Midlands-based developer St Modwen and Exeter-based property company Eagle One have submitted a joint bid for £3.9m of Regional Growth Fund support for two major schemes in the Exeter area.
St Modwen aims to secure the cash from the £1.4bn government fund in order to accelerate work at its £210m Skypark scheme, while Eagle One is seeking cash to aid development at Exeter Science Park.
At Skypark, St Modwen is seeking £1.1m to fund a programme of infrastructure and utility works at the 110-acre site, which will include the delivery of service roads and the installation of high-voltage cables. The scheme, located near Exeter airport, will accommodate more than 1.4m sq ft of office, industrial and manufacturing space when completed.
At Exeter Science Park, Eagle One has requested a total of £2.8m to help bring forward the development of the £2.4m Science Park Centre, which includes 40,000 sq ft of employment space and a £350,000 public square.
The government is expected to announce the successful applications in the first round of the bidding proccess for of the Regional Growth Fund in April.
Ian Guy, senior development manager for St. Modwen in the South West, said: “We are expecting a great deal of competition in this bidding process but, if successful, it will help inject vital funds in the short term at Skypark to help kick-start the delivery of works at an earlier opportunity than current market conditions would allow. This will support the business park’s development and help attract our first commercial occupier, which will, in turn lead to greater job creation for the Exeter area.”
David Harbottle, senior development manager with Eagle One, said: “A successful bid would help accelerate the delivery of both the Science Park Centre and public square at the development and through this bring much-needed jobs to the area at a time when the local economy requires support to help develop commercial growth and prosperity.”
daniel.cunningham@estatesgazette.com
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