Industrial Property Investment Fund (IPIF) has completed four unit lettings in Glasgow and Edinburgh, advised by Jones Lang La Salle’s industrial and logistics team.  

The four industrial lettings, comprising nearly 53,000 sq ft in total, were all completed within the space of two weeks in December 2011.

M&H Logistics signed a 10 year lease, with a 5 year break option, to take 23,064 sq ft at an average headline rate of £5.50 per sq ft in Unit 3 on Edinburgh Distribution Park in Newbridge – making it the second largest unit transacted in Edinburgh last year. 

Elsewhere in Edinburgh, SR Flooring Ltd signed a 3 year lease on 1,900 sq ft of space in Block 2, Unit 2 (13) West Telferton Industrial Estate, at a rent of £6.50 per sq ft pa exclusive.

In Glasgow, Sound Acoustics Productions signed a five year lease for 4,841 sq ft of refurbished space, at a rate of £4.74 per sq ft, in Unit 3C Milnpark Trading Estate, Kinning Park.

A1 Distribution Ltd has signed a 10 year lease to take 23,079 sq ft of fully refurbished, modern, 2nd hand storage and distribution space at a rate of £5 per sq ft in the Red Shed, on Righead Industrial Estate in Bellshill.

Liz Dunsmore, IPIF’s leasing manager said: “These lettings are great news for the Fund and a very positive end to the year. Scotland has been a very difficult market for the Fund in the last few years, but these deals are testament to the hard work and dedication of our local agents.”

Jones Lang LaSalle acted for IPIF on all four lettings. Chris Patterson at Burns & Partners acted for M&H Logistics Ltd.