SRA Ventures acquires two new industrial units at Lochend Industrial Estate – one of which has already been let to Plantfinders (Scotland)
Edinburgh-based property investment specialist SRA Ventures has agreed a £1.5m acquisition deal for two industrial units at Newbridge.
The firm, which is owned by Scots entrepreneur Shaf Rasul, has bought neighbouring warehouse properties at the Capital’s Lochend Industrial Estate and says it expects to see a significant return on its investment.
It secured Units 1 and 2 at 10 Queen Anne Drive for £675,000 and £800,000 respectively and has subsequently already agreed a £600,000-a-year deal with Plantfinders (Scotland) for Unit 1.
Unit 1, which spans 13,111sq ft, was acquired from Thistle Peat Ltd, while the 21,894sq ft Unit 2 was acquired from school outfitters Leonard Hudson.
Situated adjacent to the A8, Newbridge is considered to be east Scotland’s leading industrial and distribution location thanks to great infrastructure and transport links.
At its heart, the popular Lochend Industrial Estate is situated three miles west of Edinburgh Airport and eight miles from the city centre, with other commercial residents including Scotmid, Fed Ex and Debenhams Retail PLC.
The industrial units are just the latest in a series of acquisitions for SRA this year, totalling in excess of £6m.
The company kicked off 2017 by announcing a raft of deals totalling £2.2m, including the £1.6m purchase of an extensive 27,000sq ft warehouse in Sighthill Industrial Estate’s Bankhead Drive from storage specialists Len Lothian Limited, which was then sold to Kangaroo Self Storage.
In March, it purchased two further Sighthill warehouse properties in Bankhead Crossway South for a total of £725,000 from Stirling-based Alexander (Scotland) & Co Ltd, and quickly agreed pre-let terms for both.
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: “I was pleased to snap up these excellent, versatile and well-positioned properties in the heart of industrial Edinburgh where demand from large-scale users remains high.
“Taken together, these deals represent a major strategic investment for SRA Ventures, and further exciting additions to our property portfolio.
“It is no surprise to me that tenants have already been secured for one of these prime sites, generating value on all sides.
“Both properties are ready to be quickly deployed, and I’m certain that the new tenants will fully realise the substantial benefits of the excellent location and facilities. I wish them all the best for their future business prospects.
“I expect that Unit 2 will now also be swiftly snapped up, benefitting as it does from expansive floor space, not to mention excellent two-storey office accommodation to the front of the property.”
Both purchases were advised on by Graeme Millar of Graham + Sibbald, while the deal for Unit 1 was advised on by Graeme Millar and Alan Herriot of Ryden.
Millar said: “We continue to see a strong market for industrial sites in Edinburgh where choice is often at a premium – and Lochend Industrial Estate’s exceptional location remains its biggest asset.
“We were delighted to advise on, and facilitate, the conclusion of this deal, which is the eighth major acquisition by Graham + Sibbald on behalf of SRA Ventures across the past year.
“We are certain that more acquisitions of under-performing assets will follow before the end of the year, generating a significant return on investment for SRA.”
SRA was also advised by Scots legal firm Gilson Gray, whose Head of Real Estate, Murray Stewart, said: “We were pleased to once again advise SRA Ventures on all aspects of this transaction right from the start of the process. SRA was ideally positioned to snap up these substantial Newbridge properties and provide big businesses with the perfect premises from which to realise their ambitions.”