Saltire Business Parks, a Scottish-based commercial developer, has completed a number of deals at Elgin Business Park resulting in a multi-million-pound investment enabling four developments to commence over the coming months.
Saltire Business Parks announced it is set to speculatively develop 14,000 sq ft of industrial space, due to complete later this year. The much-needed development offers versatility to deliver a range of units from 1,000 sq ft up to 10,000 sq ft, which can be tailored to the requirements of potential tenants. The £1m investment will create employment opportunities and the appropriate facilities for small/medium sized businesses to expand, which will deliver economic growth to the local area.
Saltire Business Parks has also completed the sale of two sites to Drum Property Group, totalling three acres. Drum is set to deliver a new Travelodge after work started on the 61-bedroom hotel earlier this month, in addition to the construction of a new outlet for Euro Garages.
David Kilgour, Projects Director at Drum Property Group, said: “We are pleased to have concluded these deals with Saltire, and to be working in partnershipwith Travelodge and Euro Garages to bring these exciting new hotel and retail outlets to Elgin. The provision of these facilities and services will deliver real benefits for local residents and visitors, whilst providing additional economic impact for the town and surrounding area.”
Subsequently, Speyside Scaffolding has also completed a deal to acquire a 1.5-acre site from Saltire for a new industrial compound.
The four developments will support an estimated 40 full-time construction roles through their development lifecycles, with opportunities for local apprentices to join the construction projects. In addition, there will be a number of new employment opportunities on completion.
The four deals represent a significant step forward for Elgin Business Park, which is the largest industrial estate under construction in the north of Scotland. Located on the eastern outskirts of Elgin, the estate aims to tackle the lack of development land and quality business space in Moray, with the market currently characterised by a limited development pipeline due to a lack of available land for commercial development.
Elgin Business Park stretches over 50 acres and offers the opportunity for occupiers to expand existing businesses or establish a new base near Elgin. Located just off the A96, with a new roundabout providing excellent connectivity to the road network, the park has generated significant enquiries from interested parties.
Alan Esson, managing director, Saltire Business Parks, said: “The high-profile deals with Drum Property Group and Speyside Scaffolding represents a good start for Elgin Business Park, but there is much more to come. There is a severe lack of land available for commercial development across the north of Scotland, which, in turn, is hindering the growth of local businesses. Two other sites are under offer and we are in talks with a number of parties – both local and national – and I’m confident we’ll be welcoming many more businesses to Elgin Business Park in the future.
“We are already receiving enquiries from local businesses for the small unit development and anticipate this development will be pre-let in part before completion. Elgin Business Park can offer a variety of sizes of plots and tenure to suite occupiers’ requirements.”