Bruntwood SciTech, the 50:50 joint venture between Bruntwood and Legal & General, has acquired a long leasehold over Melbourn Science Park in Cambridge from TTP for £46.2 million.
Bruntwood SciTech plans to work closely with the local planning authority in the coming months to develop a new masterplan for the 16.4 acre site.
Located nine miles south of Cambridge city centre, Melbourn Science Park is currently home to the Park’s freeholder TTP, as well as companies including AstraZeneca, SPT Labtech, Cellular Highways and LEX Diagnostics.
“Establishing a presence in Cambridge creates a vital new connection between the Golden Triangle and some of the UK’s other leading innovation districts in Manchester, Leeds, Liverpool and Birmingham. It further enables us to support the levelling up the UK economy, building our network to increase the flow of investment, talent and capital into the UK science and tech sector, ” said Kate Lawlor, chief executive, Bruntwood SciTech.
Sam Hyde, Chief Executive, TTP said: “Melbourn Science Park has been central to TTP’s success over the past 30 years. We are retaining our presence at the Park and are committed to – and excited by – its future. We’re delighted to be entering into this new partnership with Bruntwood SciTech. They share our commitment to the Park and to the local area, and this partnership represents an exciting next stage. It will bring new investment and help grow and take the site forward as an important, dedicated hub for life sciences.”
”Bruntwood SciTech continues to lead the way in this space, and its move into the Golden Triangle is exemplary of its major expansion; where we can now work in partnership with more world-leading universities, science and technology businesses and ground-breaking start-ups. Through its VC arm, Legal & General also continues to fund the University’s spin-out businesses through its investment in Cambridge Innovation Capital. This ecosystem of investment will continue to help the UK lead the way in this sector,” said Eleanor Jukes, Senior Investment Manager, Legal & General Capital.