Two property groups are to embark on a 750,000 ft2 building in London’s Canary Wharf which they say will become Europe’s largest commercial lab building.
News of the 22-storey hub to be developed by Canary Wharf Group (CWG) and Kadans Science Partner comes a day after research from Savills suggested the UK continues to lead in Europe for life science parks having attracted over €10 bn of the €32 bn tipped into the sector in 5 years.
Kadans, which is a specialist in the asset class and was acquired by French group AXA IM Alts in December 2020, has structured a JV with CWG to deliver the project in 2026. It will be located at a 3.3-hectare site at North Quay on CWG’s estate in just the first phase of a larger centre for health and life sciences.
The first block will be geared towards wet lab facilities. Explaining the KPF-designed project, the JV partners said: ‘This will be the largest commercial wet lab enabled life science building in Europe. Importantly it will be a laboratory building at its core, with full flexibility allowing lab space on all floors.’
Cushman & Wakefield have advised CWG and JLL advised Kadans on the joint venture.
Shobi Khan, CEO of CWG said: ‘Canary Wharf Group has been developing a vision for health and life sciences since 2019. ‘
The new science facilites will add to a Canary Wharf estate hosting not only major financial and other groups for their European HQ, but also 20 acres of green space, shops, catering, with another 2,300 homes currently under construction on top the 2,300 delivered by CWG so far.
Other recent life science property initiatives announced recently include Newcore Capital Management saying earlier this month it was planning a 105,000 ft2 life sciences centre at Ascot on the fringes of London,.next to Imperial College London’s campus.
