The undeveloped Lanarkshire Enterprise Park site within the adjacent Dunalastair Industrial Estate was originally purchased by Fusion Assets from BioCity Scotland and is included within the boundary of the new Enterprise Area.

The addition of a North Lanarkshire site to the Life Sciences Enterprise Area was announced earlier in the year by the Scottish Government but did not come into effect until April 2016. Enterprise Area status means businesses based in the new Lanarkshire Enterprise Park will be able to take advantage of business rates relief, faster planning applications, skills support, broadband and assistance in accessing international markets.

Murray Collins, managing director of Fusion Assets, said: “With the additional benefits that Enterprise Area status brings, we are looking to reposition our development proposals for the site to target higher value uses associated with the life sciences and biotechnology supply chain as well as manufacturing and distribution uses.”

Since acquiring the site Fusion Assets has undertaken a programme of land remediation and enabling infrastructure works to create a serviced development site with financial assistance from the Scottish Government’s Vacant and Derelict Land Fund. Planning approval is in place for the first stage of development which consists of some 40,000 sqft of commercial floorspace.

Fusion Assets is the arms length property development and regeneration company of North Lanarkshire Council which works in partnership with private developers. It is envisaged that future phases of development will be marketed to potential joint venture partners once the new Chapelhall junction on the M8 is completed.