Working with joint venture partner, Euro Property Investment Limited (EPIL), Ashfield Land  will deliver up to 200,000 sq ft of new industrial space

Ashfield Land has acquired Lloyds Banking Group’s call centre building at Pitreavie Business Park, Dunfermline, with plans to invest in and redevelop the site into a high-quality industrial/logistics development. 

The site is strategically located for distribution and logistics and boasts excellent transport connections.  It is adjacent to the M90 motorway, minutes from Rosyth train station and close to the port of Rosyth, which is part of the new Forth Green Freeport and set to be a catalyst for growth and investment in the area.

Ashfield Land acquired the site through a joint venture with Euro Property Investments Limited (EPIL). Ashfield Land will now use its experience and expertise to bring forward a planning application to demolish the existing call centre building and deliver a new high-quality industrial and logistics development with an investment value in excess of £20 million.

Lloyds Banking Group announced last year that it would be exiting Pitreavie Business Park in 2026 and would relocate operations to Edinburgh. Lloyds will continue to occupy the building for approximately 12 months while Ashfield Land progresses through the planning process.

Declan O’Neill, Associate at Ashfield Land, said: “Pitreavie Business Park is a highly strategic site with outstanding potential for commercial development, so we’re delighted to secure this acquisition. We look forward to progressing through the planning process and delivering significant economic benefits across the Fife region.

Steven McGarva, Managing Director North at Ashfield Land, said “It has been a pleasure working with EPIL throughout this process – we are exploring further investment opportunities together and we’re excited about what our new joint venture can achieve in the years ahead.”

This is the first deal secured by the partnership between Ashfield Land and EPIL. The joint venture has ambitions to secure further residual income opportunities across the UK and is specifically interested in sites with 2-3 years remaining on the lease, where it can invest in and deliver value through redevelopment or intensification of use.

The new, strategically connected distribution and logistics development at Pitreavie Business Park will further strengthen Dunfermline’s strong list of commercial occupiers, which already includes Amazon’s major logistics hub, Sky and Babcock.

MacLaren & Partners LLP and Wood Advisory represented EPIL.