Newlands Developments, in association with Tulchan Developments, has secured a £72m pre-construction forward-funding deal from an unnamed US-based investor.
Orchard Park
The funding will enable the delivery of Orchard Park, a 40-acre industrial and logistics development at Eurocentral, Scotland’s flagship logistics hub east of Glasgow.
The development will deliver 353,000 sq ft of grade-A accommodation across five units ranging from 42,500 sq ft to 122,500 sq ft.
Global real estate adviser CBRE, which brokered the funding, said it represented the largest speculative forward-funding deal for an industrial and logistics project in Scotland for 30 years.
Development is scheduled to commence on site in Q1 2027, with practical completion targeted for Q2 2028.
“This is a significant milestone for Scotland’s industrial and logistics market and a strong vote of confidence in the sector from one of the world’s leading real estate investors,” said Stephanie Bishop, development director at Newlands Developments.
“We believe this investment will attract significant occupiers who require top-quality buildings available in the immediate future.”
Douglas Steele, associate director at CBRE, said: “The deal reflects the growing international recognition of the opportunities within the country’s industrial and logistics sector.
“Orchard Park will be central in building that momentum, delivering high-quality, strategically located space that can help address occupier demand and set a new benchmark for industrial development in Scotland.”
Existing occupiers within Eurocentral span the distribution, logistics and office sectors, including DHL and GXO Logistics. Earlier this year, developer Manse secured planning permission for Eurocentral Gateway, a 200,000 sq ft industrial and logistics development adjacent to the existing park.
Bryce Stewart, senior director at CBRE, and Iain Davidson, director at Colliers, are the retained letting agents on the scheme.
