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St Modwen Properties Developments (Hillington) Ltd, a wholly-owned subsidiary of St Modwen Properties PLC, has completed its £6.35 million acquisition of the former Rolls Royce facility at Hillington, Glasgow, and is preparing to develop the site into a major business park.

The 31-acre site – now being launched as Pegasus Business Park – is being transformed to make it attractive for national and local industrial and distribution occupiers, creating hundreds of new jobs.

Work will begin soon to refurbish some of the existing 74,320 sq m ( 800,000 sq ft) of accommodation to create units from 1,858 sq m ( 20,000 sq ft ) to 12,077 sq m (130,000 sq ft). Modernised office accommodation will also be available in suites between 18 sq m ( 200 sq ft) and 464 sq m ( 5,000 sq ft). St Modwen will use its established managed estate brand which offers quality space at competitive rentals on either long term or flexible occupational leases.

St Modwen is also preparing a planning application to construct four new industrial units from 1,393 sq m (15,000 sq ft) to 2,322 sq m ( 25,000 sq ft) and hopes to begin construction during the summer. Demolition of redundant buildings will be underway in March.

Steven Knowles, development manager, said: “We are very excited about bringing our managed estate brand to Glasgow. St Modwen prides itself on attaining excellent standards of management on its estates offering flexible terms and competitive rentals. Hillington, with its existing infrastructure, is an excellent location for us to start.”

Julie Ketley, director at Colliers CRE, said: “Pegasus Business Park has an ideal location close to Glasgow International Airport and the M8. Hillington has a long-established reputation as an excellent place for successful companies to locate. The major refurbishment programme means that attractive refurbished accommodation will quickly become available at highly competitive rentals of around £2 per sq ft. Flexible deals can be put in place to suit a variety of occupiers and contract-led requirements and there has already been considerable interest reflected in a number of enquiries.”

John Stevenson of NAI Fuller Peiser, added: “With the proposed M74 extension providing improved transport links across the city and forecast growth at Glasgow Airport, Pegasus Business Park will offer cost effective space for a wide diversity of occupiers.”

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