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Edinburgh, 30 September 2013 - Jones Lang LaSalle has been instructed by SWIP on the disposal of the remaining assets of New Edinburgh Limited in Administration (“NEL”) at Edinburgh Park which comprise 7 Lochside View (60,000sqft), 48 acres of undeveloped land and various ground leases and other licences.
SWIP was appointed as asset manager for the assets by the Administrators of NEL, Matt Cowlishaw, John Reid and Neville Kahn of business advisory firm, Deloitte. The land has existing consent for office and other ancillary uses but may be suitable for alternative uses, as highlighted in the revised Local Development Plan, issued in March.
2013 has seen a marked upturn in fortunes for Edinburgh Park. The decision by Sainsbury’s Bank to set up its Head Office at 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, whilst other occupiers including Business Stream, Computershare and Lloyds Banking Group have committed to the Park.
Jones Lang LaSalle has been involved in all of these transactions, which have seen vacancy rates at Edinburgh Park halve from 23% to 13%, with further reduction anticipated over the remainder of the year.
Cameron Stott, Director, Office Agency, Jones Lang LaSalle in Scotland said: “Edinburgh Park’s resurgence in popularity amongst occupiers is largely due to the availability of low cost grade A space. However, there is no doubt that the imminent arrival of the tram system in Edinburgh appears to be having a positive influence on occupier and investor decisions. With the promise of frequent transport links to and from the City, Edinburgh Park will be a key location of choice for years to come.”
Based in South Gyle, Edinburgh Park is Scotland’s largest business park - a 58 hectare development that is home to a range of different occupiers. Located to the west of Edinburgh city centre, Edinburgh Park is easily accessible by road and public transport, and is just a short drive away from Edinburgh airport. Edinburgh Park is already host to a variety of blue chip organisations including BT plc, HSBC, Aegon, JP Morgan and Diageo.”
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Cathrine Harrison - PR
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