The company is set to speculatively develop 14,000 sq ft of industrial space, due to complete later this year.

The development offers versatility to deliver a range of units from 1,000 sq ft up to 10,000 sq ft, which can be tailored to the requirements of potential tenants. The £1 million investment will create employment opportunities and the appropriate facilities for small/medium-sized businesses to expand, which will deliver economic growth to the local area.

Saltire Business Parks has also completed the sale of two sites to Drum Property Group, totalling three acres. Drum is set to deliver a new Travelodge after work started on the 61-bedroom hotel earlier this month, in addition to the construction of a new outlet for Euro Garages.

David Kilgour, projects director at Drum Property Group, said: “We are pleased to have concluded these deals with Saltire, and to be working in partnership with Travelodge and Euro Garages to bring these exciting new hotel and retail outlets to Elgin. The provision of these facilities and services will deliver real benefits for local residents and visitors, whilst providing additional economic impact for the town and surrounding area.”

Subsequently, Speyside Scaffolding has also completed a deal to acquire a 1.5-acre site from Saltire for a new industrial compound.

The four developments will support an estimated 40 full-time construction roles through their development lifecycles, with opportunities for local apprentices to join the construction projects. In addition, there will be a number of new employment opportunities on completion.

Alan Esson, managing director, Saltire Business Parks, said: “The high-profile deals with Drum Property Group and Speyside Scaffolding represent a good start for Elgin Business Park, but there is much more to come. There is a severe lack of land available for commercial development across the north of Scotland, which, in turn, is hindering the growth of local businesses.

“Two other sites are under offer and we are in talks with a number of parties - both local and national - and I’m confident we’ll be welcoming many more businesses to Elgin Business Park in the future.

“We are already receiving enquiries from local businesses for the small unit development and anticipate this development will be pre-let in part before completion. Elgin Business Park can offer a variety of sizes of plots and tenure to suit occupiers’ requirements.”