By Scott Wright

WEMYSS Properties is looking to take the expertise it has built up in the luxury residential market into the industrial arena.

The company, a division of the family-owned Wemyss Group, has completed the acquisition of a development at Hagmill Road, next to Centrum Business Park in Coatbridge. It is the property developer’s first deal in the industrial market – and chairman William Wemyss declared it will not be its last.

The 1.81-hectare site was purchased for an undisclosed amount from MCR Property Group, the real estate investment and development company. Wemyss Properties recently submitted planning permission to speculatively build 53,216 sq ft of new industrial space over three flexible units at the site, which can be sub-divided. The company noted that the site has “excellent connectivity links along the M8 corridor and directly to the M74 south”. It forecasts the industrial units will bring around 30 jobs to the local area when developed.

Mr Wemyss said: “We are excited to add another string to our property development bow with this acquisition, and at the prospect of delivering new high-quality industrial units which will help create jobs for this local area.

“Infrastructure and connectivity are major drivers for the industrial property market and we are confident of attracting high calibre businesses to the development, given its high accessible location within the Greater Glasgow conurbation.

“We are currently looking for other premier industrial sites as we continue to grow our development offering in this market sector. We feel confident about the future of this property class.”

Wemyss Properties is currently working on two live residential developments. In Glasgow, it is converting two Victorian townhouses on Newton Place into four apartments, while in Edinburgh it is working on a boutique development of newbuild townhouses on Craigleith Road.

The Wemyss Group is part of Wemyss Development Company, and has interests in whisky and renewables.