Development Partner Innovation Park Medway_Northern Site

Description

The fundamental aim and objective of IPM North was to provide contemporary commercial space that would attract inward-investment and enable innovation and business growth in Medway with a focus on Rochester. Additionally, IPM North would help the Council attract new businesses and realise the reinvestment of business rates. This is also one of the core benefits of the North Kent Enterprise Zone. IPM North was promoted following a raft of Council-instructed research and evidence which demonstrated that Medway and Rochester contained areas of economic and social deprivation and a disproportion of investment in high-technology and research and development (R&D) space, compared to other locations in Kent and the south-east. IPM North, when fully operational, was expected to encourage collaboration, the sharing of skills, ensure flexibility of workspaces to foster face-to-face communication and to allow for technology change and at the same time strengthen links with local universities which already provide highly skilled talent and world-class research and development facilities. The core aims and objectives of the IPM North development remain the same including: • Creating a hub for knowledge-based employment and innovation. • Improving the number and quality of jobs. • Retaining and increasing the local skills base. • Creating an innovation environment that fosters entrepreneurial activity. • Achieve long-term economic sustainability. • Delivering an adaptive development to meet changing demand. PREFERRED DELIVERY APPROACH The Council has considered the delivery options for IPM North and its preferred delivery approach is to procure a development partner with a development agreement entered by both parties with a clear set of obligations and performance requirements. This model has been chosen by the Council to retain strategic control over the development and provide them with a more balanced risk profile than direct delivery, a joint venture, or a land sale.