HF Developments / AWG Property move swiftly to snap up
Kwik-Fit call centre for £3.3 Million

JV partnership buys Tannochside HQ

AWG Property and HF Developments have teamed up to purchase the Scottish contact centre of tyre fitters Kwik Fit for £3.3 million.

The joint venture partners purchased the 30,000 sq ft Forrest Gate property at Tannochside Park, Uddingston, from Kwik Fit (GB) Ltd.

Kwik Fit occupy around 10,000 sq ft of the property and the AWG Property / HF Developments will actively manage the building in order to attract further tenants.

As well as Kwik Fit, the Forrest Gate building also houses Bright Horizons Family Solutions, one of the UK’s leading providers of workplace childcare. Kwik Fit has a 15-year lease which extends to 2021, while Bright Horizons, which occupies 5,839 sq ft, has let the space until 2025.

Having purchased the building from original owners Motherwell District Council and Scottish Enterprise, Kwik-Fit undertook a comprehensive redevelopment programme to provide a two storey office accommodation to the front and open plan office/call centre space to the rear.

A separate training centre was subsequently added and partial sub-division undertaken to provide the Bright Horizons crèche.

Stephen Kelly, Director at AWG Property, said: “This a fantastic deal for us on two levels. Firstly it’s another JV with HF Developments, a partner we have worked very successfully with for the past ten years, and secondly, it’s a great opportunity to add some significant value to an under worked asset through undertaking a number of active asset management initiatives”.

“We believe this is a good piece of business as there is no doubt the end value of the building can be significantly enhanced following some creative active asset management.

“Kwik Fit and Bright Horizons are two strong tenants, but we intend to work to enhance the building as a potential location for businesses looking to locate or relocate to the area.”

William Hill, Managing Director of HF Developments said: “Tannochside is an increasingly popular location, offering easy accessibility to both Glasgow and Edinburgh.

“This is a terrific investment for the joint venture and we will be working hard to bring new tenants to the property in order to maximise its value.

“We will look at the options for redeveloping the property in order to maximise value and will consider increasing the overall floorspace available.”

The property occupies the most prominent position within the Park, facing the entrance.

Knight Frank acted on behalf of AWG Property / HF Developments, while Lambert Smith Hampton acted on behalf of Kwik Fit (GB) Ltd.