The deal includes 20 multi-let units, which Granite City-based Knight said have become dilapidated, outdated and not fit for purpose.
The company added it had secured consent to demolish the properties and this work was already under way.
Knight hope that by developing the site, it can cash in from firms wanting to move into ‘a busy industrial hub close to key oil and gas businesses including Shell, Wood, Weatherford and Baker Hughes.’
The firm added, “The location benefits from nearby transport links, including Wellington road, main arterial routes and the AWPR.”
“The site is also within close proximity to many of the major car dealerships including BMW, Mercedes, VW and Range Rover and is also close to Wellington Circle which is home to Starbucks, Burger King, Pure Gym, IKEA, TESLA and Makro.”
The demolition work is expected to take around four months and Knight is mulling over options for the site and what lies ahead.
Managing director, James Barrack said: “We are excited to commence the demolition and site clearance of the Tyseal base. We know this side of the city very well, having recently completed developments for Tesla at Wellington Circle and also Altens Trade Park which is home to a multi-let industrial development. We are keen to take stock of the options available to us while demolition works are progressing and consider what will be the best fit for the site.”