Civil Engineering Reference
In-Depth Information
a separate company. However, this Group operates a separate bank account from
the main University account for operational purposes and any surpluses are
transferred to the University at the end of each financial year.
3.1 Funding
The Surrey Research Park is one of the few self funded parks in the UK. In the
initial planning stage two potential funding plans were explored. The first involved
seeking joint venture partners with a commercial developer for each individual
phase. The second option was a land sale (on a long leasehold arrangement—
125 years) to an anchor tenant which would secure a capital sum to enable the
initial phase of the small units to be built.
The Board asked that before seeking a partner with which to create a joint
venture an attempt should be made to identify an anchor tenant for the land sale
option. A marketing campaign was put in place which was aimed at all UK based
companies that were aligned to the University's strengths in chemical and process
engineering, toxicology and pharmaceuticals.
This campaign identified the UK company, BOC Ltd (now BOC Linde) which
acquired a long leasehold, in 1983, on a 10.25 ac (4.25 ha) for £2.5 m on which to
base their UK HQ and R&D management activities. This transaction was sufficient
to set out an initial phase of infrastructure and enable the first phase of buildings
without the University taking a partner. All subsequent funding of buildings by the
University Development Team has been based on loan finance from a number of
banks and these loans have been secured against the income stream from let
buildings.
3.2 Phased Development
The Park has been developed in phases following the initial sale of land to its
anchor tenant BOC. These subsequent phases of development were undertaken by
the University on a speculative basis. The plan has been cautious and the
University has not over built at any one time which has ensured high occupancy
(averaging over 90 %).
5
This careful approach has been helped by the early development of the Surrey
Technology Centre. This business incubator has been instrumental in helping some
500 start-ups companies of which some, if they have not acquired by larger
companies, have grown on site using the Research Park's flexible leases to
''staircase'' their way to quite large and suitable accommodation on the site.
5
University of Surrey Annual Accounts of the Foundation Fund.
Search WWH ::
Custom Search