New ownership arrangements for Orkney Research and Innovation Campus

Opened in 2018 as a multi-million-pound joint venture between Highlands and Islands Enterprise (HIE) and Orkney Islands Council (OIC), ORIC acts as a hub for world leading research and innovation work in the islands.

The 3.75-acre campus, created through redevelopment of the former Stromness Academy and Stromness Primary buildings, is home to a wide range of clean energy and low-carbon expertise, including the European Marine Energy Centre (EMEC), Aquatera, Heriot Watt University and Robert Gordon University.

The first round of development of the £6.9m ORIC project attracted £1.48m from the European Regional Development Fund Scotland Programme. HIE and OIC then approved a further funding package of £2.8m for the second round of development at the campus, which will see the creation of additional office and study space. Phase 2 of ORIC will also seek funding from the UK Government, through the Islands Growth Deal.

Ahead of the proposed redevelopment, a new ownership model for the campus has been agreed, with HIE taking on OIC’s share in ORIC’s Limited Liability Partnership (LLP).

The change means ORIC LLP is now wholly owned by HIE, with the agency being responsible for taking forward the next phase of work at the campus.

The new ownership model does not impact current tenancy arrangements at the site.

Stuart Black, chief executive at HIE said, “To date, ORIC has proven highly effective as a joint venture partnership between OIC and HIE, creating a vibrant, supportive environment for tenants, supporting high quality jobs, strengthening Orkney’s position as a global leader in renewable energy and bringing historic properties in Stromness back into productive use.

“As we now look towards the next phase of the project, and to ensure we maximise the exciting opportunity presented by the Islands’ Growth Deal, it was agreed between HIE and OIC that the time was right to introduce a new, more streamlined, ownership structure. 

“A simpler governance structure and operating model will help secure ORIC’s future growth and its continued support for the wide range of organisations, projects and individuals working and studying at the campus. It’ll be business as usual for existing tenants though, with HIE continuing to work with OIC and other partners to support future developments at ORIC.”

Oliver Reid, chief executive at Orkney Islands Council said, “The Orkney Research and Innovation Campus is an important partner in Orkney’s business and research sector and we remain wholly committed to working closely with HIE and ORIC to ensure its ongoing success.  This change in the investment model opens up a number of new avenues and opportunities for ORIC - vital as it moves into the second stage of its development – and we are eager to see its future development.”