Scotland’s ‘Big Blue Shed’ gets new owner

The vast building, which occupies a six-acre site within Bellshill Industrial Estate, North Lanarkshire, will now undergo major refurbishment and rebranding.

New owner and investor Knight Property Group said the property - extending to 143,700 square feet, with a mezzanine floor of about 85,000 sq ft - offered a “significant opportunity” for occupiers seeking e-commerce, logistics or clothing distribution space.

The firm said the works would include “extensive upgrades” to the external walls, roof and wall cladding. There will also be improvements to the external concrete yards and surfacing, full internal redecoration, along with the refurbishment of the office and welfare facilities. The refurbishment is scheduled for completion in the final quarter of this year.

Howard Crawshaw, managing director of Knight Property Group, said: “Having successfully delivered several speculative new build developments and refurbishment projects across this area, we are proud to continue investing in Lanarkshire’s business landscape with the acquisition of this landmark building.

“With continued demand for premium logistics and warehouse space, combined with a limited supply of high-quality accommodation, this property represents an excellent opportunity for businesses looking to establish or expand their presence in central Scotland.

“We anticipate strong interest from occupiers seeking immediate access to well-connected industrial space, particularly given the shorter delivery times associated with refurbishment compared with new-build development.”

Yan Stewart, director at property adviser Graham + Sibbald, added: “Knight was able to move quickly on this ‘off-market’ acquisition, with the sellers keen to place the building with a purchaser capable of delivering on its vision for the asset.

“Their proven track record in delivering high-quality, well-specified industrial accommodation gives the market real confidence that the property will be rebranded and repositioned to meet modern occupier requirements and attract strong interest from industrial, logistics, e-commerce and warehouse operators, upon completion.”

The building is said to occupy a “highly strategic and prominent position” within Bellshill Industrial Estate, part of central Scotland’s established logistics and manufacturing “Golden Triangle” hub. The property is surrounded by a range of major logistics and industrial occupiers.