Edinburgh investment company kick-starts the year with £2.2 million raft of acquisitions
Edinburgh-based property investment specialist SRA Ventures has kicked off 2017 by announcing a raft of acquisitions totalling £2.2million.
The company has just concluded missives to purchase an extensive 27,000 square foot warehouse within Edinburgh’s Sighthill Industrial Estate from storage specialists Len Lothian Limited – and it is currently the only property of such a scale that is available in the capital.
SRA says it expects to quickly let the warehouse in Bankhead Drive, which is located next to Catalyst Trade Park and the Burton’s biscuit factory.
The warehouse has already commanded strong rental interest from a number of potential large-scale users, including a national trampoline park operator and food distributor.
SRA plans to appoint Ryden and Graham + Sibbald to jointly market the site, the latter having been instructed by SRA to acquire a number of sites over the past 12 months.
Founded and owned by Scots entrepreneur Shaf Rasul, SRA has also purchased a trade warehouse in Hamilton’s Allanshaw Industrial Estate, with the Peacock Drive site currently occupied by Carpet Ways and The Bathroom People.
The property investment specialist plans to develop and expand the accommodation by creating a number of additional units, with a national retailer of trade tools and accessories among those immediately vying for tenancy.
Furthermore, SRA has taken ownership of a mixed use industrial site with residential consent in Edinburgh’s Northfield Broadway, which will likely be redeveloped in the near future.
SRA owns and manages a diverse range of industrial, retail, commercial and mixed use asset properties across Scotland, focusing on under-performing commercial assets.
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 Limited, 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.”