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A CGI of the proposed Cambridge International Technology Park, planned for land off Fulbourn Road. Image credit: Abstract
Cambridge’s life sciences sector is set to receive a huge boost after BioMed Reality announced it is investing £850m building 800,000 sq. ft. of additional high-quality, purpose-built lab space in the city.
BioMed’s acquisition of Cambridge International Technology Park (CITP), a 15-acre site on Fulbourn Road and a 27-acre land plot at Granta Park is expected to create 2,700 new jobs.
BioMed, a leading provider of real estate solutions to the life science and technology industries, says the proposed two new sites, which are still subject to planning consent, will double its UK life sciences portfolio.
Speaking about the announcement, Prime Minister Boris Johnson said: “This investment is hugely welcome news for Cambridge and the UK as a whole. The city was home to some of the country’s greatest scientific discoveries and I’m confident that the support of Blackstone’s BioMed Realty will mean there are many more to come. The jobs created by this investment are exactly the kind we want to see more of in the UK – high-skilled and future-facing, reflecting what the UK does best.”
The UK’s life sciences sector is a crucial part of the UK economy. It supports around 250,000 jobs and contributes more than £80bn to GDP each year. As the largest life sciences market in the UK, Cambridge − the birthplace of stem cell research and artificial intelligence − is seen as an epicentre of research and innovation and is home to more labs than anywhere else in the UK.
BioMed’s two new sites will meet the growing demand for space among technology, science and knowledge-based companies to create vaccines, develop new treatments and help respond to major global health challenges.
Bill Kane, President, East Coast & UK Market at BioMed Realty, said: “BioMed is proud to meet the needs of this truly dynamic industry, helping companies to incubate, scale-up and grow.
“These new developments at CITP and Granta Park will provide much-needed life science space for existing and new companies, further advancing Cambridge as a global home for research while supporting the local economy.”