Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Govt stumps up $85 mln for Lincoln Uni innovation hub

Govt stumps up $85 mln for problematic Lincoln Uni innovation hub

By Paul McBeth

June 29 (BusinessDesk) - The government will inject $85 million to make sure Lincoln University's problematic building project to create an innovation hub gets over the line.

Tertiary Education Minister Paul Goldsmith today announced the capital injection for the university's $206.4 million project to be a cornerstone of Christchurch city's planned innovation hub. The 27,000 square metre joint facility with AgResearch has been under the Treasury's watchful eye, getting an amber/red rating on the department's list of major projects due to "key areas which still require development, primarily the direct investment objectives, financial options, and approach to change management". Lincoln and AgResearch downplayed those concerns, saying earlier issues had been resolved and the main risk was of tight deadlines was being actively managed.

"The new facility will make an important contribution to creating a globally competitive agri-tech industry," Goldsmith said in a statement. "By creating better links between research and industry the new facility will improve innovation and the applicability and speed of technology transfer to industry."

The government approved the redevelopment in 2014, agreeing to in-principle capital funding of up to $100 million depending on the university's earthquake payout. Last year, Lincoln University agreed to a $25.7 million settlement with insurers, on top of earlier payments totalling $32.6 million.

The hub made up of five buildings will accommodate about 700 staff, students and academics, with research and teaching space for the university, labs for AgResearch, and corporate facilities and offices for DairyNZ.

Construction is expected to start in the coming weeks and be completed by the end of next year.



© Scoop Media

Business Headlines | Sci-Tech Headlines


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>


Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>


New Report: Waitākere Kauri - Look After It, Or Lose It

With no cure for kauri dieback disease and treatment options still being trialled, the Auckland region faces a very real threat – take urgent action in the Waitākere Ranges or risk losing kauri from our forests altogether. More>>