Land Securities, the UK’s largest commercial property owner, is backing a hub designed to find the next big thing in retail innovation.

The hub will be located in Victoria, London, which is undergoing a £2bn renovation scheme led by Land Securities.

Land Securities has teamed up with innovation hub specialists TrueStart to launch the venture, which opens next month and will house up to 20 new businesses a year in the newly renovated Francis House, SW1.

Land Securities said budding entrepreneurs will be able “to rub shoulders with high-profile retailers, successful entrepreneurs and creatives, providing the perfect environment to develop and test the most innovative retail ideas”.

Land Securities said the partnership will give its clients “exposure to the most cutting-edge products and technology developments in the retail and consumer world”.   

TrueStart, which is funded by private equity firm True Capital Partners, will in turn, have access to Land Securities’ “highly skilled people” who will offer mentoring and help the entrepreneurs accelerate growth. The developer will also offer the start-up businesses access to stores across its portfolio.

Land Securities director of retail portfolio management Ashley Blake said: “This partnership means we can help today’s entrepreneurs recognise their potential and succeed as the retailers of tomorrow.  It gives us first-hand access to the sector-leading innovation and fresh ideas which will shape the retail landscape of the future, allowing us to continue delivering the best retail to consumers in Victoria and beyond.”

True Capital and TrueStart co-founder Matt Truman said: “The support of a major blue chip company for the launch of what will be the leading retail and consumer sector specialist innovation hub in Europe is a key milestone in achieving our wider vision to become the first contact for any stakeholder within the retail sector.”