Exeter Science Park has been awarded £5 million from the Government’s national ‘Getting Building’ fund to develop its ‘Grow-out Building’ for small and medium sized enterprises (SMEs) in science, technology, engineering, maths and medical (STEMM) sectors.
The Heart of the South West Local Enterprise Partnership (HotSW LEP) was allocated £35.4m from the national pot of £900m from the Getting Building Fund and has selected Exeter Science Park as one of its projects to receive funding.
The fund has been distributed across the UK through LEPs to invest in priority ‘shovel ready’ infrastructure projects to drive local growth and create new jobs.
The funding will allow Exeter Science Park to bring forward its next building, the Grow-out Building. The three-storey building will be net zero carbon and BREEAM-Excellent, with flexible office and laboratory space configurable from 65sqm to 335sqm.
Cllr Paul Arnott, Leader of East Devon District Council, said:
At this critical time – with the national and regional economy in real peril – this is great news. East Devon District Council has been delighted that our partners in the Science Park endeavour are committed to innovation as the route to fresh new growth. I would like to thank all those involved in submitting this application – with a very tight turnaround – for this terrific outcome.
Dr Sally Basker, CEO of Exeter Science Park, said:
Exeter Science Park helps innovative STEMM companies to deliver extraordinary growth and these are exactly the kind of businesses that will help accelerate economic recovery post COVID-19.
The Grow-out Building is a much-needed stepping stone between our Science Park Centre’s incubation space for small, fast-growth companies and the Lamarr, Newton, Turing and Lovelace buildings for larger, steady growth companies. All of these buildings have been partly funded by the HotSW LEP as part of its Growth Deal programme and we have worked in partnership with them to provide businesses with the space to grow and thrive.
We are pleased to have been awarded this funding and to continue to work alongside them on this next building which marks the start of the next phase of growth for Exeter Science Park.
Work on the building is scheduled to begin in August 2020 for completion in December 2021 drawing on support from Exeter Science Park’s professional team led by NPS South West with architects LHC Design. It will be procured using the Southern Construction Framework.
Karl Tucker, Chair of the HotSW LEP, said:
This economic stimulus will help our plans to restart, revitalise and grow our economy. Each of the projects will support growth of the local economy and deliver the LEP’s outcomes. We welcome the Getting Building Fund to start new projects and accelerate projects across the Heart of the South West.
We recognise that there are still many other important projects that we identified in our area that currently remain unfunded. We will continue to work with Government to secure future funding to further invest in our recovery pipeline.