M8 office park sold for £38m

Broadoak Asset Management, acting for owners Tritax Eurocentral EZ Unit Trust, has confirmed the sale of Maxim Office Park for £38 million to clients of Shelborn Asset Management.

Located along the M8 motorway between Glasgow and Edinburgh, Maxim comprises 756,000 sq ft of flexible office space across ten buildings positioned within landscaped gardens.

Current tenants include Scottish Environment Protection Agency (SEPA), Regus, Wills Bros, Europa Logistics, Sure Thing Insurance, Allied Glass, Balfour Beatty, TC BioPharm, Lamellar Biomedical, Document Data Group, Proact IT, Vaillant and Berits & Brown.

Broadoak more than doubled occupation at the Park since it took over as asset manager in July 2015, with 15 new tenants arriving since then. Public transport services were also increased to now offer up to 185 busses per day and additional on-site amenities including retail offerings, outdoor sports equipment and electric vehicle charging points were also implemented.

A marketing and leasing campaign led by Broadoak repositioned Maxim in the market and also helped drive forward a successful leasing campaign for smaller suites in the Park.

Maxim won the CoStar Glasgow Deal of the Year award in 2017 for the 43,520 sq ft letting to Balfour Beatty. It has also achieved the largest Glasgow business park letting of standing stock so far in 2018 at over 68,000 sq ft, which will secure an additional 900 jobs at the park.

Craig Ritchie, who leads Broadoak’s Glasgow office, said: “Maxim has had a great run of leasing success over the last 24 months, so timing was good to capture the increase in value and execute a successful exit.”