The Local Flyer News
Uttlesford District Council purchases 50 % share in Chesterford Research Park
Uttlesford District Council is pleased to announce a new partnership with Aviva Investors following the purchase of a 50 per cent share in Chesterford Research Park . The £ 45 million acquisition , which will see the council become joint owners of the Park alongside Aviva Investors , forms part of the council ’ s long-term plan to realise a portfolio of commercial investments , within the district , capable of generating stable income into the future .
As funding from central government diminishes , Uttlesford , like other councils across the UK , is seeking alternative routes through which to generate long-term income in order to continue to provide value for money services to residents , businesses and communities , as well as decrease its reliance on central funding .
As one of the most prestigious commercial assets in the district , Chesterford Research Park offers both an immediate stable income stream as well as growth potential .
To fund the project , the council is using its own reserves along with a mix of loans from other local authorities , the government and private funders . The arrangement will generate an initial yield of 5.6 per cent per annum for the council rising to 6.3 per cent by year five .
This follows a lengthy and robust process of due diligence by the internationally renowned commercial agents Cushman and Wakefield and the international law firm Hogan Lovells .
Dawn French , Chief Executive of Uttlesford District Council , said : “ Chesterford Research Park is one of the premier commercial sites in Uttlesford and has excellent potential for further growth . We are delighted to be working with Aviva Investors on this initiative and look forward to playing a key role in the continued success of the Park .
“ Maintaining a financially sound and effective council is one of the council ’ s priorities , and we are confident this investment will be of significant benefit for residents and businesses , as well as those with a specific interest in the Park . It will go some way in helping us to bridge the funding gap which will , in turn , enable us to continue to deliver important services to our communities .”
Ed Casal , Chief Executive of Global Real Estate at Aviva Investors , commented on the partnership : “ We are delighted
12 to welcome Uttlesford District Council as joint owners of Chesterford Research Park . The Park plays a positive role in the economy of the local district and enjoys a very high profile within the south Cambridge biotech cluster . Uttlesford District Council is the ideal , local partner with whom to collaborate to continue the successful development of the Park .
“ Day-to-day management of the Park will continue unchanged , and the existing Park team remain committed to delivering an environment that will nurture and encourage the growth of current and future occupiers . This partnership allows us to look ahead to the next phase of development for Chesterford to ensure we consistently provide the buildings , facilities and services required by life science organisations at every stage of their development .”
Chesterford Research Park provides an innovative , flexible and future proofed environment for both established and early stage biotechnology and pharmaceutical research and development companies including Arecor , AstraZeneca , Charles River Laboratories and Domainex . With a masterplan for around 900,000 sq ft and where approximately 300,000 sq ft of laboratory and R & D space is already occupied , the Park ’ s low-density development , set within 250 acres of impressive parkland , offers not only ultra-modern and energy efficient laboratory and office space , but also central ‘ hub ’ facilities within The Nucleus building - which includes a restaurant , café bar , health and fitness centre , and meeting and conferencing space .
The council ’ s interests at Chesterford will be represented and managed by Aspire ( CRP ) Ltd , a wholly owned subsidiary of Uttlesford District Council set up to manage this latest investment . A newly formed board of representatives from Aviva Investors and Aspire ( CRP ) Ltd will meet quarterly to report on current activity and future development plans . Aviva Investors will retain the asset management role at the Park . CBRE acted for Aviva Investors in the 50 % sale of the park to Uttlesford District Council .
THE FLYER | JUNE 2017
Bogus council workers alert
Residents are asked to be on their guard against bogus callers claiming to be from the council and charging for gardening work .
Uttlesford District Council has this week received reports of a group of men who have called on residents in the south of the district . They have said they will carry out gardening or maintenance work for free on behalf of the council , but then are asking for payment when they have carried out the work . The council would never do this .
The only information available about the men is that they are driving a plain white van .
Residents are reminded that the council would never ‘ cold call ’ and offer to carry out ad-hoc gardening or maintenance work in your garden or property .
Should the council or one of its contractors be carrying out work of any nature in your area , they would never ask for any cash payment for the work to be done .
Anyone turning up at the door in an official capacity will have identification . If in doubt , check it by contacting the council on 01799 510510 , and do not let them in to your property or carry out work until you are satisfied the visit is genuine .
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