Rossco Properties, the property vehicle for entrepreneur Simon Howie’s real estate interests, has let all the available floor space at its Grange Lane storage complex at Grangemouth to global premium drinks business Diageo.
With detailed consents in place to enable compliance with bonded warehouse regulations, the complex is divided into 20 units. Diageo has leased the remaining 181,000 sq ft of the total 230,000 sq ft within the Grange Lane site.
Harry Fox, general manager for warehouse and blending at Diageo, said: “The location of this warehouse is ideal, given its proximity to our main maturation sites throughout the central belt of Scotland. This warehouse will be used primarily for the maturation of whisky and we expect to store in excess of 140,000 casks at Grangemouth.”
Commenting on the deal, Simon Howie, managing director of Rossco Properties, said: “We are delighted to welcome Diageo to Grange Lane; a property we acquired for cash in a difficult property market several years ago and have since invested significantly in making extensive repairs and improvements.
“This major letting is a vindication of our policy to specialise in the industrial sector and to target strategic locations for potential acquisitions. Indeed, Rossco is actively seeking further property deals where the fundamentals are attractive.”
James Barr acted for Diageo in the deal whilst Rossco Properties was unrepresented.
Rossco Properties is engaged in both property investment and development, adding value through aggressive asset management initiatives. It is part of the Simon Howie Group, which has an annual turnover in excess of £40 million and employs 400 staff across a diverse range of industrial sectors encompassing property, laminates, waste to energy, bulk goods handling and distribution and farming.
Diageo owns a collection of beverage alcohol brands across spirits, beer and wine, including Johnnie Walker, Crown Royal, J&B, Windsor, Buchanan’s and Bushmills whiskies, Smirnoff, Ciroc and Ketel One vodkas, Baileys, Captain Morgan, Jose Cuervo, Tanqueray and Guinness.
For further information please contact Stuart Buchanan on tel 0131 332 6827
Issued on behalf of Rossco Properties by Liquorice Media tel 0141 561 4018 www.liquorice-media.com
Date 22nd February 2012