CREDENTIAL PURCHASE WARDPARK IN CUMBERNAULD

Credential Holdings has purchased the majority of Wardpark Industrial Estate in Cumbernauld, one of Central Scotland’s largest industrial park’s, from Teesland IOG for £33.1m.

Spanning 853,336 sq ft, Wardpark is centrally located adjacent to the A80 providing direct access to the central Scotland motorway triangle. It is situated next to Cumbernauld Airport and within 30 minutes drive of Glasgow and Edinburgh airports.

An established industrial location, the estate is divided into two distinct areas, North and South, and provides a mix of high quality, low density units ranging from 1,960 sq ft to 72,944 sq ft, primarily accommodating distribution, manufacturing, warehouse/trade counter and ancillary office uses. The park currently retains 90% tenant occupancy and principal occupiers within the area include OKI, Siemens, Bunzl and Cummins Diesel. Wardpark presents a number of asset management opportunities which also attracted Credential to the deal.

“We plan to actively invest in upgrading the industrial estate which was originally built during the 1960’s and 70’s as well as look at ways in which we can improve on existing floor plans, which is one of our core strengths. It’s a significant investment for us but illustrates the business opportunities we are currently seeking to fuel our expansion strategy,” said Derek Porter, Group Managing Director, Credential Holdings.

Property consultants, Inglis Howie, represented Teesland IOG and Credential Holdings acted on their own behalf. James Barr has been appointed to act with the Landlord as joint letting agents for the available space.

Credential Holdings currently owns and manages a substantial portfolio of investment properties, valued in excess of £240m, which includes over 1.4m sq.ft. of retail, commercial and leisure space and £30m of residential property currently under development.