Science park set for major growth after TTP agrees £46.2m deal
Cambridge technology innovator TTP predicts major long-term growth for its Melbourn Science Park basecamp after selling a long leasehold for £46.2 million to Bruntwood SciTech – a 50:50 joint venture between property provider Bruntwood and Legal & General.
The buyer says it will work closely with the local planning authority in the coming months to develop an ambitious masterplan for the 16.4 acre site, creating a long-term vision for the future growth of the park as a leading science & technology cluster in Cambridge.
Sam Hyde, chief executive at 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 and TTP are establishing a new innovation services programme that will provide Bruntwood SciTech’s community of more than 500 science and technology businesses with additional access to venture capital, new markets, products and prototyping opportunities.
The initiative will complement the park’s new life sciences incubator, further leveraging TTP’s expertise in science and engineering innovation and helping to create new exclusive links across Bruntwood SciTech’s network of innovation districts.
Just nine miles south of Cambridge city centre, Melbourn Science Park is currently home to freeholder TTP as well as companies including AstraZeneca, SPT Labtech, Cellular Highways and LEX Diagnostics.
Kate Lawlor, chief executive at Bruntwood SciTech, said: “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.”
Bruntwood SciTech’s expansion into the golden triangle signals its commitment to developing specialist infrastructure and ecosystems to support the growth of the UK science and technology and create over 20,000 high value jobs over the next 10 years.