Acting on behalf of Dundyvan LLP, Ryden has sold Dundyvan Enterprise Park, a multi-let industrial scheme in Coatbridge, North Lanarkshire, to clients of IO Asset Management in a deal reflecting a net initial yield of 7.69%. The investment was brought to the market at a quoting price of £2.75m.
The estate was completed in 2013 and comprises 15 units totalling 40,612 sq ft, with a range of both local and national tenants including Network Rail, King Communications, Eric Wright Water and ALS Environmental. There are now some 125 people employed on what was previously a derelict site.
Dundyvan LLP is a joint venture between Glasgow based CBC and Fusion Assets, the arms length development company of North Lanarkshire Council. The Dundyvan scheme was the first in Scotland to be financed through the European Investment Bank and Scottish Government backed SPRUCE urban regeneration loan fund.
Murray Collins, Managing Director of Fusion Assets, said: “We are delighted at the successful sale of the completed and let scheme. Our share of the proceeds from the investment sale will now be reinvested by the company in further regeneration projects in North Lanarkshire to create additional jobs and lever in further investment to the area.”