Clearbell Capital’s Property Partners III fund has invested an undisclosed amount to buy 85 Gray’s Inn Road office asset in London from the Benesco Charity.
Clearbell Property Partners III said it plans to repurpose the existing space to create lab-enabled space and ancillary offices for immediate occupation from the growing life sciences community. The project will complete by mid-2022.
The 28,000sqft 85 Gray’s Inn Road asset is located close to a number of renowned life science institutions, including the Francis Crick biomedical research institute, University College London, the Wellcome Trust headquarters, and Great Ormond Street hospital.
Joseph Bridger, investment director at Clearbell Capital, said: “The life sciences sector is set for a boom in the coming years. As the industry continues to mature, private and public sector investment should increase rapidly – particularly following high-profile successes like the AstraZeneca and Oxford Covid-19 vaccine.”
“London’s Knowledge Quarter will continue to be the epicentre for life sciences activity in the UK. We are excited to be creating much-needed space for the sector in a prime location and providing high-quality accommodation for occupiers moving into their next stage of growth.”
To read the digital edition of the latest IPE Real Assets magazine click here.
