Kangaroo Self Storage has acquired a partially occupied warehouse in Edinburgh, Scotland, from commercial real estate investment firm SRA Ventures Ltd. for £1.6 million. The 27,000-square-foot structure is in the Sighhill Industrial Estate about four miles from the city center. SRA recently purchased the property and leased space to two e-commerce businesses, according to a press release. The asset will be Kangaroo’s first location in the Scottish capital.
Kangaroo indicated in January its intent to pursue growth opportunities after it received a £3.8 million loan. “We’ve been looking for something of this scale and in this location for some time, and had previously noted the property’s potential availability when still under the ownership of Len Lothian Ltd.,” said Chris Stevens, managing director of Kangaroo. “The added attraction of buying it from SRA Ventures, which had already pre-let some of the space, resulted in a guaranteed income stream from day one.”
The property is in a prominent area with favorable traffic counts and visibility, Stevens said.
“As the only property of such a scale available in the capital, where suitable warehouse accommodation is at a premium, we were certain that it would command strong interest from a number of potential large-scale rental users, and that was certainly the case, as demonstrated by the two pre-lets,” said Shaf Rasul, owner of SRA.
Both businesses under lease will continue to rent space, the release stated.
Base in in Haddington, Scotland, Kangaroo Self Storage operates two properties in Dundee and Glasgow.