Westway gets new investment
Former Hunter-owned park sold in £40m deal
Park life: new owner for industrial facility
An industrial park once part-owned by Sir Tom Hunter has been acquired for £40 million by a property asset manager.
Canmoor, which has handled £1.5bn of commercial property assets, intends to invest in Westway Park, Renfrew, the largest fully enclosed industrial park in Scotland.
The 135 acre self-contained site is close to the Braehead shopping centre and Glasgow Airport and houses a new manufacturing research facility.
Tom White, director at Canmoor, said: “We are delighted to complete the acquisition of Westway Park and are excited to be part of the next phase of its development.
“We intend to work closely with current and new occupiers to deliver fit for purpose warehouse, manufacturing and business space.
“The existing buildings have real rarity value through their high eaves, heavy cranage and large power capacity and through our refurbishment programme we aim to take advantage of these attributes, to attract new occupiers.
“We are also excited that Westway Park will play a key part of the Renfrewshire City Deal Project, including the recently announced National Manufacturing Institute for Scotland and the development of a new bridge over the River Cart, linking Westway with Glasgow Airport. This marks the start of an exciting new chapter.”
Canmoor is an asset manager and developer in the warehouse and business space sectors with an existing portfolio of 14m sq ft and developments totalling 4m sq ft.
It was represented by Brodies and JLL which has been marketing the site since 2016.
It is home to a new Lightweight Manufacturing Centre, housed in the former Doosan Babcock facility.
Tom Hunter bought Westway in 2002 in a 50-50 joint venture with Nick Leslau. They created Prestbury West Coast Caledonian and launched a marketing initiative by joint agents NAI Gooch Webster and Ryden to re-brand the site and change its focus away from heavy engineering. It was Mr Leslau’s first major foray into the Scottish industrial sector.
> The Lighthouse business centre has officially launched in North Berwick, East Lothian. The centre opened last year and is now home to its first tenants.
It is the brainchild of property developer and local resident Andy Hadden, and his business partner Alasdair McCaig. The Lighthouse aims to fill a gap in the market for Grade A offices and flexible co-working space.