The Surrey Research Park: A Case Study of Strategic Planning for Economic Development - Technopolis: Best Practices for Science and Technology Cities - page 321

Fig. 9 Rental income growth (millions) by year

Creating some Independent income for the University of Surrey and creating
capital value of the assets of the park—success factors:
Location and product offered to the market: the University of Surrey is located in a
high property value area where there are few other commercial property projects
that offer either the flexibility of short-term rental contracts or the level of support
for businesses when compared with those provided by the Surrey Research Park.
The development of the Surrey Research Park addressed the issue of market failure
in relation to the provision of this kind of accommodation which is favoured by
fast growing, venture capital backed technology companies which need, if they are
to respond to the market potential of their technology, flexible leases. There is a
demand for this kind of space as statistics show that 6 of the 11 districts and
boroughs in the County of Surrey are in the top 25 % for numbers of knowledge-
based businesses in the UK. In 2007, Surrey had 58 business registrations per
10,000 adult populations compared to a figure of 40 for the wider area of the South
East of the UK (Surrey Economic Partnership Ltd. 2010 ).
Brand value of science and technology parks: an informal survey of the companies
on the Park in 2009 indicated that the image and reputation of the Surrey Research
Park is considered very important for the micro and SME companies that have
located on the site. It is clear that science and technology parks have developed as
a brand of property development that matches the needs of the types of companies
that tend to found on these sites. (UKSPA 2003 ).
Presence of business of pre and full incubation facilities: the statistics for the
Surrey Research Park show that 40 % of the occupiers in space on the Park, other
than in the Surrey Technology Centre business incubator and its two pre-incu-
bators, have grown out of this Centre. This system has helped the park maintain an