Uttlesford District Council has appointed Cushman & Wakefield to market its multi-million-pound stake in Chesterford Research Park, Cambridgeshire.
The council acquired a 50% stake in the park in May 2017 for £45m from Aviva Investors, which has retained control of the other half. It manages its investment in the park through wholly owned subsidiary Aspire CRP.
Independent market valuers estimate the entire park has a value of around £200m.
The council confirmed its decision to exit its investment earlier this year to take advantage of its growth in value. It is understood the proceeds of the sale will be used to support a range of public services provided by the council, including paying off short-term debt.
The sale process is expected to launch imminently, without affecting existing occupiers or development of the new buildings.
Chesterford Research Park provides 300,000 sq ft of occupied lab and research and development space, with a masterplan for around 1m sq ft to eventually be developed.
Construction of a 60,000 sq ft building housing up to 16 companies is under way, along with a solar farm in the first phase that will supply electricity to almost half the park.
Planning permission has been granted for a second, similarly sized building with construction due to start later this year.
Image courtesy of Chesterford Research Park
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