Oxford Properties and Reef will invest £350m to create a 300,000 sq ft life sciences hub across three new buildings in central London.
Guy’s & St Thomas’ Foundation has selected the companies for the delivery of the 0.88-acre Snowsfields Quarter site, SE1. Snowsfields Quarter will be the foundation’s second life sciences-led scheme in the area, with the nearby Royal Street site under development with partners Stanhope and Baupost Group.
The sale of a long-term leasehold of the site to Oxford Properties will complete subject to achieving planning permission for the project. The scheme will add a new supply of lab facilities in London Bridge, a market that suffers from an acute lack of commercial R&D space.
Stewart Deering, chief executive of Reef, said: “Snowsfields will be a multi-use, flexible and dynamic scheme, with wellbeing, amenity, collaboration and innovation at its heart. The development provides an exciting opportunity to create state-of-the-art facilities that will offer space for the fast-growing and dynamic life sciences sector, now and in the future.”
Oxford Properties and Reef will work with a design team including Urban R, Perkins&Will and DSDHA to draw up plans for the site, with a planning application due to be submitted to Southwark Council in due course.
Savills acted on behalf of Guy’s & St Thomas’ Foundation. CBRE advised Oxford and Reef.
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