Shaf Rasul buys industrial sites in multi-million deal

A property investment specialist founded by Scots entrepreneur Shaf Rasul is set to regenerate two key industrial estates after concluding missives to buy both in a multi-million-pound deal.

Shaf Rasul said the deal marks a 'major strategic investment' for his SRA Ventures arm. Picture: Contributed

Edinburgh-based SRA Ventures, which is owned by Rasul, has acquired Bowmains Industrial Estate in Bo’ness and Lochside Court Industrial Estate in Dumfries.

Both sites are in line for “significant” investment as SRA – part of the E-Net Group – looks to attract new tenants, from start-ups to established blue-chip brands.

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Bowmains Industrial Estate, which currently comprises ten units up to a maximum of 7,750 square feet each, lies on the southern edge of Bo’ness and sits close to the M9 motorway. It comprises two terraces of commercial and warehouse units with a communal central yard.

Lochside Court Industrial Estate offers eight units, with the largest almost 9,000sq ft in size, and provides a base for companies looking to serve the Dumfries & Galloway business community.

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Scottish legal firm Gilson Gray is said to have been instrumental in progressing the deals, and the practice is now providing key advice to SRA on an additional £10 million of transactions, expected to be concluded in the next three months.

SRA Ventures owns and manages a diverse range of industrial, retail, commercial and mixed-use properties across Scotland. It focuses largely on under-performing commercial assets – and Rasul believes that both Bowmains and Lochside Court can generate “significant” on-going value through the leveraging of SRA’s network of relationships.

He said: “Together, these deals represent a major strategic investment for SRA Ventures, and another exciting addition to our property portfolio.

“Through sustained investment, both estates will follow in the footsteps of our original commercial base, E-Net Park in Linlithgow, creating exceptional, well-managed, high-spec accommodation, and affording strong transport links to tenants.”

Murray Stewart, head of real estate at Edinburgh-based Gilson Gray, added: “We were only too pleased to advise SRA Ventures on these unique opportunities, helping to progress them to a satisfying conclusion for all parties – and we expect to conclude more property investment deals on their behalf in the near future.

“Both estates immediately stood out as having great potential to provide a fertile environment for servicing the immediate commercial needs of tenants, while also providing them with a great platform for growth thanks to a comprehensive and attractive long-term offering.”

He added: “Bowmains and Lochside Court will undoubtedly provide an exceptional base for a wide spectrum of businesses seeking well-managed units in accessible locations.”

Rasul made his fortune after setting up his E-Net Computers venture in 1999 and seeing it grow spectacularly. He became a star of the online edition of Dragons’ Den.