Edinburgh warehouse purchase
Kangaroo leaps into Sighthill via Rasul deal
The Haddington-based storage company announced in January that a package of support from HSBC would allow it to expand its existing Glasgow facility, further invest in its Dundee operation, and lay the framework for expanding into new locations.
It has now paid Shaf Rasul’s company £1.6million for the partially occupied 27,000 square foot property in the Sighthill Industrial Estate. Kangaroo plans further deals in response to rising customer demand.
SRA Ventures acquired the site from Len Lothian in January. It has transferred the investment to the storage specialist.
Chris Stevens, managing director of Kangaroo, said: “We’ve been looking for something of this scale and in this location for some time, and had previously noted the property’s potential availability when still under the ownership of Len Lothian Limited.
“The added attraction of buying it from SRA Ventures, which had already pre-let some of the space, resulted in a guaranteed income stream from day one.”
Mr Rasul (pictured) said: “As the only property of such a scale available in the capital, where suitable warehouse accommodation is at a premium, we were certain that it would command strong interest from a number of potential large-scale rental users, and that was certainly the case, as demonstrated by the two pre-lets.
“However, Kangaroo Self Storage immediately proved to be an excellent fit for the property, taking advantage of its existing Class 6 designation, its guaranteed income stream from the pre-lets, and being keen to swiftly secure full ownership.
“With that goodwill on both sides, a deal was quickly agreed that suited all parties.
“We are also pleased that Kangaroo plans to work with the current tenants who were delighted to stay on, further underlining the site’s desirability to its growing customer base.”
SRA was advised on the disposal jointly by Ryden and Graham + Sibbald, and by Scots legal firm Gilson Gray.