Knight Property Group has acquired the 143,700 sq ft ‘The Big Blue Shed’ at Bellshill Industrial Estate in North Lanarkshire, Scotland, in an off-market deal for an undisclosed price.
The property, which is located midway between the M8 and M74 motorways and adjacent to the A725 dual carriageway, features a mezzanine floor of approximately 85,000 sq ft and sits on a six-acre site.
Knight Property Group intends to undertake a comprehensive refurbishment to reposition the property to meet the demands of modern occupiers. The refurbishment is scheduled for completion in Q4 this year.
Howard Crawshaw, managing director of Knight Property Group, said: “Having successfully delivered several speculative new build developments and refurbishment projects across this area, we are proud to continue investing in Lanarkshire’s business landscape with the acquisition of this landmark building.
“With continued demand for premium logistics and warehouse space, combined with a limited supply of high quality accommodation, this property represents an excellent opportunity for businesses looking to establish or expand their presence in central Scotland. We anticipate strong interest from occupiers seeking immediate access to well-connected industrial space, particularly given the shorter delivery times associated with refurbishment compared with new build development.”
Yan Stewart, director at Graham + Sibbald, which alongside Ryden has been appointed joint letting agent on the building, added: “Knight was able to move quickly on this off-market acquisition, with the sellers keen to place the building with a purchaser capable of delivering on its vision for the asset.
“Their proven track record in delivering high quality, well-specified industrial accommodation gives the market real confidence that the property will be rebranded and repositioned to meet modern occupier requirements and attract strong interest from industrial, logistics, e-commerce and warehouse operators, upon completion.”
