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New industrial property lettings at Belleknowes Industrial Estate, Inverkeithing, Fife

26th November 2019

Hermes Investment Management, the £36 billion fund manager, has announced two lettings at Belleknowes Industrial Estate to Pict Offshore Ltd and AIC Heating UK Ltd.  

Within the last 12 months, Hermes Investment Management has invested over £1.5M in the estate. All units have been painted and the vacant accommodation refurbished.

Belleknowes Industrial Estate is the largest single ownership industrial estate in Fife and is situated one mile north of the Queensferry Crossing and within 20 minutes’ drive of Edinburgh city centre. Rosyth Dockyard and Port is also very close by.

Pict Offshore Ltd is a Scottish-based engineering and research & development company that specialises in “total height safety” solutions. The company has taken Units 13 & 14 which is a commitment to its expansion. The units extend to 13,876 sq ft. 

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.”

The other letting to AIC Heating Ltd, who have taken Unit 16, is also refurbished and extends to 5,819 sq ft.

AIC Heating UK Ltd are a European manufacturer of commercial gas condensing boilers and hot water tanks. Stephen Wilson of AIC Heating UK Ltd commented on the deal:

“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.”

Existing occupiers on the estate include Network Rail, Kwik-Fit, D&G Autos, Eriks and SEPA to name only a selection. The vacant accommodation is refurbished and ready for immediate occupation and units are available from 3,449 sq ft to 17,429 sq ft. The quoting rent for the estate varies from £5.50 to £6.50 psf depending on the size of the unit being considered. Incentives are available to the ingoing tenant.

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”. 

Sebastian Hayes, Investment Manager at Hermes Investment Management, also 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.”  

Neil McAllister

Neil is a very experienced commercial property chartered surveyor with over 25 years' experience. Specialisms include industrial agency, motor trade and development advice. He has a broad base of clients with the majority of his instructions being within the Central Belt of Scotland.

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