Edinburgh-based property investment specialist SRA Ventures has secured a new £1.5million acquisition deal for two sprawling industrial units at Newbridge.
Owned by Scots entrepreneur Shaf Rasul, SRA purchased the neighbouring warehouse properties in the capital’s Lochend Industrial Estate – and it expects to see a significant return on its investment.
Units 1 and 2 at 10 Queen Anne Drive were purchased respectively for £675,000 and £800,000, and a £60,000 per annum deal has already been agreed on the former with Plantfinders (Scotland).
Furthermore, SRA has had a number of enquiries from national occupiers for the let of Unit 1.
Stretching to 13,111 square feet, Unit 1 was acquired from Thistle Peat Ltd, while the transfer of the 21,894 square foot Unit 2’s ownership was agreed with 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 £6million.
The company kicked off 2017 by announcing a raft of deals totalling £2.2million, including the £1.6million purchase of an extensive 27,000 square foot 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.
Mr Rasul said of the new Lochend acquisitions: “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, benefiting 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.
Mr 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. 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.”