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The equation that will determine the future of science property in Birmingham has just been revealed, and it turns out to be £300M + £360M = success.
Plans for a Birmingham' Life Science Park on a 10-acre site at Selly Oak have moved a step closer as the hunt for a development and funding partner for the £300M project begins.
The move comes just weeks after the £360M tie-up between Bruntwood and Legal & General, which will put rocket fuel into plans for a new Birmingham Science Quarter.
The £360M partnership is expected to grow the businesses' science property portfolio across the English regions from 1.3M SF today to 6.2M SF by 2028. The portfolio is heading for a valuation of £1.8B.
The new Birmingham Life Science Park aims to be a globally significant cluster bringing together researchers, clinicians, policy makers and industry to translate scientific and clinical insights into patient benefit and economic growth.
GVA is advising Birmingham University on the selection for the site, which already has outline planning permission for a 580K SF development.
Work on site is expected to begin in January 2020.
"There are a growing number of developers and funders who are seeking opportunities such as this which enables development to fulfil a clear long term vision and purpose," GVA Director Carl Potter said.
“The innovation space on the park will bring together expertise in healthcare informatics, diagnostics, medical technologies and clinical trials to support the development and deployment of new precision therapies and diagnostics to deliver next-generation healthcare to our population and revolutionise approaches to prevention, diagnosis and treatment of disease," Science Park Director of Strategy and Operations Steve Taylor said.
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