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| 09.05.08 NEW BUSINESS PARK MEETS HIGH DEMAND A NEW business park has been completedahead of schedule to meet rising demand. Business Homes Cala revealed it has been forced to complete a £5million development in Livingston more quickly than was anticipated. The initial plan was to build the 10 blocks in two phases but the company has decided to complete the work in just one phase because there is such a rush to buy up spaces. It has already sold five out of 10 of the blocks - which are only due to be completed at the start of next month. The remaining five are planned for completion by July, having been started last summer. Brian Robinson, development director for Business Homes in Scotland, said: "We thought it would be a smaller market, but it seems we've got a more prevalent market here than we thought. "Instead of doing a larger number of smaller buildings, we've done a broader range of building. We underestimated how much interest there would be. The number of inquiries we've had has taken us by surprise." Robinson believes Livingston's popularity lies in its location. He said: "Livingston has got great connecthity. There's an awful lot of occupiers who want to be in between Edinburgh and Glasguw, and it's close to the M8. "Edinburgh Airport is not an awful long way away. And compared to Edinburgh, it's about £100 a square foot cheaper." The buildings, which are all Disability Discrimination Act compliant, will range from 3,043 square feet to 6,168 square feet plus. Prospective clients are looking at prices of £190 per square foot freehold or £16per square foot leasehold. And each building offers plenty of car parking space and 24-hour security. Already, it appears the business park will be occupied by a mix of tenants and owners. Kenmore Homes has already snapped up three buildings, and it will rent them out. A health related group is said to be interested in another. Another buyer is based in England, and was said to have been searching round central Scotland for property for sometime. Business Homes Cala formed three years ago as a joint venture between Business Homes and Cala Properties. Since then, it has been developing small out-of-town offices across Scotand. Robinson said: "I'm excited to see how these units will serve their new owners. Building larger units was a move partly encouraged by the positive feedback we received from our local agents, Colliers CRE and Ryden. "For one reason or another,a number of our competitors are building in Livingston at the same time as us. "But through luck, we happen to be ahead." |
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