Uttlesford to invest £50m more in science research park
0Uttlesford District Council is to invest £50m over the next 10 years to fund the expansion of Chesterford Research Park, which specialises in pharmaceutical developments.
The council already has a 50% share in the park, which it took in 2017, and manages the holding through its wholly owned subsidiary Aspire (CRP) Ltd.
The investment will significantly increase the commercial floor space and expand research into other areas.
For 2019/20 the science park is forecast to provide a return to the council of £1.7m.
It is part of a wider council policy of enabling economic growth that can capitalise on its location which is close to both Cambridge and London Stansted airport.
Growth plans also include widening the A14 and a 5,000-home garden village.
A report to councillors said: “The council will not invest in high yield, high risk opportunities.
“This will be reflected in yield expectations which are currently 4% – 7%.”
At the end of last month, Uttlesford said that financial pressures were forcing it to borrow up to £100m, much of which could be invested in commercial property outside its borders, though the research park which is near Cambridge, sits within its boundaries.
The council wants to plug a deficit that is projected to rise to £3.5m by 2023/24.
