Lease Terms

Business Incubation

Approximately three quarters of lettable space in each Centre is designated for high-growth business incubation (70% minimum).

The standard incubation period is 3 years (5 years for businesses undertaking clinical tests) after which tenants will be encouraged to ‘grow-on’ to new premises through a system of 10% annual rental increase.

Occupation of the incubation space is limited to a maximum of 2 units per company and growth within the incubation space is limited to the size of two of the largest units (c 1,500 sq ft).

Occupation is offered on flexible easy-in/easy-out lease terms requiring a minimum bilateral notice period of one month.

Tenants are required to be flexible in their occupation and may be asked (in extreme circumstances) to relocate within the building (at no cost to the tenant) to accommodate new tenants or existing tenant growth.

Tenant Selection Criteria

Tenants should be a new-start or a developing knowledge-driven business demonstrating strong growth potential.

Tenants should have existing or potential linkages to the higher education sector (although this is not compulsory at the outset).

Tenants should have a viable Business Plan, that will be assessed before an offer of entry is granted, demonstrating a strong potential to ‘grow-on’ from the Centre within 3 years (5 years for businesses undertaking clinical tests) .

Tenants should be able to demonstrate they will benefit from the supportive environment provided by the location, accommodation and relevant services.

Non-Incubation

Approximately one quarter of lettable space in each Centre will be made available for non-incubation use (maximum 30%).

Occupation of the non-incubation space will not be time limited and will be subject to a premium rental charge reflecting market value for such occupation.

Occupation will be limited to a maximum of 1 unit (777 sq ft).

Occupation is offered on flexible easy-in/easy-out lease terms requiring a minimum bilateral notice period of one month.

Tenants are required to be flexible in their occupation and may be asked (in extreme circumstances) to relocate within the building (at no cost to the tenant) to accommodate new tenants or existing tenant growth.

Tenant Selection Criteria

Tenants should be able to demonstrate a significant contribution towards the generic strength of a knowledge-based business sector.

Tenants should either:

Be a research based organisation with existing or potential linkages to the higher education sector.

Provide a specific service that supports the growth of tenants of the business incubation space.

Be existing tenants of the incubation space that are not growing but require the location to sustain their business and are willing to pay a premium for the privilege.

Tenants should have a viable Business Plan that will be assessed before an offer of entry is provided.