Wemyss Properties expands offering with first industrial development acquisition
Wemyss Properties has completed the acquisition of a 1.81-hectare site in Coatbridge, marking the company’s first industrial property development.
The site at Hagmill Road, adjacent to Centrum Business Park, was purchased for an undisclosed amount from real estate investment and development company MCR Property Group.
Wemyss Properties, which already has a successful track record in residential property development, has submitted planning permission to speculatively build 53,216 sq ft of new industrial space over three flexible units which can be sub-divided.
Once developed, the industrial units are forecast to bring around 30 jobs to the local area.
William Wemyss, chair of the Wemyss Group, said: “We are excited to add another string to our property development bow with this acquisition, and at the prospect of delivering new high-quality industrial units which will help create jobs for this local area.
“Infrastructure and connectivity are major drivers for the industrial property market and we are confident of attracting high calibre businesses to the development, given its high accessible location within the Greater Glasgow conurbation.
“We are currently looking for other premier industrial sites as we continue to grow our development offering in this market sector. We feel confident about the future of this property class.”