Ashfield Land has sold its Pyramids Business Park in West Lothian to London & Regional.
The site, first developed by Motorola as a manufacturing base for its mobile phone business, totals 375,000 sq ft of office, production, studio and industrial accommodation across 93 acres. The site is located off Junction 3A of the M8 at Bathgate, approximately 20 miles west of Edinburgh city centre.
Ashfield Land acquired the site in 2016 and has carried out a programme of active asset management and investment resulting in the complete turnaround of the premises and 100% occupancy.
Recently, deals have been agreed with occupiers including Amazon Studios and the BBC who have chosen to film the second series of Good Omens at the Pyramids, a global fan favourite fantasy comedy series starring David Tennant and Michael Sheen.
With the site performing well as a studio and production facility, Ashfield Land has agreed the sale to London & Regional which is purchasing the site freehold.
Steven McGarva, Director at Ashfield Land, said: “The market for studio and production space is strong right now and this deal allows us to exit Pyramids at the right time having completed our asset management plans, generating a significant positive return for the business. We have loved working with our occupiers, West Lothian Council and other stakeholders but now is a good time to pass the reins to someone else and to look at other opportunities where we can apply our skills in re-purposing assets and delivering impactful development.”
Other occupiers at Pyramids Business Park include ITV Studios, Baillie Gifford, Plexus, Schindler and CSignum.
Earlier this year, Ashfield Land – working with NHS Lothian – also provided space at Pyramids for a vaccination centre.
Andrew Fisher, Managing Director at Ashfield Land, said: “Successful commercial property ownership and investment is about creating opportunities, working hard to provide what people want, and knowing the right time to transact. The opportunity with London & Regional comes at a great moment for us and for Pyramids which can now go forward serving the burgeoning film and TV market while we can recycle capital into new assets and ventures.”
Ashfield Land has recently strengthened its team with a series of new hires and is actively looking for investment and development opportunities nationwide in line with its 30+ year track record of successful property development.