Two leading property management organisations have received the greenlight to construct a new life science campus in Stevenage, Hertfordshire.
Last week, UBS Asset Management and Reef Group got the thumbs up to build a 1.4m sq ft Life Sciences hub in Hertfordshire, which involves an investment of £900.
The new campus, of which construction is expected to start towards the end of 2023 with completion for phase one targeted for the fourth quarter of 2025, will be named ‘Elevate Quarter’ and will be set around a central green with an interconnecting network of paths and open spaces.
In addition, the new project is due to be delivered alongside GSK’s – a British multinational pharmaceutical and biotechnology company – existing Global research and development facility. These research centres are located all around the world, including the UK, Japan and India and they are pivotal in helping to get ahead of life-threatening diseases.
Within the new project, the campus will be comprised of 15 buildings of which will be used for a variety of different uses, including research and development labs, offices, and good manufacturing practice (GMP) facilities.
Against this backdrop, some restaurants, cafes, and leisure facilities will also be included in the new development. There will also be three Green Transport Hubs which will provide multi-storey car parking and potential scooter/e-bike hire spaces.
As well as UBS Asset Management and Reef Group receiving the go ahead on this project, the news builds on their existing project in Stevenage – the redevelopment of ‘The Forum’ shopping centre, which will provide 400,000 sq ft of new GMP advanced manufacturing space in the town centre and received planning committee approval in February 2023.
Olivia Drew, portfolio manager of real estate at UBS Asset Management, said: ‘The delivery of the new life science campus will leverage years of unparalleled experience across both UBS and Reef.’
‘The buildings have been carefully designed to be at the cutting edge of sustainability and will facilitate world-leading research and development and advanced manufacturing’, Olivia said. ‘The new campus will support thousands of new jobs and boost the UK’s position as a global life sciences leader.’
Image: HAWKINS BROWN