In its first major investment since its formation in October, the joint venture between Bruntwood and Legal & General is set to create 50,000 sq ft of speculative laboratory space at the Mereside life science campus at Alderley Park.
Bruntwood SciTech, a partnership formed by the two companies earlier this year, is investing £10m in the chemistry and biology labs, which range in size from 500 sq ft to 20,000 sq ft. These are due to complete in spring next year.
This first investment will be followed closely by a further 100,000 sq ft of laboratories, brought forward in phases with new labs of up to 15,000 sq ft being provided for larger life sciences occupiers.
Other developments currently under way at the park include Glasshouse, a 150,000 sq ft office targeted at tech companies; this is due to complete next summer and features a mix of co-working, serviced, managed, and leases office space.
Supporting the wider life sciences and tech offering at the park, there are also plans to deliver leisure facilities including a new gym, opening in September next year, along with an 8,000 sq ft pub and restaurant in the grade two-listed Tenants Hall, and a farm shop in the former Stanley Arms.
Three housing schemes are also currently progressing at the site through Bellway, PH Homes, and PJ Livesey.
Around 2,000 people and 200 SMEs are based at the park; these include Concept Life Sciences, Evotec, and the Government’s Medicines Discovery Catapult.
Dr Chris Doherty, managing director of Alderley Park, said: “We see strong demand for high quality space and have great confidence in what we can offer – world class facilities and competitive rates, all within the context of a deep talent pool, a well-functioning ecosystem, business support and a lifestyle offer that just works for people.
“The North West is a great place to start a science or technology focussed business and equally well placed for overseas companies to establish a UK base.”
The formation of Bruntwood SciTech, claimed to be the largest investment made in science and technology property assets in Europe this year, will see the new company grow its assets from around 1.3m sq ft to over 6.2m sq ft over the next 10 years, increasing the value of its property portfolio to around £1.8bn.
This amounts to an investment of £360m and the creation of 20,000 jobs in the North West, Birmingham, and Leeds.