the site.
The proposed development will deliver up to 250,000 sq ft of employment-led space, comprising a combination of distribution/logistics, industrial, commercial, storage, retail and hospitality space, with a gross development value of £25 million.
The AIM listed firm said the variety of uses will appeal to a wide occupier base, driving capital investment and a significant number of new jobs to the estate.
The 16 acres form part of Warehouse REIT’s wider 56 acre holding at Queenslie Park, including approximately 350,000 sq ft of existing floorspace, a mixture of modern and more traditional units of between 2,000 sq ft and 65,000 sq ft.
Andrew Bird, managing director of Tilstone Partners Ltd, the manager of Warehouse REIT, said: “Securing this permission marks the culmination of over 24 months working closely with a number of stakeholders, ranging from the city council and local elected members through to existing occupiers and local residence, as well as providing a further example of how the management team continues to extract value from the original portfolio acquired at IPO.
“The scheme has been received with enthusiasm and we look forward to continuing to work with these same parties as we bring forward development on the back of identified occupier requirements. With more than 30 million 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.”
Savills said it has worked closely with project architects 3DReid in formulating the “innovative and forward-looking” plans.
Savills associate Ruth Highgate said: “Savills Planning and Development Scotland is delighted to have secured consent for this major project. It unlocks the potential for wider provision of industrial and business use as well as supporting retail, leisure and other commercial uses, which will help improve the overall quality of Queenslie Park. The combination of its location on the M8 east of Glasgow, and the exciting opportunities that can be delivered through this planning consent, will really put Queenslie on the map. This is a significant prospect for both the city of Glasgow and the community living and working in and around Queenslie.”
Mark Lorimer, associate director at 3DReid, added: “In our role as architects and masterplanners, we are thrilled to be part of the Tilstone Partners team for Queenslie Park. The client has a clear vision to transform Queenslie Park, and we very much look forward to helping them realise the full potential of the development.”