Glasgow can look forward to much improved industrial facilities within striling distance of the city centre after a development on Alexandra Parade changed hands for £2,425,000.

Bankhead Estates, a joint venture between directors of New Land Assets and Plum Developments, purchased 87-91 Milnbank Road and 370-384 Townmill Road from The Glanmore Property Fund.

The 49,224 sq ft of multi-let industrial space occupies a site of 2.39 acres, with tenants including Continental Wine & Foods and Morrison Road Services, but will undergo significant refurbishment under this go-ahead property company.

The new owners are to re-brand the development City Park industrial estate, in line with the successful business complex nearby, and, critically, the units will be available to lease or purchase, a move which will be very well received by the market. Trade-counter operators are expected to be among those interested.

Ross Burns of Jones Lang LaSalle, who advised the sellers, said: "There is currently a shortage of industrial units on the north side of the city, which is why so much interest was generated in this sale. There is more than 40,000 sq ft of vacant industrial space on the site, which offers significant development and refurbishment opportunities."

Cass Hibbert if King Sturge, who acted for Bankhead, said: "This will present the market with a good oportunity to purchase feuhold units very close to the city centre, something there is currently a very limited chance to do. The initial response has been very encouraging".

KS and JLL are retained as joint letting agents. Bankhead Estates has been responsible for similar successful rebranding and refurbishingment of Shawfield Retail and Trade Park at Rutherglen and Bankhead Workspace at Sighthill, Edinburgh

In the capital, 10 of th e11 modern, self contained units created have already been sold off-plan, with strong interest in the remaining 6 135 sq ft workshop/storage space.