Ashfield Land, in partnership with Euro Property Investment Limited (EPIL), has announced the acquisition of the Lloyds Banking Group call centre in Dunfermline. The site is slated for a major redevelopment that will transform the existing office facility into a prime industrial and logistics hub.

Located within the Pitreavie Business Park, the site offers strategic access to the M90 motorway, Rosyth railway station, and the Port of Rosyth. Its proximity to the port is particularly significant following the establishment of the Forth Green Freeport, which is expected to drive substantial economic growth and investment throughout the region.

The joint venture plans to invest upwards of £20 million to demolish the current building and construct approximately 200,000 sq ft of modern industrial space. The acquisition follows Lloyds Banking Group's announcement last year that it intends to exit the business park by 2026 and centralise its operations in Edinburgh. Lloyds will remain in the building for roughly 12 months while Ashfield Land manages the planning application process.

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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."

The project marks the first transaction for the Ashfield Land and EPIL partnership. The joint venture is actively seeking similar opportunities across the UK, targeting sites with 2-3 years remaining on existing leases where they can add value through redevelopment or site intensification.

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."

Once completed, the new logistics development will join a prestigious list of occupiers in Dunfermline, including Sky, Babcock, and Amazon's major logistics hub. During the acquisition process, EPIL was represented by MacLaren & Partners LLP and Wood Advisory.