New Park acquires Midlothian Innovation Centre

One of the UK’s most successful innovation centres, Midlothian Innovation Centre, based at Pentlandfield, Roslin, has been purchased by New Park, through Midlothian Innovation and Technology Trust, for £5.3 million. The Centre was established five years ago as a pioneering joint venture arrangement between New Park Management and Midlothian Council. This public/private partnership, formed to assist the growth and development of technology and knowledge-based businesses, has achieved very notable success, with 96% of available space let, accommodating some 64 businesses employing over 250 people, The deal to purchase the Centre, formerly on lease, has been funded through Dunfermline Building Society.

With the purchase, New Park is now to undertake a comprehensive development and refurbishment programme of the seven-acre site. The first phase of the development will see the building of 12,500 sq ft of new office space over three floors.

Based on the success of the Centre to date, New Park Executive Chairman, Murdo Mackenzie, believes that there is a clear ongoing demand for space for innovative businesses in the SME sector. Having identified that many SMEs aspire to purchase their premises, the new office space will be offered for sale.

He explains: “Our client businesses are keen to grow but find that the market is unable to provide them with the opportunity to purchase property, partly because their initial need is for space of around 1,000 sq ft. for which the market largely does not cater. New Park seeks to assist its clients develop, enabling them to acquire property if that is their aim. We have already received a good number of enquiries both from existing tenant businesses at the Centre and from others attracted by the rural ‘out of town’ setting”