U+I has taken a 50% stake in innovation hubs operator Plus X and will expand its network to six locations across the UK.
The incubator will launch its first hub at U+I’s Preston Barracks in Brighton, taking 53,000 sq ft at the start of next year.
Plus X Brighton offers 550 desks over seven floors, with regular events, yoga classes and workshops.
A second hub will open at the Old Vinyl Factory in Hayes later that year, replacing the Central Research Laboratory with a 29,000 sq ft hub at the Powerhouse building (pictured).
U+I has invested £3.1m in PlusX in addition to its £30m investment at the two schemes.
The regeneration specialist developer is exploring future opportunities in Greenwich, Manchester and Oxford with a target launch of 2022 and Birmingham in 2023.
These opportunities will not be limited to U+I schemes and the duo will seek to expand with a variety of developers and projects.
Plus X will target entrepreneurs, start-ups and businesses looking to scale with a range of acceleration programmes, from marketing to talent.
The hubs will form partnerships with local authorities, universities and businesses to support members.
Richard Upton, chief development officer at U+I, said: “Backing Plus X underlines our commitment to delivering large-scale regeneration projects that are distinctive, local, authentic and genuinely transformational.
“We will now expand this model, working with enterprising local authorities to create a localised national network of innovation hubs that will not only transform once vibrant industrial areas but support a new generation of innovators and entrepreneurs to remake the UK’s economy.”
Plus X was founded by Silicon Valley entrepreneur Mat Hunter and investment manager Paul Rostas.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
