Seven Hills Business Park in Sighthill, to the west of Edinburgh, has been sold to UBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM)’s Triton Property Fund LP (Triton) by way of a forward commitment for an expected total consideration of circa £15m.
Previously owned by Peveril Securities in a joint venture with Citivale, Seven Hills is regarded as Edinburgh’s principal and best industrial location, with excellent transport links. Construction work recently started on building 76,000 sq ft of industrial and trade space which is due for completion in autumn of this year.
Already home to Napier University and Amazon, eleven units, ranging from 3,360 to 14,700 sq ft are being built at the 5.5 acre Seven Hills, which is in close proximity to Edinburgh and the wider road network. Three of the largest units will have first floor office accommodation and all will be located within a secure site with a communal yard.
Chris Kirkland of Peveril Securities, said: “The sale to Triton illustrates both the confidence in the industrial market in Edinburgh and the excellent location of Seven Hills to deliver against the significant shortage of high quality new build industrial space.
“Seven Hills enjoys an enviable location with excellent road, train and tram links, as well as being in close proximity to Edinburgh Airport. We will be working closely with UBS-AM as we complete construction of the new units and have been encouraged by the interest shown to date by potential occupiers.”
Jonathan Hollick, Portfolio Manager of UBS-AM’s Triton fund, said: “Edinburgh’s industrial market remains characterised by a lack of supply, making the development aspect of this investment particularly attractive, and leaving us confident in the asset’s ability to generate strong returns for the Fund.”
Seven Hills is being marketed by joint letting agents, Ryden, Burns & Shaw and Montagu Evans.