£25m push for logistics development in capital
Grayfield House will be redeveloped
A £25 million plan has been unveiled to fill a gap in the provision of units for light industry and warehousing in Edinburgh.
A joint venture between industrial developer Chancerygate and property fund Bridges Fund Management has exchanged contracts to acquire a 7.5-acre site in Sighthill.
There is said to be interest from a number of potential occupiers.
Grayfield House on Bankhead Avenue currently comprises 90,000 sq ft of office accommodation.
The JV intends to speculatively develop a ‘best-in-class’ urban logistics scheme on the site, which will be re-branded as Capital Park. The vendor is property asset management company Mapeley and the sale will complete next April.
The JV will be submitting a planning application to redevelop the site to deliver 165,000 sq ft of industrial and warehousing space across 20 units ranging from 3,400 sq ft to 25,000 sq ft. Units will be available freehold or leasehold.
Neighbouring occupiers to the proposed development include Evans Halshaw, Tool Station, Edinburgh College, Edinburgh Napier University and Burton Biscuit Company.
Chancerygate is the UK’s largest multi-unit industrial developer with 22 sites ranging from Livingston to Bournemouth. Subject to planning, Capital Park will be Chancerygate’s second development in Scotland after Livingston Trade Park which is located on the Houstoun Industrial Estate and comprises eight leasehold units totalling 40,000 sq ft.
Commenting on the acquisition, Chancerygate development director, Mike Walker, said: “We are very pleased to have secured this development opportunity in what is widely regarded as Edinburgh’s prime industrial location.