Green light for Glasgow project

The green light has been granted for a mixed-use development in Glasgow that could lead to a “significant” number of new jobs.

Warehouse Reit, a specialist warehouse investor whose shares are quoted on the Alternative Investment Market, said it had secured planning permission for change of use on 16 acres of its land at the Queenslie Park industrial estate.

The proposed development would deliver up to 250,000 square feet of accommodation, comprising a combination of distribution/logistics, industrial, commercial, storage, retail and hospitality space.

The firm said the scheme would drive capital investmentandasignificantnumber of new jobs to the estate, which sits adjacent to the M8 motorway, linking Scotland’s two largest cities.

The 16 acres form part of Warehouse Reit’s wider 56-acre holding at Queenslie Park, including some 350,000 sq ft of existing floorspace. During the last 12 months, since the listing of the real estate investment trust, vacancy levels have almost halved to 6 per cent while average rents are up by 4 per cent.

Andrew Bird, managing director of Tilstone Partners, 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.

“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 M8, Queenslie Park is ideally located for logistics and delivery companies serving the conurbations of both Glasgow and Edinburgh.”