GSK has completed the sale of surplus development land in Stevenage to UBS Asset Management and Reef Group.
The new owners have proposed to invest up to £900m to develop the 33 acres of land adjacent to GSK’s 1m sq ft research and development hub, to create a combined campus of 2.5m sq ft of laboratory and office facilities.
Plans for the site were first revealed in July and are subject to planning permission. If approved, construction of the new campus is expected to begin in 2024.
The move comes after UBS has committed to continue raising funds for investment in the UK life sciences sector, targeting its second fund close at around £1bn. This follows the first close of UBS’s dedicated fund at £400m. The firm plans to deploy the funds across its existing projects, as well as acquisitions.
Michael Aston, head of life sciences at Cushman & Wakefield which advised UBS on the deal, said: “Stevenage has the potential to become the UK’s largest commercial research and development life sciences cluster outside of Cambridge.
“The life sciences industry is one of the most energised investment sectors in the UK at the present time, and this project is a prime case study in how major private sector organisations such as GSK and UBS can work with public stakeholders to deliver extraordinary benefits in terms of driving technological innovation, job creation and civic regeneration.”
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