Scotland business

Maxim office park secures major tenant

Maxim Building 6
Image caption Sepa is taking an entire block at Maxim on a 20-year lease

The struggling Maxim office park in Lanarkshire has been given a major boost with the announcement it is to let an entire block to the Scottish Environment Protection Agency (Sepa).

The agency is taking the 60,000 sq ft 'Maxim 6' building on a 20-year lease.

The move will allow Sepa to run several of its operations under one roof.

Maxim park was saved from financial collapse only a few months ago by the sale of Lloyds Banking Group debt to an American private equity investor.

The debt restructuring involved Cerberus Capital Management, a New York-based investment house.

The park, which offers 750,000 sq ft of office and retail space across 10 buildings on a prominent site by the M8 motorway, opened in 2007 but has secured few tenants until now.

David Gebbie, from commercial property asset managers Arisaig Property Partners, said the recent financial restructuring of Maxim had allowed Sepa and Maxim to achieve a leasing deal that previously could not have been achieved.

He added: "Both Maxim and Sepa have economically benefited from a review of the original terms without impacting the actual net present value of the lease.

"The news is a great boost for Maxim and the Lanarkshire area."

Sepa will relocate 350 staff to the office, including 200 from East Kilbride - where they are closing down two neighbouring offices - and others from Stirling and Perth as well as scientific staff from Edinburgh.

Sepa's headquarters will remain in Stirling.

Sepa chief executive Campbell Gemmell commented: "I am extremely pleased to be able to announce that Sepa has secured an excellent new facility, which will not only mean more efficient and effective environmental protection for Scotland, but which also provides better value for money for the taxpayer.

"It will provide the operational base for our regulatory teams for west central Scotland, an excellent working environment for several related national functions and a brand new, first class laboratory facility."

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