EXPANSION MOVE BY J&E HALL MARKS FULL OCCUPANCY AT WEST 100 + 200

The West 100 + 200 development is now 100% let to a diverse range of occupiers active in construction and building materials, manufacturing, engineering and whisky industry support services.

J&E Hall, a long-established business at Hillington Park, also operates from a unit at West 208 and office premises at Cameron Court. The new space at West 201 will support the continued expansion of the company’s Glasgow operations.

Across the 1.4m sq ft Aviemore Hillington Park portfolio, occupancy remains robust at 95%, with a relatively limited number of units expected to become  available this year and no new build developments expected in the short term.

Grant Edmondson, commercial director at Hillington Park, commented: “The final letting at the West 100 + 200 development has taken longer than expected, which is surprising given the lack of good-quality units available in the market. It is undoubtedly good news for J&E Hall, as they had been tracking this unit for over a year and it  was still available when they were ready to commit.

“When we committed to develop the 7-acre site, market rents were around £8.00 per sq ft.  Supply and demand dynamics in the industrial property market in recent years have driven significant rental growth, with headline rents achieved on the scheme rising from £8.50 psf to £11.00 psf.   That decision to develop speculatively has delivered a fully let development yield of 8.6%, compared to a projected 7.4%.

“While we would like to be progressing a speculative West 300 next phase, construction costs have risen substantially over the last few years, making it unviable at present. As a result, our focus continues to be on improving our existing modern industrial stock and targeting bespoke build opportunities for occupiers.”