Max scheme represents a strong industrial market
According to leading property consultant, CB Richard Ellis (Scotland), the industrial market is stronger than ever, a fact signified by the recently completed Max Scheme at Junction 4 M8, Livingston.
The speculative development is the largest of its kind in Scotland, offering occupiers up to 655,000 sq ft of quality warehouse space in a prime distribution location. The completion of this unprecedented scheme represents a growing trend of larger scale developments currently growing momentum in Scotland. The development comprises two stand alone units of 380,000 sq ft and 242,000 sq ft which can be consolidated to create a unit of 620,000 sq ft.
Jamie Cumming, Industrial Agent for CB Richard Ellis (Scotland) commented:
“The completion of Max 380 & 242 marks an important milestone for the industrial market in Scotland and already we have experienced significant interest in these buildings. Together, they represent a change in direction for the market which we expect to continue throughout 2008 and beyond.
“The distribution and logistics market in Scotland is being driven by an increasing demand for large, cost efficient, Regional Distribution Centres and an increasing number of occupiers are looking to relocate to new facilities after unlocking the residential value of their existing industrial sites.
“Developers are reacting to this continued demand and are no doubt encouraged by the success of other sizable schemes such as Eurocentral.”
The Max Development, located at junction 4 of the M8, is part of an industrial package sold for £180 million on completion to a US real estate fund manager, Rockpoint, and will be let by CB Richard Ellis (Scotland) and James Barr jointly.