28th August 2014 back to news

Artists Community Created at Crownpoint

Artists Community Created at Crownpoint

142/146 Crownpoint Road, Glasgow


An interesting and flexible development on the north side of Glasgow has been created by Crownpoint Developments Ltd, ably assisted by Graham + Sibbald.  At the development’s heart is an entire floor dedicated to artists’ studios and another to an open exhibition space.


Gregor Brown of Graham + Sibbald’s Glasgow office comments: “When we sold the Crownpoint Road property in October 2013, we were then retained by the purchaser as sole letting agent.  The building comprises extensive industrial accommodation of over 50,000 sq ft along with 22,500 sq ft of workshop/storage/office space within a four storey office building.  We currently only have Unit 5 remaining, extending to approximately 9,335 sq ft.  When we commenced marketing we had a total of 50,278 sq ft of industrial space to let.”


Recognising that this size of industrial unit is more or less redundant with little demand in today’s market, Crownpoint Developments was pro-active and offered a flexible and creative development of the site, sub-dividing the warehouse to create smaller units.  G+S has let 30,000 sq ft of the industrial stock and has a further 4,000 sq ft under offer with some interest in a further 5,000 sq ft at present.


“The upper floors of the office building presented a slightly more difficult challenge.  The second floor has been converted to create ten artists’ studios, all of around 700 sq ft with a communal kitchen, storage areas and cleaning facilities.  The studios are available on flexible licence agreements.  We have not even started marketing these properties and have already had a lot of early interest and are about to go under offer on four of them.  We are looking at rolling out a similar concept on the first floor of the building and propose leaving the third floor as an exhibition space for artists.  This would be something of real benefit to the artist community in Glasgow,” commented Gregor Brown.


The Crownpoint Road property is one of many older buildings that has not benefited directly from any inward investment or Commonwealth Games Legacy funding.  Whilst millions of pounds have been sunk into regeneration in the east end of Glasgow, there remain many older almost obsolete properties, a legacy of the industrial heritage, left unloved and undeveloped.


Gregor Brown continued: “Large offices such as the one on Crownpoint Road, that were attached to a manufacturing facility, have had little or no chance of attracting a single occupier in the face of the modern city centre developments being promoted by Government agencies.  The sale, on behalf of an Administrator, was reliant on identifying a cash purchaser that could see that buying at a low base and letting out individual suites could reap high yielding rewards.”


This development is further proof that the market is recovering and that experienced cash backed investors are willing to take the risk for the high returns.