The Wester Hailes Land and Property Trust
The Wester Hailes Land and Property Trust was set up in 1989 to promote the development of land and assets within Wester Hailes to the maximum benefit of the local community. In addition, LPT provides a property management service to other community groups.
LPT has now become an established partner in the economic regeneration and development of Wester Hailes and currently manages in excess of 80,000 square feet of modern commercial space (predominantly industrial).
The Company has a well established, successful relationship with The City of Edinburgh Council, the success of which demonstrated by the development of Hailes Park and Dumbryden Industrial Estates, which form the backbone of LPT's portfolio.
In addition, the LPT has advised on major development issues such as the Wester Hailes Town Centre and Sports Centre proposals. Currently it is the only community organisation in Wester Hailes with an economic development remit.
LPT has been operating as a self-funding organisation since March 1997 prior to which it received financial support through the Urban Programme.
It was set to make sure that the community not only had a say in land and economic development in Wester Hailes, but also so that the area could benefit in terms of new resources, financial and otherwise. Their assets include properties used to deliver a range of services from childcare to a veterinary practice and a shop. By continuing to develop in this way, they hope to provide a lasting legacy to the people of Wester Hailes
LPT currently manages property worth £2m and is negotiating the purchase of the Headlease on another property (The Greenway Centre) worth £1.4m bringing the value of the portfolio managed to £3.4m. The Company is also in the final stages of negotiating the Ground Lease (from The City of Edinburgh Council) for a plot of land extending to 0.4 acres adjacent to the Town Centre's retail and leisure centre. The Council has secured consent from the Secretary of State to transfer the site to LPT on a 125 year Ground Lease at a rental of £1 per annum. When completed the development should be worth between £3.5-5m. LPT plan to undertake this development through a Joint Venture Company with the EDI Group (Edinburgh Development & Investment). The site will be pre-let to Lothian Healthcare Trust and will include Chiropody, GP, Social and Dental services among others.
Summary of Property Portfolio
The Company has undertaken a series of successful initiatives within Wester Hailes and has in the main continued to deliver a series of property based assets, which have attained a high degree of occupancy levels.
The majority of the portfolio comprises of long leasehold interests, let on an open market basis without subsidy and on commercial full repairing and insuring terms.
The portfolio extends to some 83,272 square feet in total. This generates approx. £323,000 per annum with the potential to rise to £349,600 per annum if all estates are fully let.
For further information, contact:
Wester Hailes Land and Property Trust
17, Hailesland Place
Tel: 0131 - 442 - 3240
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