IO Asset Management acquires Dundyvan Enterprise Park
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IO Asset Management has bought Dundyvan Enterprise Park, a multi-let industrial scheme in Coatbridge, North Lanarkshire, from Dundyvan LLP, a joint venture between Glasgow-based CBC and Fusion Assets, the arms length development company of North Lanarkshire Council.
The deal, brokered by agents Ryden, reflects a net initial yield of 7.69 per cent after the investment was brought to the market at a quoting price of £2.75 million.
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.
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.”
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