Fusion Assets begins 2022 with the announcement that Co-Operative Logistics have agreed to pre-let a new 47,500 sqft facility to be constructed at Newhouse in North Lanarkshire. The new £12m facility is located next to the Co-Op’s existing regional distribution centre that fronts onto the M8 at Newhouse.
The brownfield site forms part of a wider 18 acre development plot known as Link Park. The land was purchased by Fusion Assets in 2014 who then obtained planning approval for a major new industrial and logistics development totalling 115,000 sqft. Fusion Assets subsequently completed a package of enabling works funded through the North Lanarkshire Vacant and Derelict Land Programme to create a fully serviced and development ready site. The first industrial unit was built with financial support from the Scottish Government’s Regeneration Capital Grant Fund and is now fully occupied. Tenants at Link Park include Swagelok, Apleona and Halfords Autocentres.
During 2020 Fusion Assets initiated a procurement exercise to find a partner for the next phase of development on the Link Park site. This resulted in the appointment of a consortium consisting of Newlands UK and Tulchan Developments who were able to conclude a lease agreement with Co-operative Logistics and put in place a forward funding deal. Luddon Construction have subsequently been appointed as the main contractor and work has started on site with completion of the new Co-Op facility planned for October 2022.
Tim Ellis of Co-Op Logistics added: ‘’We are delighted that work has started on the bespoke de-kit facility adjacent to our depot off the M8 outside Glasgow at Newhouse. The existing depot already serves around 600 Co-op stores and this new facility strengthens our core logistics operation in North Lanarkshire. Despite the challenging times, the Development team and their contractor are on programme to deliver the unit this autumn which in turn allows us to upgrade part of the existing depot. This investment is key to the development of our overall network as part of our commitment to Scotland.’’
Fusion Assets intend to use the proceeds from the forward funding sale to construct a further 15,000 sqft industrial unit on part of the remaining land at Link Park, which already benefits from having detailed planning permission in place.
