Due Diligence for Science Park
Due diligence for science park, and technology incubator, envisioned for the Destiny Africa Ecosphere mega-development planned for George, South Africa. Destiny Africa Science & Technology Park was envisioned as a cutting-edge research and development facility as part of an economic development strategy for the George region of South Africa. The business park was intended to specifically include select life sciences companies as part of the initial tenant mix.
The park was designed to operate in close association with major regional colleges and universities, as well as South African and international companies. A project of KDMC, the 456-hectare Destiny Africa development in George was to include a business incubation park, a knowledge park, and the science and technology park. George is a city in South Africa’s Western Cape, on a coastal stretch known as the Garden Route.
StoneCreek Partners prepared various due diligence in connection with the project. A feasibility analysis of the market support for such a facility, with extensive review of comparable projects in other world regions in order to benchmark the facility standards for Destiny Africa.
As part of the due diligence for this science and technology park, a detailed evaluation of the long-haul convention and conference business was included with the work.
The overall project was master-planned to include retail and commercial developments such as hotels, destination conference/meeting facilities, shopping areas and residential property.
According to the International Association of Science Parks and Areas of Innovation, … a science park is an organisation managed by specialized professionals, whose main aim is to increase the wealth of its community by promoting the culture of innovation and the competitiveness of its associated businesses and knowledge-based institutions. To enable these goals to be met, a Science Park stimulates and manages the flow of knowledge and technology among universities, R&D institutions, companies and markets; it facilitates the creation and growth of innovation-based companies through incubation and spin-off processes; and provides other value-added services together with high quality space and facilities. The expressions “technology park”, “technopole”, “research park” and “science park” encompass a broad concept and are interchangeable within this definition. The acronym STP (science and technology park) is used to refer to all of these expressions.