A joint venture (JV) has secured planning to build 132,000 sq ft of Grade A urban logistics and trade counter park with a gross development value of around £35m on Bankhead Avenue in Sighthill, Edinburgh. Called Capital Park, the development will comprise 18 high specification new build leasehold units ranging from 2,761 sq ft to 16,953 sq ft. A bespoke 15,630 sq ft unit has been pre-let to national builders’ merchant, Travis Perkins.
Capital Park will be jointly delivered by industrial developer Chancerygate and specialist investor Bridges Fund Management. The JV purchased the seven-and-a-half-acre site, which was the former location of Grayfield House, a 90,000 sq ft office building, in April 2021.
Construction of the development is set to commence in early 2022 with practical completion expected towards the end of next year. Neighbouring occupiers to the development include Evans Halshaw, Tool Station, Edinburgh College, Edinburgh Napier University and Burton Biscuit Company.
Chancerygate development director, Mike Walker, said: “We’re very pleased to have secured consent to deliver Capital Park. The scheme will provide best-in-class urban logistics and trade counter space to serve the city’s increasingly active and dynamic SME sector.
“The development has already attracted a considerable amount of interest, which has been confirmed by the pre-let of a bespoke builders merchant unit for Travis Perkins. This will be a fantastic trading location and we look forward to welcoming the company to Capital Park.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company currently has up to three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh.
Bridges Fund Management is a specialist sustainable and impact investor. It has been working in partnership with Chancerygate on projects for more than 10 years.
Investments include acquisitions this year of sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.
Guy Bowden, Bridges Fund Management partner, said: “We’re delighted that we can press ahead with this much-needed development, which will incorporate a number of value-adding sustainability features. As with all our previous projects with Chancerygate, we are confident these units will create jobs and support the growth of the local economy.”
Agents for Capital Park are Galbraith & Co and Ryden.
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