SME's Targeted with Buy Your Own Office Business Park at Renfrew Riverside

Capital Shopping Centres, the owners of Braehead, in association with Park Lane, the property development company, are launching a   'buy your own office' business park at Renfrew Riverside for companies wanting to buy their own business premises.
 
£5.5m will be invested to build a first phase of 35,000 sq ft high quality, flexible office space ranging from 2,500 up to 35,000 sq ft.   The new business park, to be called Riverside Braehead, will fill a gap in the market for businesses wanting to purchase their own offices and benefit from incentives to invest in commercial property, such as SIPPS (self invested pension plans).   Rental options will also be available.
 
Riverside Braehead will provide much needed office space for Renfrewshire's buoyant economy, where employment is forecast to grow by 4% by 2011*, of which financial services is among the fastest growing sectors.   Glasgow Airport* estimates that direct employment will increase from 5,000 to 8,200 by 2015 whilst Braehead and Renfrew Riverside are expected to support around 8,000 jobs by 2010.
 
Construction of Riverside Braehead is proposed to start in early 2006 and will be completed by late 2006.    The offices will feature a high standard of finish in keeping with the contemporary architecture across all new developments at Renfrew Riverside.   The development will feature a high car parking ratio of 1 : 300 sq ft, cycle parking and showers, and benefit from excellent public transport links.
 
Riverside Braehead is located near to the new public park (Clyde View Park) that was inaugurated on June 27th by Deputy Enterprise Minister Allan Wilson.   The business park will have access to 7 acres of open space, riverside walkways and the adjacent shopping, leisure, business and residential facilities of Braehead and Renfrew Riverside.  The new business park has outline planning permission and a full planning application will be submitted shortly.
 
Commenting Rosemary Coles, Group Development Manager with Capital Shopping Centres said: “It is important that as the economy develops there is high quality flexible office space to suit the needs of a wide range of businesses.   We think the new business park will be well received by businesses, in particular those that want to buy their premises, a facility that is still relatively rare in the business park market”.
 
Brian Clarke, Park Lane's joint Managing Director added: “We have researched the market carefully and have responded to demand for ownership, whilst still retaining the option to rent.   Businesses will be able to tailor their offices to their own requirements and we will also provide them with support and guidance on financial and professional advice.”
 
Joint letting agent Virginia Beckett of CBRE commented: “There will be nothing to directly compare with Riverside Braehead, which will fill a major gap in the market for owned, flexible office space in the West of Scotland.”    Businesses wanting more information should contact the joint agents direct - Virginia Beckett, CBRE, 0141 204 7666 or John Costello, Colliers CRE, 0141 226 1000.                                          
Source: Capital Shopping Centres
10 Oct 2005