ASHFIELD Land has acquired Lloyds Banking Group’s call centre building at Pitreavie Business Park in Dunfermline, with plans to revamp the site into an industrial/logistics development.
Ashfield Land acquired the site through a joint venture with Euro Property Investments Limited (EPIL) and will bring forward a planning application to demolish the existing call centre building and deliver a new industrial and logistics hub with an investment value in excess of £20 million.
Lloyds Banking Group announced last year that it would be exiting Pitreavie Business Park in 2026 and relocate operations to Edinburgh. Lloyds will continue to occupy the building for approximately 12 months while Ashfield Land progresses through the planning process.
Declan O’Neill, associate at Ashfield Land, said, “Pitreavie Business Park is a highly strategic site with outstanding potential for commercial development, so we’re delighted to secure this acquisition. We look forward to progressing through the planning process and delivering significant economic benefits across the Fife region.”
Steven McGarva, MD north at Ashfield Land, added, “It has been a pleasure working with EPIL throughout this process – we are exploring further investment opportunities together and we’re excited about what our new joint venture can achieve in the years ahead.”
This is the first deal secured by the partnership between Ashfield Land and EPIL. The joint venture has ambitions to secure further residual income opportunities across the UK.
MacLaren & Partners LLP and Wood Advisory represented EPIL.
