Colliers International’s Industrial & Logistics team has logged its first major sale of 2018 in Scotland, with the sale of a massive 264,000 sq ft warehouse in Cumbernauld.

The commercial property firm has sold 5 Wardpark Road, Wardpark South Industrial Estate, Cumbernauld G67 3HW on behalf of its client Premier Pan European. It is the second time in less than four years that Colliers has sold the site, as it also acted for former owner Co-operative Estates when Premier purchased the property in 2014.

Iain Davidson, director of Industrial & Logistics with Colliers International, said: “This sale represents a great start to the year for all concerned. Naturally, we’re happy to have closed our first major deal of 2018, but it’s also good news for our client and the buyer, as warehouses of this size and specification are in short supply in Scotland.

“5 Wardpark Road is very well situated, with easy access to the motorway and other transport hubs, as well as Scotland’s major cities. It is also a very well appointed property.”

The property, which is adjacent to the M80 motorway, extends to 263,905 sq ft (24,517 sq m) on a site totalling 12.6 acres. It was built in 1976 and further developed in 1985 and 1986.

It has been sold to new owner occupier, John G Russell Transport Limited. The purchase price has remained confidential albeit the quoting price was £3m.