An agreement to acquire the thirty-year-old Lloyd Street Industrial Estate (LSIE) at Farme Cross, southeast of Glasgow, will result in over a quarter of a million pounds of improvement works to improve road quality and security.
Family-owned Spectrum Properties has acquired the heritable interest of the industrial estate, which is 100 per cent occupied by 22 tenants, from Hericksa Limited, for around £3m.
Spectrum Properties Managing Director Bill Roddie said: “LSIE is a good fit for our portfolio, and it is our intention to invest around £250,000 to upgrade both the existing road network within the estate and to reassure our tenants with the installation of security gates.
“By making LSIE a more safe and secure place in which to do business we hope to retain all our existing tenants and to attract yet more in the future.”
LSIE hosts a range of businesses, including a window manufacturer, a scaffolder and a company which refurbishes camper vans.
Spectrum Properties which, in recent years has moved increasingly into residential development, focuses primarily on commercial property. It owns some 700 commercial properties across Glasgow, comprising 70 per cent of its group holdings.
One of the largest property companies in Scotland, it has also converted sites such as Hillhead High School in Cecil Street in Glasgow, the former Hydepark Public School in Springburn, and Shettleston Public Baths.
Spectrum also converted art collector and city benefactor Sir William Burrell’s Great Western Road mansion and is currently engaged in the retention and development of the former Golfhill School near Glasgow Royal Infirmary.
The Shakespeare Building in North Kelvinside is the latest in a long line of architecturally significant properties which have been kept in the city’s heritage portfolio by Spectrum, using advanced preservation and restoration techniques such as façade retention.
Spectrum Properties directly employs 75 people and the same number of sub-contractors. It is actively recruiting to cope with rapid expansion. Established by Mr Roddie in 1988, the company now has a portfolio valuation of £60 million and a turnover more than £5 million.