Following competitive bidding rounds, Aviva Capital Partners, and mixed-use developer, Socius, were selected as the preferred party to deliver the laboratory-led scheme last October. The partners have now successfully exchanged on the acquisition of the 12-acre development site, with a 1-million-square-foot (sq ft) development capacity. Aviva and Socius will now progress the development of a major new commercial life sciences project, which, together with campus partners the Institute of Cancer Research (ICR), the Royal Marsden NHS Foundation Trust and Epsom & St Helier University Hospitals NHS Trust, will form Europe’s leading oncology-focussed R&D and treatment cluster.
The London Cancer Hub, which could contribute circa £1.2bn to the UK economy, is a multi-phased mixed-use scheme which will include the development of best-in-class laboratories and commercial buildings, as well as accommodation to support keyworkers, amenities and green spaces open to the public.
Once completed, the globally recognised district for cancer research will provide more than 13,000 jobs and create a vibrant community of scientists, clinicians, biotech, and pharmaceutical companies working in collaboration in pursuit of new cancer treatments for patients, as well as driving economic growth.
Michael Aston, Head of UK Life Sciences at Cushman & Wakefield, said: “It was a real privilege to support the London Borough of Sutton in securing a funder and developer for the delivery of the commercial campus at the London Cancer Hub. Part of our role as advisors during the two-year process was to design a commercial structure that would be attractive to investors, while providing assurance to the council of the delivery of their vision. Among other things, it was crucial to secure long-term investors with experience in delivering complex life sciences developments and a strong commitment to placemaking. Once completed, this 12-acre development will complete the London Cancer Hub’s bench-to-bedside ecosystem, where world-class academic research can be translated into therapies by biotech companies for the benefit of patients locally and far beyond. The project will also bring substantial local benefits in terms of quality of place, access, and amenities.”
