A joint venture has submitted plans to speculatively develop 146,745 sq ft of Grade A urban logistics accommodation on a seven-and-a-half-acre site on Bankhead Avenue in Sighthill, Edinburgh.
Called Capital Park, the proposed development is around five miles southwest of the city centre and will comprise 18 leasehold units ranging from 4.295 sq ft to 17,000 sq ft. A bespoke 15,000 sq ft unit is already under offer to a national builders’ merchant.
Capital Park will be jointly delivered by industrial developer Chancerygate and specialist investor Bridges Fund Management. It will have a gross development value in excess of £30m, and will replace Grayfield House, a 90,000 sq ft office building that is currently being demolished.
Neighbouring occupiers to the proposed development, which is one-and-a-half miles from the A720/M8, include Evans Halshaw, Tool Station, Edinburgh College, Edinburgh Napier University and Burton Biscuit Company.
Chancerygate development director, Mike Walker, said: “Submitting a planning application for this site is another key milestone in bringing forward this development.
“We are very encouraged by the high interest we have received from potential occupiers to date. Once delivered, we believe Capital Park will be a best-in-class trade counter and multi-unit urban logistics development perfectly placed for Edinburgh’s increasingly active and dynamic SME sector.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. It currently has more than three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Livingston to Bournemouth.
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 the recent acquisitions 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, partner at Bridges, commented: “The rise in ecommerce is driving strong demand for urban and last-mile logistics sites. We’re delighted to partner with Chancerygate again, and we’re confident that Bridges’ extensive experience of delivering some of the most sustainable industrial developments in the country will help ensure that Capital Park is highly attractive to potential occupiers. Over time, this will support the growth of the local economy in Edinburgh.”
Agents for Capital Park are Galbraith & Co and Ryden.