UK Life Sciences In Investment Boost In London and Dundee
Date posted:
News
Many in the UK life sciences sector may have wondered if there would be some specific measures relating to the sector in the King’s Speech, but the latest developments suggest the sector will continue to boom in any case.
While there have been many parts of the economy where pre-election uncertainty might have tempered plans, all parties have recognised the importance of life sciences and that may have helped ensure investment keeps coming, as two new developments, one using private money and the other public, have indicated.
In London, developer Delancey had already committed itself to the construction of a nine-storey development in the Kings Cross knowledge quarter in central London. But it has been very timely that this project has just gained planning permission, creating 12,000 sq ft of research space for life sciences firms to move into.
For architects KPF, this is the second London-based life sciences project they have recently been involved in, with the One North Quay tower in Canary Wharf, a 23-storey building, gaining planning permission last July.
While it is often lamented that certain parts of the UK economy are overly concentrated in London, this is not true of life sciences, especially as it has such an obvious connection with the universities. Oxford and Cambridge have growing hubs as a result of this, but the extent of the growth, investment and innovation has spread far and wide.
A prime example of this has come in an announcement at the University of Dundee, with Scottish Enterprise announcing an £8 million commitment to building a life sciences hub there.
This will contribute towards the new £40 million Life Sciences Innovation Hub at the university, which is due to open next year and will create up to 800 jobs.
Scotland’s deputy first minister Kate Forbes said: “The Scottish Government is committed to growing the life sciences sector, recognising its ability to attract inward investment, generate further growth by supporting spin-off organisations, whilst creating new, high-quality jobs.”