Westway Park hits more than 300,000 sqft of deals in first half of 2014
Commercial property deals at the highly successful Westway Park in Renfrew passed 300,000 sqft in the first half of 2014, according to park owners, Moorfield Group (Moorfield).
“We are delighted to report a very positive 2014” said Mark Holmes of Moorfield. So far this year, we have concluded six deals ranging from 4,500 sqft to 170,000 sqft, thus ensured that the park continues to attract and meet occupier’s diverse requirements for quality and flexibility.”
The largest deals involved leading Scottish-based logistics company, The Malcolm Group, who signed-up for a further lease extension on 170,000 sqft at Block K, plus a further 30,000 sqft. The company has been a Westway occupier for more than two years and will continue to use the space for warehousing and storage facilities.
In addition, global surface coating and metal finishing giant Surface Technology plc agreed a lease on 30,000 sqft at Unit J5. The space is being used to service a new coating contract, working with local companies. Local company Eclipse Blinds also agreed a short-term lease on 8,500 sqft at Unit L7.
The park has also benefited from the Commonwealth Games and Ryder Cup being staged in Scotland this year, with three deals amounting to more than 50,000 sqft directly relating to supplier contracts for the events.
Mark Holmes of Moorfield said: “Westway continues to offer the ideal property solution for a variety of occupiers. We always adopt a ‘can do’ approach with our occupiers and are committed to providing the right product and terms to meet their needs. It is particularly pleasing to witness deal activity as a direct result of the Commonwealth Games and Ryder Cup.”
Andrew McCracken, of joint agent Jones Lang LaSalle added: “Westway is one of the top-performing property assets in Scotland at the present time and this is partly due to the landlord’s ongoing investment and improvement programme. The recent deal activity is leading the field, with industrial rental levels remaining robust, ranging from £3 to £4.50 per sqft.”
Yan, Stewart of GVA James Barr agrees: “Occupiers continue to be attracted by the quality of space at Westway, as well as the location and flexible terms being offered, which suited their individual business needs.”
Westway joint agents are Jones Lang LaSalle and GVA James Barr.