Budget ‘Set To Give Big Boost To Life Science Research’

The provision of life science facilities in the UK is expected to grow following the announcement of new measures to bolster the sector in the Budget.

According to the Evening Standard, property experts anticipate increased demand for space to establish laboratories following the decision to give to small and medium enterprises in life sciences investing over 40 per cent of turnover in research and development without yet turning in a profit of 27p for every £1 invested.

This initiative was welcomed by head of the UK BioIndustry Association Steve Bates, who told the paper: “Our sector is growing at a rapid pace and the spring Budget will put extra firepower behind start-ups.” 

Speaking about new bases being established in London, he added: “From Canary Wharf to White City, we are seeing the creation of really exciting new jobs in the capital and fantastic investment opportunities.”

Similarly, tax partner at PWC Aiden Sutton said the initiative should “stimulate accelerated investment and perhaps a virtuous circle as more facilities must be built and fitted out to house these activities”, while British Property Federation director of policy Ian Fletcher also predicted a major rise in demand for property to host research efforts.

Of course, an expanding and thriving life sciences sector also means life science sales should increase too as more research leads to new discoveries and provides many more innovations and products to bring to the market.

Evidence of this kind of increased demand and development of property for the purpose of providing more science labs has been provided by British Land, which has been developing a master plan for the Canada Water area of London.

In conjunction with partner AustralianSuper, it has instructed architects Stanton Williams to design a 300,000 sq ft building to house more life science research space as part of the blueprint for the district.