Colbea Win Bid to Manage New Business Incubation Centre
12.02.2008
Colbea has been successful in winning the recent competitive tender to become the operator of the new North Colchester Business Incubation Centre (BIC).
The decision to award Colbea the lease for the new BIC was taken at a Colchester Borough Council cabinet meeting on 28 January 2008.
In summary this exciting new opportunity means that:
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Colchester Borough Council has secured grant awards totalling £2 million from the East of England Development Agency and the Department of Communities and Local Government.
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With this funding, the Council will procure from a developer the construction of a new Business Incubator Centre (BIC), on the Colchester Business Park, of approximately 1,393 m2 (15,000 sq ft) gross and 1114 m2 (12,000 sq ft) net lettable area.
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The Council owns the site at Plot 300 Colchester Business Park, which is approximately 3 acres, on which the new BIC will be built. The Council believe it can accommodate up to 3716 m2 (40,000 sq ft) overall.
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The Council will invite developers to develop an overall master plan and to build “follow-on” type accommodation of up to 2322 m2 (25,000 sg ft) in addition to the BIC.
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The Council will retain ownership of that part of the site upon which the developer builds the BIC but will offer the developer a long leasehold interest on the remainder of the site in return for a lease premium payment.
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The Council proposes to reinvest this lease premium as well as the grant funding to meet the costs of building the BIC. It will lease the completed BIC to Colbea who will take it on a full repairing and insuring basis.
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To ensure the development delivers the outputs required by the grant funders, the Council will be looking to Colbea to meet certain economic development performance targets under the terms of its lease.
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