Life Sciences

We are passionate about life sciences as a real estate sub-sector and its importance to the future of the UK and world economies. We are excited to support innovation that looks to have a positive impact on the world.

We are actively involved with several life science, innovation and technology hubs, and assist stakeholders across all investment and growth phases. Our clients include:

• venture builders and academic institutions, who provide incubator and scale-up spaces, alongside co-working spaces
• international investors in life science real estate, ranging from lab-enabled spaces to fully-fitted and bespoke (including CL2/CL3) labs and deep-tech R&D facilities
• early-stage companies and SMEs, needing their occupier requirements met throughout their scaling journeys
• developers looking to repurpose existing commercial and other mixed-use spaces into innovation and research-led destinations
• owners of research and technology parks, focusing on establishment and asset management.

With our in-depth knowledge and understanding of this rapidly evolving sector, we pride ourselves on our ability to provide tailored solutions to our clients at every stage of their business lifecycle. We regularly advise on:

• Acquisitions and disposals, including strategic site assembly
• Planning and development, including phased construction and estate set-up
• Asset management, including the creation of life-science focused precedent leases and creating bespoke/ modernising ESG provisions to suit our clients’ needs
• Lease negotiations, with a particular focus on R&D, tech and CL lab requirements
• Structuring of joint ventures, including development and property management agreements for serviced-lab providers

Relevant experience

• We act for Stanhope/Ontario Teachers’ Pension Plan in their JV with Thomas White Oxford (the property development company of St John’s College of University of Oxford) in establishing this new innovation district, which will provide 1 million sq ft of new labs and workspaces, set in a 64 acre estate and surrounded by 3 new public parks and 26,000 sq. ft of amenities. We are currently developing the building precedent leases, in advance of the leasing work, for the first phase of buildings reaching practical completion in 2025 and assisting with the estate management aspects. These buildings will provide around 35,000 sq. ft of start-up and incubator workspaces and 115,000 sq. ft of purpose-built lab space. The second phase of buildings will provide 3 further buildings providing up to 374,400 sq. ft of lab spaces.
• We act for Scale Space, a joint venture between Blenheim Chalcot and Imperial College London, on the asset management of their White City asset, which offers around 160,000 sq. ft of accommodation for the innovation sectors. This involves a rolling letting programme for circa 17,000 sq. ft of ready to occupy CL2 labs and circa 33,000 sq. ft of flexible/serviced workspace.
• We act for Stanhope on four life sciences buildings (comprising 110,000 sq. ft of office, R&D and lab buildings) on the Cambridge Science Park, which is let to Microsoft, AMD Computers and Raspberry Pi.
• We act for Calthorpe Estates on their vision to create 500,000 sq. ft of world class medical and life science facilities at the former BBC Pebble Mill site in the heart of Edgbaston Medical Quarter. Pebble Mill is the accumulation of over a decade of strategic planning and implementation, working in partnership with Birmingham City Council, the former Advantage West Midlands and a number of strategic partners to develop the 27 acre site.
• We advised Patrizia on behalf of UK Value 2 LP on the off-market disposal of Cambridge Research Park, part of Cambridge’s high growth science and tech market, to Royal London Asset Management, acting for The Royal London Mutual Insurance Society Limited, for circa £78m. The sale was effected by a transfer of the entire issued share capital of an Isle of Man property holding company. Patrizia originally acquired the 112 acre site, in partnership with asset manager XLB Property, in 2014 for £21m, which we also acted on.
• We advise Syngenta on the development of a pioneering Science and Innovation Park that will deliver substantial economic and social benefits to the local area at Jealott’s Hill. In addition, it will help deliver the Clean Growth pillar of the UK’s Industrial Strategy for the 21st century, the purpose of which is to foster collaboration across industries within the agri-tech, life sciences, environmental management, clean energy, digital and materials science sectors. The creation of a world class R&D centre will deliver Syngenta’s objective of collaborating with a broader base of partners and ensure the continuation of its 90 year occupation of the site.
• We are instructed by the joint promoters of a large development site owned by three landowners (including a Cambridge College) to the south of large university city. The site is earmarked for residential development alongside the creation of new science park. We advised our established promoter client on the terms of its JV with a local based developer, and then advised the JV on the terms of the promotion agreement with the landowners. Peculiarities of this transaction included both joint promoters taking an equity stake in the site and addressing the complex pre-emption issues that resulted from that. This project will have a gross development value in excess of £300m.