Durham County Council and Durham University have appointed Avison Young to find a joint venture partner for further development of the Aykley Heads Business Park area.
The gross development value of the project stands at around £250m.
The potential partner is expected to invest in the scheme and bring in the development expertise. The selection process will run until the end of next year, with phased development of the site beginning in 2026.
The 153-acre site is set to provide 414,000 sq ft of commercial space, including laboratories and offices. A hybrid planning consent is already in place and the land is in the council’s ownership.
The scheme will create grow-on space for university spins-outs and start-ups “graduating” from the existing Durham City Incubator.
Aykley Heads, which serves as a home to established businesses such as Atom Bank and Waterstons, forms a part of the wider Durham Innovation District.
Other developments within the district include university facilities Jade Business Park and North East Technology Park. The latter is currently undergoing its third phase of expansion. The works commenced earlier this year, with a gross development value of £62m.
There are also plans for a fourth phase of the park, comprising up to 232,000 sq ft of laboratory, office and production space covering an initial 17 acres of land, with an additional 109 acres designated for further development.
Amy Harhoff, corporate director of regeneration and growth at Durham County Council, said the jv will be looking to create a business plan to take the site from what is “a great opportunity today” and build an innovation district that aligns with the local delivery plan.
She said: “We aim to have a cluster that will be delivering high-value jobs and world-leading technology to benefit people who live in County Durham and the wider region.”
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