Scottish Widows Investment Partnership has put the last of the remaining assets of New Edinburgh up for sale.
It has instructed Jones Lang LaSalle to seek offers in excess of £10m for the properties at Edinburgh Park. These include the 60,000 sq ft office building 7 Lochside View , 48 acres of undeveloped land and various ground leases and other licences.
The land has existing consent for office and other ancillary uses but may be suitable for alternative uses.
SWIP was appointed as asset manager for the assets by Deloitte, administrators to the collapsed New Edinburgh.
This year has seen a marked upturn in fortunes for Edinburgh Park. The decision by Sainsbury’s Bank to set up its head office on the park has been one of four significant new deals, amounting to 200,000 sq ft. JLT recently announced a move into 7 Lochside Avenue at Edinburgh Park, while other occupiers including Business Stream, Computershare and Lloyds Banking Group have committed to the scheme.
JLL has been involved in all of these transactions, which have seen vacancy rates at Edinburgh Park halve from 23% to 13%, with further reductions anticipated over the rest of the year.
Based in South Gyle, close to Edinburgh airport, Edinburgh Park is Scotland’s largest business park – a 58ha development that is home to occupiers including BT, HSBC, Aegon, JP Morgan and Diageo.
