Media release: Partnership agreed with aim of launching bond offer to create an aerospace discovery centre in Kinross

THE stars are aligning, this 20th January 2023 for Aero Space Kinross Scientific Educational Trust – (ASSET) as it kicks off the next stage of its Aero Space Kinross (ASK) fundraising campaign with an investment bond offer to raise a target of £500,000 to take it to the land purchase and construction stage.

With a minimum investment of £1,000, UK investors can support this visionary educational initiative whilst receiving a potential tax-free return of five per cent*.

The investment will help to create an exciting and immersive new visitor attraction and education hub themed on flight and space exploration in the heart of Scotland, generating new employment and tourism opportunities for the local area, while inspiring and educating future generations in space exploration and flight.

ASSET has already secured £120,000 of seed money from its community share offer in 2017 and used this to create more funding bids and awareness, as a result, was awarded £1.6m of Tay Cities Deal Funding.

Working with Ethex, the leading impact investing platform, the ASSET bond offer will be available to view and invest from 20th January 2023. Investments in the bond offer are eligible to be held within an Innovate Finance ISA for potential tax-free returns, or are eligible for Social Investment Tax Relief at 30 per cent.

Speaking of the bond offer, chair of ASSET, Alisdair Stewart, said: “This a significant step in our journey to making our overall strategy to create the Aero Space Kinross science and space centre in the area, a reality. We see the educational link as a vitally important one and encourage young people in the area to study with a STEM career in mind.

“We would like to invite people to support our vision for the creation of a visitor attraction themed on flight and space exploration. We have now been awarded £1.6m of government economic funding and the proceeds of this bond offer will supplement the government funding to facilitate the acquisition of a site for the creation of the venue.

“Crucially, creation of the venue will enable us to considerably expand our activities in the sphere of play-based informal STEM education to inspire young people to become scientists, technologists, engineers and mathematicians of the future.”

Commenting on the project, Morven Lyon, Community Shares Scotland programme manager, added: “Aero Space Kinross is an exciting and ambitious prospect, unlike anything we have seen in Scotland previously.

“We’re delighted to support a project which will not only engage and inspire young people in STEM-related educational activities but that will also create jobs and benefit the wider local economy. The community bond offer is a pilot project for the Community Shares Scotland team and we hope that it might inspire other communities across Scotland to consider financing their project this way.”

Where will the attraction be built?

Having explored four different locations for the ASK venue, the ASSET board has chosen a location at Balado Bridge as the site that offers the most opportunity. Known widely as ‘The Golf Ball’, the site offers great access from the major arterial route of the Central belt, the M90, and is of sufficient size to support future expansion beyond the scope of this stage. Utilisation of existing buildings will help minimise carbon impacts as will a conversion of existing fossil fuel-based energy sources to renewables.

Architects and surveyors have prepared plans and submitted a pre-planning application which has been favourably reviewed by Perth & Kinross Council.

If the ‘golf ball’ site acquisition was to fall through, an alternative greenfield agricultural site is available within the perimeter of the former RAF Balado Bridge WW2 aerodrome. Also located close to, and with very good access to/from the M90, this is another attractive proposition where a new build development would be undertaken in stages. A development concept has been prepared for that site as a fall-back option.

What the money will be spent on?

Once acquired – c.£2 million will be spent on renovating the buildings and the design/installation of content to create the visitor experience, along with all the services needed for a modern attraction.

Aero Space Kinross Community Interest Company will be a first-class venue for learning, cultural events, volunteering opportunities, corporate and academic exhibitions. The venue will be home to interactive otherworldly exhibits, a fully-immersive 3D planetarium and attract presentations from experts in the world of space exploration.

Experts from Glasgow Science Centre with extensive design and installation experience will assist in content design and the creation of exhibits and displays. The centre will also showcase the latest technology developments of universities and aerospace corporates; thus, content and displays will be continually refreshed from collaborations with corporate and academic sources.

ENDS