finance

Joint venture secures planning to build £35 million logistics and trade counter park



A joint venture has secured planning permission to build a £35m urban logistics and trade counter park on Bankhead Avenue in Sighthill, Edinburgh.

The 132,000 sq ft of park will be called Capital Park and will comprise of 18 high specifications new build leasehold units ranging from 2,761 sg ft to 16,953 sq ft.

A bespoke 15,630 sq ft unit has been pre-let to national builders’ merchant, Travis Perkins.

Capital Park will be jointly delivered by industrial developer Chancerygate and specialist investor Bridges Fund Management.

The joint venture purchased the seven-and-a-half-acre site, which was the former location of Grayfield House – a 90,000 sq ft office building, in April 2021.

Construction of the development is set to commence in early 2022 with practical completion expected towards the end of next year.

Neighbouring occupiers to the development include Evans Halshaw, Tool Station, Edinburgh College, Edinburgh Napier University and Burton Biscuit Company.

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.

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, said: “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.”

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