Agents appointed for sites
Rasul completes three deals worth £2.2m
The Edinburgh-based company has bought a warehouse in Edinburgh’s Sighthill Industrial Estate, another in Hamilton and a site in Edinburgh’s Northfield Broadway.
SRA bought the 27,000 sq ft Sighthill warehouse from Len Lothian and is appointing Ryden and Graham + Sibbald to jointly market the site.
The trade warehouse in Hamilton’s Allanshaw Industrial Estate is currently occupied by Carpet Ways and The Bathroom People.
SRA, run by Scots entrepreneur Shaf Rasul (pictured), plans to develop and expand the building by creating additional units, with a national retailer of trade tools and accessories among those vying for tenancy.
The company has taken ownership of a mixed use industrial site with residential consent in Edinburgh’s Northfield Broadway which is likely to be redeveloped in the near future.
Mr Rasul said: “We are pleased to have commenced 2017 with a flurry of acquisitions and are confident of quickly securing the futures of all three sites, whether that be through high-profile tenancy agreements or interesting redevelopment opportunities.
“We expect that all will soon be realising their full potential thanks to a combination of exceptional location, high-spec accommodation, and careful management.
“Taken together, these deals represent a major strategic investment for SRA Ventures, and further exciting additions to our property portfolio.
“Through sustained investment, we are certain that these new sites will follow in the footsteps of our original commercial base, E-Net Park in Linlithgow.”
Partner at Graham + Sibbald, Keith Watters said: “In recent times, we have seen a clear market preference towards industrial sites, especially in the central belt, and SRA has again spotted significant opportunities in under-performing assets, particularly in the instance of its extensive new Sighthill warehouse.
“The conclusion of this deal represents the sixth major acquisition by Graham + Sibbald on behalf of SRA Ventures across the past year.
“We are now confident that we will find a strong covenant to rent the premises. In fact, we are already in discussion with two parties. Once marketed, we do expect more interested parties to come forward.”
Douglas Lothian, joint managing director of Len Lothian, said: “The industrial accommodation at Bankhead Drive had become superfluous to Len Lothian’s requirements.
“However, our agents DM Hall quickly introduced us to SRA Ventures who are very acquisitive in the local industrial property market.
“Within a day we had agreed terms and SRA ventures delivered a concluded contract in the timescales we had discussed. We are very pleased with the speed and efficiency of the transaction and wish SRA Ventures the best with their acquisition.”