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Multi-Billion-Pound Fund Manager Reveals New Property Lettings

A multi-billion-pound fund manager has announced two lettings at Belleknowes Industrial Estate in Inverkeithing, Fife.

The £36bn worth firm Hermes Investment Management who last year invested over £1.5m in the industrial estate, revealed that the Pict Offshore Ltd and AIC Heating UK Ltd were the new tenants.

The Scottish-based engineering and research & development company, Pict Offshore Ltd, has taken Units 13 & 14 which extend fo 13,876 sq ft.

Commenting on the letting, Philip Taylor of Pict Offshore Ltd said: “We recently moved to these units to provide a base for manufacturing our new generation of access systems for offshore wind farms. We were attracted by the convenient location, close to the M90 and Edinburgh airport, by the high-quality finish of the units which give a very good impression for our suppliers, customers and investors.

“This part of Fife is rapidly becoming a supply chain cluster for offshore wind and positions us well for the growth that we see happening in the sector in the coming years.”

Belleknowes Industrial Estate is the largest single ownership estate of its kind in Fife and is situated within 20 minutes drive of Edinburgh city centre.

The other new tenant, AIC Heating UK Ltd, are a European manufacturer of commercial gas and water tanks and have taken Unit 16 which extends to 5,819 sq ft. occupiers

Highlighting why AIC chose the Inverkeithing estate, Stephen Wilson of the firm said: “We chose Inverkeithing to invest as the location was central for our network of installers to visit our premises for ongoing training, on our existing and new products, as well as suiting our transport requirements.”

Besides the two new tenants, existing occupiers include Network Rail, Kwik-Fit, D&G Autos and many more.

Neil McAllister, Industrial Agency Partner at Ryden, who is one of the letting agents, added:

“Following the refurbishment programme the estate now presents well and with the vacant units refurbished the accommodation available is certainly some of the best in Fife, both in terms of quality and location. Just reward for the investment Hermes has put into the estate”.

Despite the number of occupants there still remains some vacant accommodation at the estate.

Commercial People has learned that the vacant accommodation is refurbished and ready for immediate occupation with units available in sizes of 3,449 sq ft to 17,429 sq ft. The quoting rent given to Commercial People raged from £5.50 to £6.50 per sq ft depending on the size of the unit being considered.

Briefly outlying Hermes’ plans for what lies ahead, Sebastian Hayes, Investment Manager at Hermes Investment Management, said: “We have continued to invest in the estate over a number of years, and the majority of the units are looking as good as new, and this has resulted in new occupiers being attracted to Belleknowes.”

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