Innovation Centre to create 40 jobs
Lincoln’s Bishop Grosseteste University (BGU) is set to create up to 40 jobs, after buying a Grade II Listed period building for conversion to a research and innovation centre for local businesses.
Lincoln-based chartered surveyor Banks Long & Co has sold St Hughs on Newport to BGU represented by Lambert Smith Hampton. The building is on the site of an Augustinian Friary and has been used as offices.
It went on the market inviting offers in the region of £950,000.
Lincoln BGU enterprise development manager and Innovation Centre manager Mark Bowen said that the growing need for companies and organisations to clearly understand and make the most of “Open Data” through research and innovation is the driver behind its new venture.
“We are intending to refurbish St Hugh’s to create the Lincolnshire Open Research & Innovation Centre (LORIC). The work is expected to take about eleven months to complete, but we already have a live project running in the background,” said Bowen.
“As a result of setting-up LORIC and our associated project BGU Business Inspiration, we are intending to create eight new jobs but, by the time we have reached our target we will be housing around 40 people at St Hughs.”
Whilst the exact price paid for St Hughs remains underwraps, Bowen revealed that the European Structural and Innovation Fund has contributed 60 per cent towards the cost of purchasing and refurbishing the building, with the University meeting the remainder.
Banks Long & Co director William Wall said: “We are delighted that this sale will further cement the reputation of BGU and facilitate a use that will act as a vital catalyst for growing local businesses.”
Lambert Smith Hampton director and head of Lincoln office Sam Elkington added: “This has been an exciting project to advise on and negotiate for BGU on the commercial terms of the deal. They have seen significant growth over recent years and this project shows the continued growth and ambitions of the University in this prime up hill area.”
