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News Release

Glasgow

Trio of new tenants at major industrial estate

M8 Interlink secures new headline rents


GLASGOW, 28 September 2016 - Three new tenants have moved into units at the M8 Interlink Estate in Coatbridge to date in 2016.

Atlas Winch and Hoist Services, Torishima Service Solutions Europe and Oliver Ashworth have all signed ten-year leases for industrial space within the estate.

The deals – negotiated by JLL on behalf of the Royal London Mutual Insurance Society – also saw new headline rents achieved.

Building services supplier Oliver Ashworth took Unit 1 within the section of the site known as Monklands Industrial Estate. Formerly two separate units of 14,000 sq ft and 6,000 sq ft, the space was recently refurbished and transformed into one unit. They will pay £5.25 psf.

Torishima took the 11,000 sq ft Unit 3 in the M8 Interlink section of the estate, and will pay £5 psf. Torishima and Oliver Ashworth both moved into the estate in the first quarter of 2016.

Atlas Winch and Hoist Services moved into Unit 3D in the Monklands section of the estate in June and will pay £5.35 psf.

The estate benefits from an unrivalled location, fronting onto the M8 motorway and providing easy transport links between Glasgow and Edinburgh.

Two units remain available – the first is 3,500 sq ft and has works underway while the second is 7,500 sq ft and has been recently refurbished.

Andrew Armstrong, senior surveyor, JLL, said: "It's been an excellent year for the M8 Interlink Estate, with these deals a clear sign that the owners' investment in refurbishment was worthwhile. In fact, terms with Atlas and Oliver Ashworth were both agreed within a month of the refurbishment work beginning.

"The new tenants were all impressed by the modern warehouse accommodation on offer, and securing new headline rents is another positive indicator that the industrial property market remains strong."

James Orr, fund manager, Royal London Mutual Insurance Society, said: "We are delighted with these new lettings at the Estate, with the level of rent achieved reflecting positive rental growth and confirming the resilience of the industrial market."