Frontier IP has signed a deal with Abstract to create an innovation hub at South Cambridge Science Centre in Sawston, which will open by the end of this year.
The lease was signed on a 20-year term, spanning 18,000 sq ft, which will be dedicated to start-up and early stage science and technology companies. The space will also be home to Frontier IP’s commercialisation team, which will relocate from Duxford, Cambridgeshire.
Frontier IP will be responsible for the costs associated with the innovation hub, including investment in expanding or improving facilities, but will profit from any rental income above a conservatively modelled breakeven point.
In return, Abstract has made an upfront cash payment of £1m to Frontier IP and will provide the space rent-free for the first 12 months of Frontier IP’s occupancy.
Neil Crabb, chief executive at Frontier IP, said: “We anticipate that a number of our portfolio companies will move in and that it will prove attractive to other potential start-ups and early stage companies because of its place at the centre of Cambridge’s investor and science and technology networks.”
Mark Glatman, chief executive at Abstract, said: “It provides a complementary offering within the space we have developed, creating synergies for a range of potential future occupiers from start-ups to more established life sciences and technology companies.”
Image from Abstract
Send feedback to Evelina Grecenko
Follow Estates Gazette
