The partnership between Sutton Council and the Institute of Cancer Research is seeking an investment partner for the next phase of the London Cancer Hub in Sutton, which has a GDV of £1.2bn.
Cushman & Wakefield has been appointed to find a partner for the project, which focuses on life sciences. The 12-acre site, owned by the council, has the potential to create up to 1.1m sq ft of life science facilities.
The development forms a part of the wider regeneration scheme, which is set to create 3m sq ft of commercial workspace including offices, research, leisure, and hospital facilities. The partnership aims to create a global leading district for cancer research and treatment.
The plans also include potential for hotel and resi development. It will be phased over 20 years to minimise disruption to existing research and patient care.
The council is looking for a party that will help it to bring innovation forward, enhance the hub’s research capabilities and education infrastructure, and create high-quality jobs.
Michael Aston, head of life sciences at Cushman & Wakefield, said: “Whether it’s going to be a formal jv or a long leasehold arrangement is still to be seen. We’re going through options at the moment.
“It is a globally important location for cancer research and treatment, and it is ranked number four globally. So it [the development opportunity] is absolutely about building on that expertise and track record.”
The hunt for a development partner comes after an incubator space, called the Innovation Gateway, opened earlier this year at the site. It offers 6,300 sq ft of workspace and 3,500 sq ft of lab space within a refurbished building on the premises.
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