The letting of Westway 200 was an important moment for Scotland's industrial and logistics market. Delivered as part of a £25 million speculative development programme, the 202,230-square-foot Grade A facility was let at practical completion to the UK Government on a 20-year lease.
The deal was one of the largest industrial transactions of the year and the biggest speculative industrial letting in Scotland for more than three decades. These achievements led to it winning a CoStar Impact Award, which was given out by an independent panel of judges.
About the project: The major government occupation injected long-term stability into an important submarket and diversified the estate beyond its traditional logistics and manufacturing tenants.
Representatives for Westway said the transaction validated its strategy for the estate: phased, speculative delivery of high-quality logistics and industrial space, aligned to evolving occupier needs. Westway 200 is the second phase, with the success of the letting influencing future phases.
The building's attributes including advanced energy-efficient systems, lots of natural light and high-quality office accommodation were instrumental in attracting a high-profile occupier, the developer said.
The occupier was able to achieve its environmental and ESG objectives thanks to the building's energy-efficient lighting, highly insulated materials, photovoltaic readiness and infrastructure designed to accommodate evolving low-carbon technologies.
Estate improvements, including upgraded roadways, safe cycling access and improved HGV circulation, were also instrumental in meeting the stringent operational requirements of a large government occupier, according to the developer.
The decision to deliver the project speculatively during a challenging economic climate represented a bold market commitment, those behind the development said.
Recognising the building's potential to serve large-scale, mission-critical users, the leasing team focused on promoting the quality of the specification, sustainability credentials and strategic connectivity. Early engagement with government agencies, logistics operators and major corporates helped generate interest long before completion, they added.
What the judges said: Stephen Lewis, the managing director of HFD Property Group, said: "Industrial development delivered speculatively at this size is rare and should be rewarded, not just financially via this letting but with praise and recognition via awards like this. Not only was the risk rewarded with a letting but a letting to a government covenant, for 20 years and for a market leading rent all marks this as a stand-out transaction."
They made it happen: Gregor King and Rob Large, directors at Canmoor Asset Management. The landlord representatives were Iain Davidson, director, industrial and logistics, and Colin McManus, associate director, both at Colliers, plus Andrew McCracken, head of industrial and logistics at JLL. Keith Hutchison, partner at Montagu Evans was the tenant rep. For the landlord, Brodies Solicitors' legal director Carly Mason and partner Richard Smith were the lawyers; for the tenant, that was Nick Atkins, partner at Morton Fraser MacRoberts.