Squarestone and Flavourly toast deal
● Letting at Glasgow Airport Business Park shows adaptability and ambition from both firms in the face of lockdown
Real Estate asset management and development company Squarestone Growth has let its 17,500-sq ft distribution unit at Glasgow Airport Business Park, Paisley to online drinks retailer Flavourly.
The deal demonstrates innovation and adaptability by Squarestone, and a thirst for growth by the Edinburghbased craft beer specialist – despite the coronavirus lockdown.
Flavourly will be joining Swiss global transport and logistics giant Kughne + Negal and multinational delivery services firm Fedex on the 135,000-sq ft park, adjacent to the M8 and Glasgow International Airport.
The site comprises 80,000 sq ft of Grade-a accommodation, alongside 55,000 sq ft of industrial distribution warehousing.
Squarestone acquired the mixed-use park from Aviva in May 2018 for £7.8 million, including a plot for development.
The unit which will be occupied by Flavourly is the only one of the three warehouses never to have been let on the development since it was opened in 2004.
The 100 per cent occupancy follows an active asset management and marketing strategy by Squarestone, which included a £4m refurbishment and rebrand of the whole site, and obtaining planning permission for an overflow car park and a retail parade.
Due to the strict restrictions brought about by the Covid-19 outbreak, viewing of the business park unit was carried out remotely, and it became the first property in Squarestone’s portfolio to utilise virtual viewing technology.
The whole process was completed in three weeks, from Flavourly viewing the facility online to picking up the keys.
Paul Coulter, founding partner of Squarestone, Growth commented: “When we first viewed the park, we immediately saw huge opportunity and growth potential, and knew that our dedicated asset management team could transform the asset.
“While the lockdown has forced us to be more innovative in the ways in which we engage with potential tenants, the benefits of a well-located and wellmanaged property remain attractive and are proving to be able to weather the storm.
“We have let 50,000 sq ft across our portfolio during lockdown, as tenants see the value of out-of-town property in strong regional locations that can offer quality real estate on major transport hubs at an affordable price.
“We are delighted to welcome Flavourly as our latest tenant to Glasgow Airport Business Park.”
Alistair Stewart, chief executive of Flavourly, added: “During these difficult times, e-commerce has been able to actively respond to increased consumer need and we are delighted to be able to support our brewery partners by picking up additional volume from our new space at Glasgow Airport Business Park.
“Despite unprecedented circumstances, the deal was carried incredibly smoothly by both the landlord and agents.
“The warehouse is in great condition and is a good physical fit for our picking, packing and dispatch operation. Its location allows easy access to the motorway network and our vital courier distribution networks.
“Being based in Paisley also allows us to keep growing our dedicated, friendly and highly professional warehouse team from the first-rate local talent pool.”
Flavourly was advised by Avison Young, and Colliers acted on behalf of Squarestone Growth.