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Development

We have considerable experience across all aspects of the development process from site acquisition, financing, planning and construction through to letting and onward sale.

We have built up a strong track record through directly managing projects ourselves or working in joint venture with other development partners or occupiers. In the last 18 months we have completed over 250,000 sq ft of buildings.

Buccleuch is committed to a wide range of development opportunities, across sectors including industrial/logistics, healthcare and retail warehousing as we actively seek to expand our portfolio.

Currently, we have consent or allocations for over 3.5 million sq ft of commercial accommodation together with a long-term strategic land bank of approximately 12,000 housing units.

With exceptional access to development capital, we can pursue new opportunities to further our ambition to create high quality, sustainable buildings in keeping with the local environment.

Development Case Study 1

The Bridge, Dartford

The Bridge, Dartford image

In partnership with Wrenbridge Land, Buccleuch Property unconditionally purchased 1.9 acres of land at the Bridge, Dartford. Following the grant of planning consent, a speculative development totalling 41,500 sq ft of Grade A industrial space commenced and during the build period the project was let in its entirety to Network Rail on a 10 year lease.

The building was forward sold to Abrdn with the whole development from planning submission to completion and subsequent sale being achieved within 17 months of the initial site acquisition. The development won the Industrial Agents’ Society Best Development under 75,000 sq ft award in 2019.

The Bridge, Dartford site plan

Maps Data: Google, ©2022 Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

31,500 sq ft

£2.46m

site purchase

£12.1m

Gross Development Value

4.25% Yield

4.25%

Yield

59%

Project Internal Rate of Return

Development Case Study 2

DPD, Washington, 
Tyne & Wear

DPD, Washington, Tyne & Wear image

Buccleuch Property in conjunction with their development partner Argon Properties, acquired a brownfield site in Washington from B&Q for £1.6m. The land was promoted for commercial use following which terms were agreed with DPD to pre-let a new distribution warehouse.

Completed in January 2022, the whole development from planning submission to building handover was completed within fifteen months. The building was sold on completion to Abrdn with the balance of the site currently being marketed for commercial and roadside uses.

DPD, Washington, Tyne & Wear site plan

Maps Data: Google, ©2022 Bluesky, Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

60,000 sq ft : 10 acres

£16m

Gross Development Value

4.05%

Net Initial Yield

125 jobs created on site

125 jobs

created on site

25 years

lease term secured, previously vacant for over 25 years

Development Case Study 3

Salvation Army, 
Kettering Business Park

Salvation Army, Kettering Business Park image

Kettering Business Park was identified by the Salvation Army Trading Company (SATCOL) as the preferred location for their new distribution and sorting centre. The project was time critical due to the lead in time for the mechanised fit out that SATCOL required to install. Despite construction commencing in Q4 2019, shortly before the start of the pandemic, the excellent working relationship established between developer, tenant and contractor ensured the building was completed in line with its original target date.

As part of the base build a substantial element of tenant fit out was also included which helped to streamline the operating timeframe for the building going live. The development was forward sold to CBRE Global Investors and subsequently nominated for the Industrial Agents’ Society “Best Development under 75,000 sq ft” at the 2020 awards.

Salvation Army, Kettering Business Park site plan

Maps Data: Google, ©2022 Bluesky, Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

56,500 sq ft

£9.5m

Gross Development Value

74%

Project IRR; 18 months from start to finish

35 acre business park

35 acre

business park

Development Case Study 4

Wixams, Bedford

Wixams, Bedford image

In conjunction with Wrenbridge Land, Buccleuch Property unconditionally purchased 4.5 acres of land in June 2019 which formed part of the Wixams mixed use regeneration project. Planning consent was obtained for a warehouse and distribution development with a pre-let for just under one third of the total space quickly being identified to help de-risk the delivery.

The project featured a focus on well-being with excellent environmental credentials including a dedicated onsite communal amenity area, secure bike storage and shower facilities within all the units. The project was forward sold to IM Properties.

Wixams, Bedford logos
Wixams, Bedford site plan

Maps Data: Google, ©2022 Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

75,000 sq ft : 6 units

£2.95m

site acquisition

£13m

Gross Development Value

750 acre Part of a 750 acre mixed use regeneration project

750 acre

Part of a 750 acre mixed use regeneration project

Development Case Study 5

Wolverton, Milton Keynes

Wolverton, Milton Keynes image

In conjunction with Secklow Asset Management, Buccleuch Property unconditionally purchased 1.6 acres of land at Wolverton, Milton Keynes. The site came with the benefit of a detailed planning consent and following completion of the land purchase, construction work commenced immediately – which was the first speculative warehouse development of its kind in Milton Keynes in over ten years.

On completion, the property was let to Funrise International – a global innovator in the design, manufacturing and distribution of toys worldwide – and subsequently sold to the City of Norwich Council.

Wolverton, Milton Keynes logos
Wolverton, Milton Keynes site plan

Maps Data: Google, ©2022 Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

31,500 sq ft

£4.9m

Gross Development Value

5.11%

Yield

31% profit on cost

31%

profit on cost

1.6 acres

Development Case Study 6

Shawfair Business Park, Midlothian

Shawfair Business Park, Midlothian image

Situated five miles south of Edinburgh city centre, Shawfair Business Park is Midlothian’s premier business destination. Major occupiers include the Scottish Qualification Authority and Spire Private Hospital with David Lloyd Leisure and Danfoss both recently committing to significant new developments.

Sustainability is at the heart of the Business Park which benefits from excellent connectivity to the City Bypass and from an onsite Park & Ride with frequent bus links to the city centre, along with a dedicated rail station providing a direct link to Edinburgh Waverley in under fifteen minutes. The Danfoss Low Carbon Innovation Centre will be the company’s first carbon neutral building in the world when it is completed in late 2022.

Shawfair Business Park, Midlothian site plan

Maps Data: Google, ©2022/CNES/Airbus,Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

70 acres – 300,000 further available

£30m

Total investment to date

£20m

committed to further development

35 acres of developable land

35 acres

of developable land

561 space Park & Ride on site

561

space Park & Ride on site

15 mins

journey time to Edinburgh Waverley

Development Case Study 7

Nova, Oxford

Nova, Oxford image

In conjunction with Wrenbridge Land, Buccleuch Property are unconditionally acquiring this prominent Oxford site in an established commercial location in the Cowley area of the City. The former gas holder, owned by Southern Gas Networks, is currently being decommissioned and the gas holder removed prior to completion.

A planning application has been submitted for a new Hi Tech/R&D led building with a major emphasis on sustainability and meeting the highest environmental accreditations together with future occupational flexibility. It is anticipated the new facility will be ready for occupation in 2023.

Nova, Oxford logos
Nova, Oxford site plan

Maps Data: Google, ©2022/CNES/Airbus,Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

43,000 sq ft

£2.26m

site price

£10.2m

total development costs

2.3 acres

2.3 acres

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