100% Success for Sharkey
17 May 2010
Ryden has achieved 100% occupancy at their client’s, Sharkey Developments Limited, speculative industrial development at Bilston Glen Industrial Estate, Loanhead, Midlothian.
The development is a terrace of five industrial units and extends to a total of 9,500 sq ft. The new tenants are NSA Ltd (Nanoparticulate Surface Adhesive Ltd), Solutions Group, Swan Business Solutions, PPE Industrial Supplies Ltd and Nicholas Boyes Stone Conservation Ltd. The properties have been let on a variety of lease terms, ranging between three to ten years, with rents from £6.00 to £6.50 per sq ft.
Sharkey acquired the former Peter Walker HQ site within Bilston Glen Industrial Estate in 2007 and subsequently refurbished the existing space to provide serviced office suites. Last year, despite the economic downturn, Sharkey further invested in the estate by speculatively developing industrial units on the surplus yard area.
Scott Sharkey, Managing Director of Sharkey, comments: “The advice received from Ryden prior to undertaking this project provided us with the confidence to go ahead with the development. Given such tough economic conditions we are delighted with the results and the speedat which these buildings have been let. This is Sharkey Developments' first venture into speculative build in recent times and provides us with the confidence to enter into speculative schemes in the future."
Alan Herriot, Associate at Ryden, said: “It took great vision and belief in Ryden’s advice to speculatively build this industrial development during a difficult economic climate. Achieving 100% occupancy fully justifies my client’s investment and continued confidence in the industrial sector.”
He added: “Overall, enquiries for industrial space under 3,000 sq ft within Midlothian have increased over the last six to nine months.”
All occupiers were unrepresented in the deals.
