Commercial Property News

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Thursday, December 06, 2023

Innova Campus sold for 27m

Matrix Property Fund Management, advised by Drivers Jonas Scotland, has sold Innova Campus, the principal business park location within Rosyth Europarc to Curo Rosyth Limited Partnership for 27 million reflecting a net initial yield of 5.9%. NB Real Estate acted on behalf of the purchaser, a partnership vehicle asset managed by Curo Property Funds.

Innova Campus is a major business/industrial location, situated 14 miles north of Edinburgh accessed directly off the new Junction 1 on the M90 motorway. The investment consists of 3 modern, well specified office buildings, namely Arrol House, Forsyth House and Dundas House. Both Arrol and Forsyth House consist of approximately 21,000 sq ft, whilst Dundas House, incorporating Phases 4 and 5, totals around 72,000 sq ft. The properties benefit from a generous supply of car parking, with Dundas House having an additional 200 rentalised car parking spaces.

The properties are let to The Bank of Scotland and Forsyth Business Centres Plc. The current passing rental income is close to 1.7 million, with 80% of the income secured to the bank, predominantly on a 15 year lease term. Rents currently range from 12.71 - 13.02 per sq ft. The subjects are situated adjacent to Rosyth Waterfront, a major development initiative including proposals for new residential, retail and business space and enhanced leisure facilities creating up to 6,000 jobs in the local economy.

Mischa Davis of Matrix Property Fund Management commented: "The decision to sell the investment was taken after the successful completion of lease extensions with the tenants at Rosyth. The sale price was beneficial to Matrix No.1 Unit Trust's NAV and we are happy to have crystallised the capital growth seen in this asset".

Kevin Crighton, Director of Curo Property Funds said: "We are delighted to have concluded the purchase of this business park investment as it offers our investors the opportunity to participate in value enhancement achieved through the active asset management of the holding and in the development of the surrounding area, including the potential created by the second Forth Bridge crossing. We further believe that there is every opportunity for growth given the low base rent compared to comparable units in the area."