A joint venture (JV) has secured planning to build 132,000 sq ft of Grade A urban logistics and trade counter park in Sighthill, Edinburgh.
Developers revealed the Bankhead Avenue project has a gross development value of around £35 million.
Called Capital Park, the development will comprise 18 new build leasehold units of varying sizes. A 15,630 sq ft unit has been pre-let to 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, earlier this year.
Construction will start in early 2022 with practical completion expected towards the end of next year.
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.”
Guy Bowden, Bridges Fund Management partner, added, “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.