£1.1bn extension of the British Library in King’s Cross, N1, marking its first investment into the UK’s life sciences sector.
The development, managed by Stanhope, includes 100,000 sq ft of expanded galleries and business support facilities, as well as 600,000 sq ft of commercial space targeting occupiers in the life sciences sector. In addition, the developer will create public access to the land owned by the library to the north of the existing building.
David Camp, chief executive at Stanhope, said: “The commercial space will be flexible enough to suit a broad range of occupiers who will want to be located at the British Library, adjacent to King’s Cross St Pancras and The Francis Crick Institute and at the heart of the Knowledge Quarter.”
The proposals, designed by architects RSHP and given planning permission by Camden Council in July last year, are set to be delivered by 2032. Initial works are due to begin by next year.
Under the terms of the agreement, the British Library will grant a long lease of the land to SMBL, the library’s development partner, with Stanhope retained as the development manager.
Takeshi Iwama, chief executive of Mitsui Fudosan UK, said: “Our development commitment represents what we believe to be one of the largest single real estate investments into London by a Japanese company to date. We have already acquired expertise in the life sciences sector across Japan and the US over almost a decade and will be bringing this to the British Library extension development, our first in this sector in Europe.”
Rebecca Lawrence, chief executive at the British Library, added: “We look forward to working with philanthropists, our partners and community to create a groundbreaking new hub for science, innovation and knowledge that will welcome future generations of visitors, learners, researchers and budding entrepreneurs.”
Image © RSHP
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