Ashfield Land has acquired Lloyds Banking Group’s call centre building at Pitreavie Business Park, Dunfermline, with a view to redeveloping the site into industrial and logistics space.
The company has acquired the site for an undisclosed price through a joint venture with Euro Property Investments Limited (EPIL). Ashfield Land will now bring forward a planning application to demolish the existing call centre building and deliver a new industrial and logistics development with an investment value of more than £20m.
This is the first deal secured by Ashfield Land and EPIL, who have ambitions to secure further residual income opportunities across the UK. The joint venture partners are specifically interested in sites with two to three years remaining on the lease, where they can invest in and deliver value through redevelopment or intensification of use.
Declan O’Neill, associate at Ashfield Land, said: “Pitreavie Business Park is a highly strategic site with outstanding potential for commercial development, so we’re delighted to secure this acquisition. We look forward to progressing through the planning process and delivering significant economic benefits across the Fife region.”
Steven McGarva, managing director north at Ashfield Land, added: “It has been a pleasure working with EPIL throughout this process – we are exploring further investment opportunities together and we’re excited about what our new joint venture can achieve in the years ahead.”
MacLaren & Partners LLP and Wood Advisory represented EPIL.
