Lateral has boosted its life sciences portfolio with the acquisition of a half-acre prime site, located next to The Royal London Hospital (pictured) in Whitechapel, in an off-market deal.
The asset manager and developer has announced its strategy to pivot its business plan towards life sciences, having hired senior life sciences project manager Rob Crane in November last year.
Lateral expects to put in a planning application by the end of 2022 to develop units of varying sizes to attract both more established players in the sector, as well as relatively new entrants or spin-outs.
Robert Crawley, director and head of acquisitions at Lateral, said: “Whitechapel is the perfect tactical location for life sciences development. It is home to the Royal London Hospital, one of the largest teaching hospitals in the country and part of Barts Health NHS Trust, and Queen Mary University of London with its internationally renowned research centre and oversubscribed Bio-Incubator.
“The area also benefits from Crossrail connectivity to established tech and financial districts and has strong support at central and local government. As a developer and asset manager in this sector, you couldn’t want for more.”
Gerald Eve advised Lateral in its purchase of the Whitechapel site. Strettons advised the vendor.
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