Knight Frank has bolstered its life sciences team with the appointment of the former chief executive of Oxford Science Park.
Piers Scrimshaw-Wright has joined as a partner in the agency’s life sciences and innovation advisory after five years working at the science park, which is majority owned by Magdalen College Oxford.
During that period he oversaw a strategic plan for the campus, delivering a multi-phase development programme to build out space for start-up and high-growth businesses. Before this, he spent two years working with Oxford City Council on regeneration projects, and previously co-founded a vehicle focused on investment in science parks.
“Having been a principal for five years, I look forward to transferring my knowledge to an advisory role, to complement the team’s existing life sciences expertise and advise Knight Frank’s blue-chip client roster,” said Scrimshaw-Wright.
Knight Frank’s life sciences team spans its capital markets, leasing and development, occupier consultancy and valuations activities. It includes head of national offices Emma Goodford, as well as Phil Hobley overseeing central London, Richard Proctor as head of London tenant representation, and Mark Routledge and Freddie Owen, both overseeing capital markets.
Goodford told EG the team had been looking for new talent that was “well networked” and had a grounding not only in the science community, but also in the real estate industry.
Scrimshaw-Wright started his career at GVA. “These people are quite difficult to find,” Goodford said. “He’s got that blend of real estate and science… an understanding of the dynamics of the operation of a science company and the sector, coupled with the reality of real estate delivery.”
The hire comes as Knight Frank notes an increase in demand from investors for spaces dedicated to scientific work. Goodford said the life sciences sector had proven “very active” even prior to the Covid pandemic and the company has recognised a growing need to provide specialist advice post-pandemic.
Recent work for the firm includes advising on Brockton Capital’s Cambridge Science Park proposals and helping to handle Brookfield Properties’ £714m acquisition of Arlington.
“The rates of growth that we have seen from pre-pandemic levels to post-pandemic levels have obviously been quite phenomenal, both in terms of the numbers of businesses that have been incorporated within the sector and the amount of money that’s being invested, particularly private equity,” she added.
“I think it reflects the government focus on the sector and the fact that the UK economy is incredibly well placed to provide the right ecosystem for the development of the sector.”
However, Goodford warned that life sciences is a “specialised” investment and that businesses will be looking at specific attributes and locations when it comes to taking new space – and that not all investors will have as in-depth an understanding of those factors as they need.
“I think there is some risk that some investors will stray off territory and make investments in markets that aren’t ultimately suited to what the occupiers in this sector are demanding,” she said. “[Occupiers] are quite particular about what they want in terms of the attributes that an environment provides for their business to successfully operate.”
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