News Archive

PEGASUS BUSINESS PARK OFF TO FLYING START

St Modwen’s newly-launched Pegasus Business Park at Hillington, Glasgow, is off to a flying start with the first letting of  3,762 sq m (40,500 sq ft)  of space to Kayfoam Ltd on a ten-year lease  The 31-acre site, located close to Junction 26, M8, has excellent road connections with easy access to both Glasgow city centre and Glasgow International Airport. It was acquired by St Modwen from Rolls Royce early this year and is being redeveloped to provide both cost effective refurbished space and state-of-the-art new units.

The main site will provide some 74,320 sq m (800,000 sq ft) of refurbished space in units from 1,858 sq m (20,000 sq ft)  to 12,077 sq m (130,000 sq ft )  and a rolling programme of demolition and refurbishment commenced in April. It will be operated as a St Modwen managed estate with an on-site team and estate service.

The space  taken by Kayfoam Ltd is being specially fitted out to meet the requirements of the tenant – a company that provides a wide product range of foams servicing many market areas including upholstery, bedding, packaging, construction and transport.

The remainder of that  12,077 sq m (130,000 sq ft)  building is  being refurbished to provide a further 8,361 sq m (90,000 sq ft ) of space which will be ready by August .

Separately, St Modwen is developing two adjacent sites to be known as Pegasus Court for new build construction.  Planning consent has been obtained for four high quality industrial units of between  1,393 sq m (15,000 sq ft)  and  2,322 sq m (25,000 sq ft),  fronting Queen Elizabeth Avenue.  Construction of these new units will commence in late summer and  they will be available for sale or to let next Spring.

Steven Knowles, St Modwen’s development manager, said: “We are pleased to have achieved this substantial letting so quickly. It reinforces our view that bringing our managed estate brand to Glasgow will prove highly successful.

“We pride ourselves on attaining excellent standards of management on our estates offering flexible terms and competitive rentals.”

Iain Davidson, director of Colliers CRE, letting agents alongside NAI Fuller Peiser, said: “Achieving a first letting in such a short time is an indication of how attractive Pegasus Business Park is likely to be to occupiers.

“The fact that St Modwen was happy to accommodate Kayfoam’s bespoke fit-out requirements shows the landlord’s willingness to provide flexible solutions. The refurbished programme has meant that modernised accommodation has quickly become available at highly competitive rentals from £1.60 to £2 per sq ft, depending on size and specification.”

For further information contact Steven Knowles of St Modwen (01925 825950). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).