Cranfield University is to establish a Centre for Vehicle Diagnostic Research on the 80 acre, expanding Cranfield Technology Park which St Modwen is developing in conjunction with the University.
St Modwen has let 8,106 sq ft of research and office space for the Centre, which is split between two units of 5,206 sq ft and 2,900 sq ft, respectively. The space has been let for £16.50 per sq ft, on a five year lease at “Medway Court”; the Technology Park’s second development phase which comprises a 15,000 sq ft multi-tenant building (Conway House) and five detached offices ranging from 5,000 sq ft to 6,500 sq ft.
This deal follows a letting to product solutions company Caltech Ltd, which has expanded their premises at the Technology Park and acquired 3,189 sq ft of offices, on a ten year lease.
Robin Vaughan of St Modwen, said: “Cranfield Technology Park has been successful over the last few years with occupancy rates consistently high. The key to the further success of the Technology Park will be to attract medium sized companies to Cranfield as part of an expansion or re-location programme.
“We can offer modern buildings, a good location and an environment in which to successfully grow businesses. The St Modwen and Cranfield University partnership has created at Technology Park which is growing in size and reputation.”
Paul Marshall, Head of Corporate Partnership at Cranfield University said:
“We are delighted with the progress of this project. At Cranfield, a student can take a post graduate degree then set up in business at the Cranfield University Business Incubation Centre (CUBIC) and when their business is ready to expand they can then move into the smaller units knowing that if they need it, they can expand and still have the benefits of being close to Cranfield University’s extensive facilities and R & D capabilities.
“Caltec, which has expanded considerably over the past 5 years, is one of the Cranfield success stories. Caltec took part in a Cranfield Knowledge Transfer Partnership – which involves a specialist from Cranfield working with Caltec for two years on a full-time, Government supported, programme to develop new technologies for business performance improvement. The University benefits from such a scheme as it has a direct connection to industry and Caltec benefits through strategic development in a part of the business that they could not access otherwise.”
Brown and Lee acted for St Modwen.
Notes to Editors:
• Cranfield University is one of Europe’s leading centres for applied research, development and design. The university is well-known for its links with industry and commerce.
• The Technology Park was first established in the mid-1990s, when it became home to Nissan’s European Technical Centre.
• The Technology Park provides a range of accommodation to suit businesses at various stages of their growth cycle, from incubator units on flexible leases in an Innovation Centre, to larger office suites or buildings.
St Modwen Properties plc
St Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in town centre regeneration, partnering industry, brownfield land renewal and heritage restoration.
For further information, please contact:
St Modwen Properties plc
Tel: 07970 949 914
Howle Chapman Raymer
Tel: 0121 313 1000
St Modwen Properties plc (St Albans)
Tel: 01727 732690