Hamilton International Park begins construction on latest phase of expansion plan

Nevis House is the latest building project to get underway as the expansion of Hamilton International Park gathers pace.

Finance Minister Tom McCabe MSP officially launched construction on the site by digging the first piece of turf. The construction project has been awarded to Tulloch Construction, with a projected completion date of November 2007.

The 63,538 sq.ft, four storey building has been forward financed to the tune of £21million by an investor syndicate formed by private investor Tim Hegarty.

A six unit, 14,143 sq.ft parade is also currently being constructed on the site at a cost of £5.25 million and is scheduled to open in summer 2007.

William Hill, Managing Director of HF Developments, commented: "Nevis House adds to the 240,000 sq.ft of accommodation that we have already developed at Hamilton International Park. We are delighted that Tom McCabe could come along and cut the first piece of turf.

“It is the latest in our expansion plans for the Park which includes the retail parade which will benefit not only the tenants of the Park, but also local residents of the surrounding areas.”

Hamilton International Park is home to a wide variety of local, regional and international businesses, which currently employ over 3,500 people. Nevis House and the Retail Parade are just two elements of a £104million expansion plan announced earlier this year. This will create more than 2,500 jobs and an additional 319,000 sq.ft of office accommodation, and will be completed by 2010.

Stephen Kelly, Director of AWG Property, added: “We are delighted to have secured this deal with Tim Hegarty to forward fund Nevis House. This reflects investor confidence in the market at present and in the future of Hamilton International Park. Now that work has begun on site this allows us to actively market the building.”

Tim Hegarty said: “The purchase of Nevis House is an excellent tax efficient opportunity to invest in one of the last remaining Enterprise Zones in the UK. The finished building will be an ideal office as it will be in a prominent position both within the Park and overlooking the A725 East Kilbride Expressway.”

Notes to editors:

Hamilton International Park is a joint venture between HF Developments and AWG Property to develop over 580,000 sq ft (53,882 sq m) of specified Grade A office space. The Park is home to household names such as HSBC First Direct, T Mobile, First Engineering, Scottish Power and S&UN.

Phase I provided 264,084 sq ft (24,533 sq m) to meet the requirements of modern businesses in six stand alone office buildings. The second phase of development will see a further investment of £104 million into the Park, providing a further 319,000 sq ft (29, 635 sq m) of office accommodation and retail facilities. It is estimated that by 2008 the Park will employ over 7,000 people.

Centrally located in the heart of Scotland, Hamilton International Park is approximately 13 miles south east of Glasgow City Centre. It is served by the A725 East Kilbride Expressway, which provides quick and easy access to the M8 (Glasgow & Edinburgh) and M74 (Carlisle & the South) motorway networks. DTZ Debenham Tie Leung, Lambert Smith Hampton and Ryden are the retained letting agents for the available office accommodation at Hamilton International Park.