NEW STOBART DEAL SIGNALS LETTING SUCCESS FOR EUROCENTRAL’S SPECULATIVE SMALLER UNITS
The company has agreed a 20-year lease for the 17,112 sq ft ‘B1’ building on the development, just over a year after taking occupation of the 67,689 sq ft ‘Pinnacle’ building in response to growing business demand from central Scotland.
The move means that all three of the smaller units constructed on Plot B at Eurocentral, as part of a £33 million speculative investment by Muse in 2011, have now been leased following last year’s deal with generator and switchgear business Burtonwood.
Eddie Stobart will take occupation of the new building in September and Muse Developments regional director, Scotland, Steve Turner, said he was delighted to see the Stobart operation grow at Eurocentral.
“It is always encouraging to see businesses extend their relationship with Eurocentral, especially in a situation where we can work closely with our occupiers to deliver a building which meets their requirements and business demands,” he added.
“This move strengthens our belief that there remains a desire and demand for modern distribution and production units in key locations in Scotland and further endorses our decision to invest in the facilities at Eurocentral when others were less inclined to do so.”
CBRE Associate Director, David Rolwegan, said the deal highlighted the strengths of the Eurocentral location for businesses like Eddie Stobart.
“Key to the deal has been the way in which the Eddie Stobart team has been impressed with the facilities and ease of access to the motorway network that Eurocentral delivers,” he added.
“Muse and partners Scottish Enterprise have invested heavily in developing Eurocentral over the years to ensure the business park continues to deliver results on behalf of its occupiers and in a difficult economic climate deals like this are a huge endorsement of that commitment.”
More than 3,700 people are currently employed at Eurocentral, which has almost 4 million sq ft of developed space and hosts operations for businesses including SSE, Norbert Dentressangle, Wincanton, Warburtons, Argos, Hovis, FedEx and Morrisons.
The deal has been completed on what has been described as “strong” rental figures. CBRE and Ryden acted on behalf of Muse Developments.