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Sunday, May 18, 2023

Park Lane complete 9m Edinburgh purchase

Park Lane, the Scottish residential and commercial property development, strategic land and investment company, has recently completed a 9million purchase of a portfolio of modern industrial units at Edinburgh Interchange, significantly increasing its activity in the east of Scotland.

The purchase further boosts the Glasgow-based company's current land and secured deal bank, which is at this time indicative of a development value in excess of 250million.

The recent acquisition comprises four modern self-contained and high-specification units totaling 111,545 sqft (10,362 sq m), currently multi-let to a collection of strong covenant tenants, including the Scottish Ministers and is an established distribution and trade counter location.

Sean Robinson, joint managing director of Park Lane, commented: "We continue to expand our portfolio in the east of Scotland and Edinburgh

Interchange offers good rental growth prospects and attractive asset management potential. We are actively pursuing other opportunities in the east and throughout Scotland".

Park Lane recently completed a 12million commercial development in Chesser, Edinburgh; an attractive office development offering flexible open plan working, 'The Quadrant' catered for a range of occupier requirements. All the units in the development are now let or sold.

The Quadrant was initially purchased as a strategic land site, with planning subsequently secured for residential and commercial purposes. The residential development was sold to and developed by Bellway Homes (Scotland east), whilst the office space was retained by Park Lane and developed in conjunction with Kiltane. In total some 58,000 sq ft was developed and is now fully occupied.

Current Park Lane strategic land sites include "West Edinburgh", a 350-acre site to the south of the A8 near Edinburgh Airport. Park Lane is development partners with the landowners at this location and is promoting the site through the forthcoming West Edinburgh Local Plan.

Brian Clarke, joint managing director of Park Lane, recognises the importance of engaging and working closely with public sector partners

on this major strategic site, commenting: "We fully recognize the importance of this location to the economy of Edinburgh and Scotland, and are working closely with all the public sector agencies involved in the draft West Edinburgh Local Plan.

"All our previous large-scale and successful strategic land development sites, such as the 200-acre Renfrew Riverside mixed use regeneration project adjacent to Braehead Shopping Centre where we are development partners with Capital Shopping Centres, has been built on ongoing engagement and partnership working with the public sector".

The Park Lane Group of Companies had turnover of 26.5million in 2007, which generated a pre-tax profit of 3.3million (both figures including its share of Joint Ventures). Group Assets are at 28million, with net assets standing at 14.3million.