A gateway city site in Edinburgh with capacity for up to 1,100 homes has hit the market at the Saica Pack site to the west of the city centre.
The packaging manufacturer has appointed Savills to sell the freehold for the 15.4-acre site in prime west Edinburgh, following plans to decommission the current plant. Average land values of up to £3m per acre would see expected bids of around £40m.
The Saica Pack plant has been identified as suitable for residential development in the 2030 City Plan, with an indicative capacity of 627 to 1,097 homes.
Saica is relocating the business to new premises following a £50m investment to provide a new facility in West Lothian. It is closing its Edinburgh and Milngavie sites and moving them to one main plant in Livingston.
Saica has made representations to City of Edinburgh Council for various schemes and is pitching the site as appropriate for residential, build-to-rent, hotel, retail, retirement and commercial development.
The deadline for bids is 28 January, and the site is being sold with vacant possession from Q1 2022.
Saica Pack is adjacent to the Edinburgh Gateway station and the West Craigs and Maybury developments sites, which are expected to see 2,000 homes, and sits opposite the Corstorphine retail park. It is also a short distance from Edinburgh Airport, on the Maybury junction fronting Glasgow Road, which leads to the city centre five miles to the east.
Investor appetite for residential development sites has continued to grow, with demand expanding out of the city centre to areas such as west Edinburgh and the airport.
Artisan Real Estate has committed to spending £90m across three sites in Edinburgh, including the Rowanbank Gardens scheme in Corstorphine, and developer Parabola is currently on the hunt for £300m for the city’s largest BTR scheme at the nearby Edinburgh Park.
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