British Land is eyeing further expansion of its burgeoning life sciences portfolio, including taking a part in the development of upcoming phases of the Cambridge Biomedical Campus.
The FTSE 100-listed REIT has signed an agreement with Cambridge Biomedical Campus Ltd to become a partner in masterplanning.
Cushman & Wakefield has been appointed to bring up to 20 acres of land to the market before the end of next year in the third phase of the expansion, which could deliver 1m sq ft of new life sciences space.
Phase four is then expected to cover around 40 acres currently in the greenbelt but with the potential to be earmarked for development in the next local plan revision by Cambridge City Council in 2025.
David Lockyer, head of innovation campuses at British Land, said: “We have signed a memorandum of understanding with the Cambridge Biomedical Campus to be a partner in masterplanning.
“British Land has quickly built a strong track record in the life sciences sector, and the Cambridge Biomedical Campus leverages our considerable masterplanning experience in delivering highly complex, world-class campuses, including the 53-acre Canada Water masterplan, which is currently under construction.”
Occupiers at the Cambridge campus include AstraZeneca, GlaxoSmithKline and the University of Cambridge School of Clinical Medicine.
The campus is currently undergoing the second phase of development. Warehouse developer Prologis bought out its London-listed joint venture partner Countryside Properties to take full control of the second phase of expansion last year. That part of the scheme will comprise £450m of new lab space.
British Land has made a number of life sciences lettings at its Regent’s Place campus on Euston Road in London and plans to redevelop its Euston Tower site as a life sciences building. The Canada Water campus is also being promoted as a new life sciences hub for the capital.
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