City leaders have launched a search for an investment partner to help bring to life plans for the research and business accelerator, Durham Innovation District.
Durham County Council has teamed up with Durham University and commercial property firm Avison Young to launch the search for a joint venture partner for the project, which has the potential to bring significant benefits and opportunities for the area. The project was launched at Built Environment Networking’s Tomorrow’s Science and Innovation Clusters event in Birmingham this week, which featured a panel of key figures behind the scheme.
Durham Innovation District aims to give businesses access to talent, research, networks, and resources within a setting combining high-quality infrastructure and amenities. It brings together public, private and education sectors to help drive innovation across multiple industries including environmental science, technology and engineering.
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The district will be based at Aykley Heads in Durham, serving up 400,000sqft of commercial space within the innovation campus, with a focus on encouraging investment in niche areas including fintech, data science, computing, low carbon energy and healthcare. Businesses will be able to benefit from talent and research expertise from Durham University.
The Durham City Incubator is already based at Aykley Heads, supporting university spins-outs and high-growth potential start-ups, as well as national and international innovation businesses.
Amy Harhoff, Durham County Council’s corporate director for regeneration, economy and growth, said: “Durham City Innovation District is of international significance and home to major businesses and institutions including the Durham University Business School and Atom Bank. We are delighted to bring forward the latest opportunity for investment at the innovation district with 15 hectare tranche of land at Aykley Heads.
“We are seeking a joint venture partner to support us in delivering a vision for international, world-leading capabilities, at this attractive green oasis right in the heart of Durham City, only five minutes walk from the train station and with views of the Unesco world heritage sites. We are bringing this opportunity forward as the region enters into a strategically important transition to establish a Mayoral Combined Authority (MCA). With an initial £4.2bn regional devolution deal and the formation of one of the largest MCAs in the country, this development comes at an important time for our region.
“For our part as a council, we are wholly committed to the delivery of this site. We are relentless in our ambition and confidence in County Durham, and through bold investment decisions and working with partners we’ve demonstrated over and over that we have an approach which underpins growth and success.”
Prof Colin Bain, pro-vice-chancellor (research) at Durham University, said: “Our strategic partnership with Durham County Council creates a framework of co-operation to leverage both our knowledge and ideas, and the scale, capability and capacity of our organisations to make a real, positive difference in the county and on the global stage.
“We’re delighted to be involved in this key milestone in delivering the Durham Innovation District, which has the potential to be a truly transformational driver in our shared vision for County Durham as a highly attractive place to live, work and study.”
Stuart Howie, head of regeneration at Avison Young, said: “Aykley Heads is already home to existing innovation-led businesses; however, this partnership will create a world-class campus to harness further innovation and investment, delivering economic and social benefits across the region.
“This is a brilliant opportunity for investors, developers and operators who excel at delivering innovation-led growth.”
