GMCA pumps £11m into Citylabs 4.0
The Greater Manchester Combined Authority is to meet next week to approve a loan to support Bruntwood SciTech’s 125,000 sq ft Manchester laboratory project.
Plans for the eight-storey Citylabs 4.0, designed by Sheppard Robson, were approved in 2020, but construction has not yet started.
The GMCA is to provide an £11.1m loan from its Core Investment Fund to unlock the health and life sciences project, which the authority says will “support innovation in the region”.
It is anticipated that potential occupiers within Citylabs 4.0, being developed in a joint venture with Manchester NHS Trust and Manchester Science Partnerships, could bring “significant inward investment to the region”, according to the GMCA.
The building is the fourth phase of Bruntwood SciTech’s Citylabs development, located in the Oxford Road Corridor.
Companies already located within the Citylabs buildings include QIAGEN, which occupies the entirety of the 92,000 sq ft Citylabs 2.0.
The GMCA is also due to sign off the following loans:
- £150,000 to Vector Homes for a five-property low carbon scheme in Salford
- £2.7m to Apadmi, a Salford-based app developer
Meanwhile, loans totalling £2m have been awarded to challenger bank, Bank North and Northern Gritstone to support their expansion.